CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 21

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Section 5(1) of No. 27 of 1937.

The everive & mich nower need wit necessarily clone the

aistitution: I coved close it as a Bank ful coved

tee Booking

Leave it as c.g. a

business.

Jr.

This depends on the Wolution adopted but in any case the expert adorser or the examine the Arrsory

Committer showed be obliged

$iscal as

Section 353(3). Both Sir P. Ezechiel and

the B. of E. consider that the absolute power

to cancel a licence, which is given to the

Governor in Council by this section, is

undesirable, and I entirely agree with this.

I suggest that we should ask for the inclusion

of the provision, mentioned by Sir P. Ezechiel,

which appears in the present Palestine

Ordinance, which provides that the High Commis-

sioner must consult the Advisory Committee and

Examiner of Banks before exercising such

power, and that he must also give the company

notice in writing of his intention, and afford

it an opportunity of being heard in opposition.

Section 355. The B. of E. suggest that

the section ought to read "The Governor shall

appoint a Committee", so as to provide for the

compulsory appointment of a Committee. I think

we might suggest amendment accordingly.

Sir P. Ezechiel points out that

Section 356 requires the Examiner of Banks to

treat as confidential the information which he

obtained officially, but that there is no such

provision for the members of the Advisory

Committee. As sub-section 2 allows rather a

free scope for statements by members of the

confidential bio Committee, who will presumably be taken from information obtamed officiofficials or directors of one or two of the

leading banks in the Colony, it will, I think,

be desirable to have provision for requiring

information supplied to them to be treated as

confidential.

Section 356(1). The B. of E. suggest

that the Examiner should be a banker of

experience