CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 47

At a meeting of the Banking Advisory Committee held on

the 26th January, 1938, the following resolution was

unanimously adopted :

4-7

"That the name of the National Bank of Palestine Ltd.

is misleading and that the High Commissioner any

accordingly be advised to exercise the powers vested

in his by section 5 of the Banking (Amenement and

Further Provisions) Ordinance, 1937, if the National

Bank of Palestine does not change ite name."

As a consequence the benk was informed that if it did not

adopt another none scceptable to Goverment within a period

of three months the High Commissioner would exercise his

power. The bank did not comply within the prescribed period

and eventually the High Commissioner issued an appropriate

order. The czfect, wes iamediate sud the bank is now

operating under the name "The Faleatine Bank and Trust Co.".

Section 6: Restriction of use of title "Bank".

15.

Under section 6 of the Ordinance Hegura. Thomas Cook

end Son (Bankers) Ltd. spplied to the High Commissioner for

authorisation to continue to use the word "Bunkers" in their

tille. The applicants had previously signed a declaration

that their organization in Palestine is not carrying on

banking business as defined in the Ordinace ad, conse-

quently, they were not subject to the other sections of the

Ordinance. The reasons adduced by this company in support of

ite application were considered adequate and, also having

regard to the international standing of "Cooks", the

application was granted.

Section 7: Constitution of Banking Advisory Committee.

16.