CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 24

footer.

New Section 355(1). In order to define

banking business more clearly it should be

provided that a company is included which

has as one of its objects the carrying on

of a banking business; compare Section 3(2)

of the main Palestine Ordinance as amended

in Section 2 of the Ordinance enclosed. In

other respects consideration might desirably

be given to adopting the provisions of that

sub-section; or alternatively the minimum

amount of authorised and paid up capital

can presumably be fixed in relation to the

amount of business e.g. deposits, and in

that event it should be considered whether

statutory provision should not be made for the

Advisory Committee to be consulted by the

Governor in this matter, and in such other

matters as the cancellation of a licence.

It is not clear whether the worda "after

this part of this Ordinance comes into

operation"

24