All such representations and applications were refused.
13.
During the period under review two applications
for licences to carry on banking business were received.
These applications were granted, the new companies
concerned being :-
Capitol
Subscribed
Paid-up
LF.
EP.
South African Biny an
Bank Ltd.
50,000
25,000
Palestine Industrial
Bank utc.
50,006
26,343
The former company has not yet commenced business
and the latter is a credit co-operative society which has
converted to a company.
14.
Section 5: Special Powers of High Commissioner.
Section 5(1)(a) of the Ordinance empowers the High
Commissioner, alter consulting with the Banking Advisory
Committee and the Examiner of Banks, to order a company
"to delete from the name under which it is carrying
on business, within a period of seven days from the
date of such order, the word "bank" or any of its
derivatives, or any other word or words forming part
of its name".
The concluding phrase of this sub-section was added for
the specific purpose of enabling Government to compel a
bank operating under the style "The National Bank of
Palestine Ltd." to adopt a name more compatible with its
paid-up capital (now EP.10,000) and its general standing.
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