CO129-555-6 Banking crisis 24-9-1935 - 18-10-1935 — Page 57

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receive deposits from non-members exceeding

a maximum to be determined by the High

Commissioner should be subject to the

restrictions of the Banking Ordinance

(Paragraph 47);

(iii) Existing Co-operative Credit Societies not

registered as Banks, which hold deposits from

(v)

non-members in excess of the maximum

prescribed should be given a time limit of

one year to reduce their deposits to the

maximum allowed provided that the Registrar

of Co-operative Societies may extend the time

limit for a period of another one year

(Paragraph 47);

(iv) Banks should not mention in their letter

paper their authorised capital without

mentioning the paid-up capital (Paragraph 18);

No Bank, having in its name any of the

following terms should be allowed to register

in Palestine: "Royal", "Imperial", "National"

or any other term suggesting patronage of His

Majesty, of any Member of the Royal Family, of

the High Commissioner or of the Government

(Paragraph 49);

(vi)

The definition of "Banking Business" should

include inter alia receiving money from the

public on deposit (Paragraph 45);

(vii) The High Commissioner should take power to

fix the maximum rate of interest served by

Banks to depositors (Paragraph 50);

(viii) Failure on the part of Banks to comply with

the provisions of the Banking Ordinance should

be