CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 32

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prohibited from certain operations, such

as speculation in foreign exchange or

unsecured loans to private persons. The

section should be amended accordingly.

Section 371. It is presumed that

this clause would only operate in the

event of a company getting into

difficulties, and that normally the

ordinary withdrawal facilities through

the company would suffice.

It is not clear that under this

Bill the activities of savings bank

companies come within the purview of

the xaminer of Banks. As it is

desirable that they should be subject to

Government supervision, this point

should be made plain in the Ordinance.