CO129-555-6 Banking crisis 24-9-1935 - 18-10-1935 — Page 55

1.

(iv) Existing Banks and Co-operative Credit

55

Societies which do not fulfil requirements as

to minimum capital should be given a time

limit of one year to bring their paid-up

capital or "Own Funds" to £P.10,000 and a

further period of two years to bring their

paid-up capital or "Own Funds" to the

statutory minimum of £P.25,000.

Commercial

Banks failing to do so should be compulsorily

wound-up (Paragraph 40);

(b) Directors

Directors of Banks which have been compul-

sorily wound-up, undischarged bankrupts and

persons who have been convicted of

dishonourable commercial dealings should be

disqualified as Directors of a Bank

(Paragraph 20).

(c) Auditors

(1)

No person should be appointed as Auditor of a

Bank unless he is properly qualified from an

approved university or by membership in an

approved Society of Auditors or Accountants

(Paragraph 21);

(ii) Auditors of a Bank should be held liable for

their negligence and in case of conviction

they should be disqualified as Auditors of a Bank (Paragraph 21).

(a) Statements to be rendered by Banks

(1)

Local Banks should continue to submit

annually, in a revised form, a statement of

Assets and Liabilities to the Registrar of

Companies (Paragraph 23);

(11)