SECRETARIAL PRACTICE
Provisions velating to Banks.
tr 358. No company, association, or partnership consisting of more
ships with more than ten persons shall be formed for the purpose of carrying on the
ian yon business of banking, unless it is registered as a company under this
’ Act, or is formed in pursuance of some other Act of Parliament, or
of letters patent.
OR Fegisiration 359.—(1) Where a banking company which was in existence on
I oy “™ the seventh day of August, eighteen hundred and sixty-two, pro-
limited liability, poses to register as a limited company, it shall, at least thirty days
ee be before so registering, give notice of its intention so to register to every
customers. person who has a banking account with the company, either by
delivery of the notice to him, or by posting it to him at. or delivering
it at, his last known address.

(2) If the company omits to give the notice required by this
section, then, as between the company and the person for the time
being interested in the account in respect of which the notice ought
to have been given, and so far as respects the account down to the
time at which notice is given, but not further or otherwise, the
certificate of registration withlimited liability shall have no operation.

/

Liability of bank 360.—(1) A bank of issue registered under this Act as a limited

of rose limited company shall not be entitled to limited liability in respect of its

notes. notes, and the members thereof shall be liable in respect of its notes
in the same manner as if it had been registered as unlimited:

Provided that, if, in the event of the company being wound up,
the general assets are insufficient to satisfy the claims of both the
note-holders and the general creditors, then the members, after
satisfying the remaining demands of the note-holders, shall be
liable to contribute towards payment of the debts of the general
creditors a sum equal to the amount received bv the note-holders out
of the general assets.

(2) For the purposes of this section, the expression ‘‘ the general
assets” means the funds available for pavment of the general
creditor as well as the note-holder.

(3) Any bank of issue registered under this Act as a limited
company may state on its notes that the limited liability does not
extgnd to its notes, and that the members of the company are liable
in respect of its notes in the same manner as if it had been registered
as an unlimited company.

Privileges of
banks making
annual return.

7 Geo. 4. c. 4F
~ Geo. 4. c. 67.
% © Vict. c. 37.
Vict. c. 38.
12 Vict.

361.—(1) Where a company carrying on the business of bankers
has duly forwarded to the registrar of companies the annual return
required by section one hundred and eight of this Act and has added
hereto a statement of the names of the several places where it
carries on business, the company—

(a) shall not be required to furnish to the Commissioners of
Inland Revenue any returns under the provisions of the
Country Bankers Act, 1826, the Bankers (Scotland) Act,
1826, section twenty-one of the Bank Charter Act, 1844, or
section thirteen of the Bank Notes (Scotland) Act 1845: and