BANKING PROPOSED.

Hawera Star, Volume XLVII, 4 July 1928, Page 11

BANKING PROPOSED.

FURTHER PARTICU LARS

PROVISIONS OF THE BILL,

(By Telegraph —Special to The Star.)

WELLINGTON, July 4. A private Bill, entitled the London and New Zealand Bank, Ltd., is being introduced by Mr. G. Elliot, member tor Oroua. who informs your correspondent that a report that the proposed bank will undertake in its articles of association that it will not become a. member of the. associated banking group operating in the Dominion is not correct. The Bill, of which notice has not yet been given, sets out that by deed dated November 23, 1927, certain persons have formed an" association styled The London and New Zealand Bank Association, and has indicated their readiness to form an association for the purpose of carrying on banking in New Zealand. The capital specified in the Bill is £2,000,000, and a clause states that if before December, 1933, the Governor-General is satisfied that the promoters have formed an association which has subscribed not less than £1,000,000 either immediately or available by instalments, the company shall be incorporated.

The general lines of the proposed Bill closely follow those of the existing banking legislation.