The Bank Note Issue Bill.
FULL DETAILS OF THE MEASURE.
The following are the provisions of the Bank Note of Issue Bili,introduced by Mr Ward last night:—An Act to make Bank notes a first charge on a Bank's assets, and to temporarily enable the Governor to declare Bank notes to be legal tender, and ta provide for the retirement of the same during a limited time, and under special circumstances.
Clause and title: In olause 2 in this Act, the word "Bank" means any corporation or incorporated company carrying on within the colony th« business of banking only. a Fart 1, permanent enactment, bank - notes: Clause 3 reads: After the passing of this Act all notes payable on demand heretofore or hereafter to be issned, circulated, or reissued in the colony by any Bank under authority of this or any other Act of this colony in that behalf, shall to the amount of issue authorised be a firct charge on all assets and property of that Bank being assets for payment of debts or other obligations contracted or entered upon or due and payable in the colony, and shall be payable in gold only at the office of the Bank at the place of issue of the said notes respectively, anything contained in any other Act notwithstanding. Part 2, temporary enactment, proclamation by Governor, clause 4: Save as provided by section 7, the enactments in Part 2 of this Act shall have force for a period of twelve months only from the passing thereof, and if at the end of that period Parliament be not in session then until the commencement of the next session of Parliament, and for two months thereafter^ but no longer. v Clause 5 ; Goyernor-in-Council may from time to time as they-think fit by proclamation in the Gazette and in at feast ♦three newspapers in the colony declare that notes payable on demand by any Bank therein named and then or thereafter to be issued, circulated, , or reissued within the gaid colony under any lawful authority in that behalf, shall during the period limited by proclamation be everywhere within the said colony good or legal tender pt 'money ':> the amouat therein ex- . Dressed to be payable, prov'lds I that no proclamation shell be made unless the CoTernor-in-Council is satisfied that as between it and its creditors its assets exceed, its liabilities by at lesst the sum of the paid-up capital and reProvided father that the Bank shall pay alj such notes of its own issue in gold on presentation at the office of the Bank or atthe place of issue 4>f thesaid notes respectively after the «x*)iration of the period limited by any ordinal proclamation under this section or by successive proclamations tfaeveuiMfc* if more than 0Ee ' ? nd *, he Govei-floWo-Council may require adeXte EecuiHy for the performance of SSflOcrftiou. Provided also that no proclamation mad« iinder authority of fe scotioa shall bay* force or qftct be^ffig the time during whjtfh P*t 2 of Ss\ Act continues and reme^s in 6: Upon the publication in the Gazette as aforesaid, any prof'f mftionmade^nder this Act shell to Te extent end during thet period limited by proclamation of by this Act have force of law, notwithstanding any provision in any Act, cha:te:-, or document whatever. . Clause 7 : At any time -within six wnnnvhs after the expiration of the nLriod limited byany original proclamation n*&™ &6Gtion 5 OTJ°? a*? e*?™ m Ifamationa thereunder, if there l V° Cn moto than one, the Colonial £ aVirw on being satisfied that the KS covered^ any such proi ™*tio» has been duly printed for cla^«nTatthe Bank issuing tb* same 2£h£^tZm paid, shall without x fw awropiiat'on than this Act fU ZS in gold to any Una fide Eofder notTeing gtbe Bank who may presentee same for payment at tne 8 : Upon the request of the CoKtoaeurer, the managing MrZSbu manager, or accountant of anTßank shaS make full and true Swers to such written enqumea ronoeining the business and assets and HabU ties of the Bank as the Colonial Treasurer thinks fit to make for the impose of the exercise of the diwre£7 cohered on the? GoYarnor-m-Touncil by section 5 of this Act, and BhXTerifytheeameby his statutory ,d*cl«fttion. - -
The Bank Note Issue Bill.
Thames Star, Volume XXIV, Issue 4523, 2 September 1893, Page 3
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