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

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before the balance sheet is laid before the company

in general meeting.

4)

that an Advisory Committee on banking should

be appointed to examine and report on the periodical

statements and to offer advice on matters referred to

it by the Government. Sir Percy Ezechiel considered

that this was an excellent suggestion but considered

that it might be also advisable to appoint a

Government Inspector of Banks with power to call for

books, accounts, and documents, and to refer any

case to the Advisory Committee. The India Office

and the Treasury agreed to the latter proposal.

The

The Bank of England proposed that the Advisory Committee

might give advice not to the High Commissioner but to

the Inspector of Banks, that the latter should assist

the Committee with some of the information he

received, and obtain from them the benefit of their

experience to supplement any information.

present Ordinance provides in Section 355 (1) that

the Governor may appoint a Banking Advisory Committee

for the purpose of advising the Government or any

Examiner appointed. Section 356 provides for the

appointment of such an Examiner, to exercise general

supervision and control over the carrying out of the

provisions of this Ordinance and gives him power to

call for such books, accounts, or documents, as he may

require.

5) that no institution should have in its

name the words "bank" or "banking" without the consent

of the High Commissioner.

Sir Percy Ezechiel

suggested that no company should be allowed to use

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the terms in its title unless banking were its sole

business.