2
67
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J. Pales ha pronk ending
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alli Consultation
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business".
As regards the new S.353 (1), what is a "banking
company"? Is it a company registered by a name which
contains the word "bank" or "banking"? How if a company
other than a banking company should start banking business (such perhaps as the Wing On Bank to which Young referred)?
The Palestine draft refers to "a company which has as its
object or one of its objects the carrying on of banking
What is the remedy for a breach of this
Subsections (3) and (4) apply only to the
cancellation of a licence previously granted and not to the
carrying on of a business without a licence, while a
prosecution under s.357 (2) would require proof that it was
in the interests of the public that the company should be
Would s.379 be applied?
subsection?
wound up.
one.
Similar comments apply to s. 353 (2).
The power which s. 353 (3) gives to the Governor in
Council to close an existing business "at any time in his
absolute discretion and without cause stated" is a tyrannous
It is no doubt required in the last resort for the
protection of the public, but I think some restriction
should be imposed on its exercise. In the case of
Palestine I suggested a procedure via the examiner of
Banks and the Advisory Committee.
/ S.356
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