388
Jouver.
at
any
rate
willie t
the
express sanction of the Secretary of State. There can be no doubt that the Sovereign power has the right to issue
CL
lo
regulate the issue of note, for the payment of money as part
the circulating medium in the Colonies
A right is
I entertain
and
that such legal right, but serious doubts as to whether in the present case there is any injury or threatened injury.
C
The issue of Bank notes in England has been regulated by a series of acts from 1694 to 1844, in which year an act known as "The Bank Charter act" was passed, which now regulates the whole note issue in England.
The only authority to do so is to be found in their Articles of Association. The Companies Acts authorize issue under certain conditions but no authority is conferred by those acts to issue Bank notes.
In the Colonies Banks of issue are regulated by local laws or by Charter from the Crown.
There is however statutory law in the Colony prohibiting the issue of notes by a Bank registered in England and of this circumstance the National Bank has apparently taken advantage.
It is manifest from the despatch quoted, and from the Royal Instructions and the Colonial Office Circular printed in the Colonial Office list, that the issue of Bank notes without the special sanction of the Secretary of State is not within the Bank's power.
07
388
Jouver.
at
any
rate
willie t
the
express sanction of the Secretary of State. There can be no doubt that the Sovereign power has the right to issue
CL
lo
regulate the issue of note, for the payment of money as part
the cinenlating mexime
o the
in it
Colonies
A
right is
I entertain
and
that such
legal right, but serious doubts as
to whether in the present case
there is any injury
threatened injury.
C
The issue of Bank notes
been
in England has
regulated by a series of acts from 1694 to 1844, in which year an act
J
passed knone. "The Bank Charter act"
which
now requlates the whole
note issue in England,
ofas demderstand the only
ممره
to do so is to be found in their
of Accociation. The Companies Acts authorize Issue" to repcles under
authority
6.76.
aBank
of
1-18.420263 Vi
certain conditions but no a
is
conferred by those acts to issue
Bank notes.
In the Colonies Banks of icene"
are regulated by local Care or by
Charter from the Croion.
no
There is however statutory lawr in the Colony prohibiting the rice of notes by a Bank. registered in England and of
this.
eiraumstance the Nationa?
Bank has apparently taken advantage.
the
His manifect from the despatch quated, rom the Royal Instructioens y the
Colonial Office
Office Ch: & 2.Q. ÏÏÏOTE printed in the Colonial, office dist, that the issue of Bank
notes, without the special sanction
power.
07
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