CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 68

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hot bank

they in

S. 356 requires the examiner of banks to treat as

confidential the information which he obtains officially,

but there is no such provision for the members of the

Advisory Committee.

S. 360 (2) Here also I think there should be

provided some safeguard against the arbitrary exercise by

the Governor in Council of the power to close a business.

S. 361 (2) does not seem to make it clear that if the rules

of a savings bank company are amended after the initial

approval by the Governor, the amendments will require similar

approval.

The Bill as a whole deals only with companies and does not

tackle the evil (to which Young referred) of small shopkeepers

blossoming out into savings bank business; but perhaps the

local Committee decided that it would be best to leave that

problem alone.

In Palestine the method adopted to meet the dangers of

the banking situation was, after a report by a specially

appointed local Banking Committee, to appoint a specialist

examiner of banks (independent of the existing banks in the

country) to make a full-time study of the situation and

recommend the legislation to be enacted in several stages.

I am not sure that that was not the better plan.

Yours sincerely,

Phechees