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S. 7 prescribes the oaths to be taken to affirmations to be made by directors and members of the Bank of Ireland, which are to be only the oath of allegiance, the oath of qualification, and the oath of fidelity to the corporation.

All bankers claiming to be entitled to issue bank notes are to give notice (s. 8) to the commissioners of stamps and taxes, who shall ascertain if such person or persons were lawfully issuing bank notes in Ireland between May 1, 1844, and May 1, 1845, and the average amount circulated by them, and shall certify the same; they may then issue to the extent of the amount so certified, and the amount of gold and silver coin held by them in the proportion hereafter mentioned. No uncertified banker to issue bank notes. Where banks have become united between the periods mentioned (s. 9), the average amount is to be taken as that of the total amount. A duplicate of the certificate is to be published in the Gazette (s. 10), which publication is to be taken as evidence of the right to issue notes. Where banks have become united subsequently to the passing of this act (s. 11), the total amount is also to be the average.

Banks are permitted (s. 12), on making an agreement with the Bank of Ireland, to relinquish in its favour the right of issuing notes; but having done so, they are not allowed (s. 13) to resume the privilege.

After December 6, 1845, no bank (s. 14) to have in circulation a greater amount of notes, upon the average of four weeks, than the amount certified by the commissioners, and the monthly average of gold and silver held by it.

The issue of notes of less than 17. (s. 15) is prohibited.

Banks are to render an account weekly (s. 16) in certain prescribed forms, a neglect of which, or rendering false returns, subjecting them to a penalty of 1007.

All bank notes issued (s. 17) are to be deemed bank notes in circulation.

The commissioners of stamps are to make a return (s. 18) every four weeks, to be published in the "Dublin Gazette."

S. 19 prescribes the mode of ascertaining the average amount of the bank notes of each banker in circulation, and of the gold and silver coin for every four weeks after December 5, 1845. The gold and silver coin (s. 20) to include only that held at the head offices, which are not to exceed four, of which not more than two are to be in one province, and the silver is not to exceed in amount one-fourth part of the amount of gold coin.

The commissioners are empowered (s. 21) to order the inspection, at all reasonable times, of all the books of bankers containing an account of their bank notes in circulation, and of their gold and silver coin; the penalty for refusing such inspection to be 100%.

All bankers (s. 22) other than the Bank of Ireland are to return their names, residences, and occupation, within fifteen days of the 1st of January in each year, to the stamp office, and in cases of partnership those of each member; such return to be published on or before the 1st of March, in the "Dublin Gazette." The penalty for a false return is 507.

Any bank issuing in excess (s. 23), becomes liable to a penalty equal in

amount to the sum by which the certified monthly circulation has been exceeded.

S. 24 declares notes for less than 20s. not negotiable in Ireland, and to be altogether null and void; but imposes a penalty of not more than 207., nor less than 57., for every offence in issuing such notes at the discretion of a justice of peace, who may determine in such matter. The note for 20s. and promissory notes (s. 25) for 20s., or less than 57., made payable within twenty-one days, must be drawn in a certain form, or otherwise to be void, and may not be negotiated after the time limited for payment. Any person other than bankers issuing notes payable on demand for less than 57. (s. 26), or uttering or negotiating (s. 27) promissory notes, bills of exchange, &c., transferable, to forfeit for every such note the sum of 201. This, however (s. 28), not to extend to cheques on bankers.

SS. 29 and 30 prescribe the modes of recovering the penalties imposed by this Act, and for the suing of companies.

S. 31 contains a provision regarding an agreement between the Bank of Ireland and the Tipperary Joint-Stock Bank.

SS. 32 and 33 contain the interpretation of the terms used, and the usual provision for the amendment of the Act during the session, if needed.

BANKING (SCOTLAND).

(8 & 9 Vict. cap. 38-21st July, 1845.)

An Act to regulate the issue of Bank Notes in Scotland.

THE first clause recites the title of the Act of 7 & 8 Vict. cap. 32, &c., regulating the issue of bank notes in England; and s. 10, which declares that no other person than a banker already issuing notes of May 1, 1844, should have power to issue bank notes in the United Kingdom in future; and goes on to enact that all bankers so claiming to be entitled to issue bank notes in Scotland shall give notice of such claim to the commissioners of stamps and taxes in London, who shall ascertain the average amount of their notes in circulation for the year preceding May 1, 1845, and certify the same. It shall then be lawful for such bankers to continue to issue to the same amount, together with an additional proportion, as hereafter prescribed, according to the amount of gold and silver coin in their possession at their principal place of business, and to no greater amount. Banks which may unite (s. 2) are to have the total amounts taken; and a duplicate of the certificate (s. 3) is to be published in the "London Gazette." S. 4 is to the same effect as s. 2.

The issue of notes for any fractional parts of a pound is by s. 5 prohibited.

The issue of each bank is limited (s. 6), from and after December 6, 1815, to amount certified by the commissioners, together with the average, taken every four weeks, of the gold and silver coin in their possession; a return of all which is to be made weekly (s. 7), in a prescribed form, distinguishing the amount of notes above and below 57., and the average

amount of gold and silver coin held, under a penalty of 1007. for neglect or for rendering a false account. All bank notes to be deemed in circulation from the time they are issued until they are returned.

The commissioners (s. 9) are to make a monthly return, in a prescribed form, to be published in the "London Gazette."

SS. 10 to 21 correspond, with the necessary adaptation to Scotland, to ss. 19 to 29 of the Irish Act, with the exception of the prohibition in s. 20, of the places of issue being not more than four.

S. 22 is the interpretation clause; and s. 23 is the usual clause for alteration during the session.

BILLS OF EXCHANGE AND PROMISSORY NOTES.

(18 & 19 Vict. cap. 67-23rd July, 1855.)

An Act to facilitate the Remedies on Bills of Exchange and Promissory Notes, by the prevention of frivolous or fictitious Defences to Actions thereon.

FROM and after October 21, 1855, it is declared by s. 1 that all actions upon bills of exchange or promissory notes, commenced within six months after the same shall have become due and payable, may be by writ of summons, in a form prescribed and given in a schedule, and the plaintiff, on filing an affidavit of personal service, may at once, in case the defendant shall not have obtained leave to appear to such writ, sign final judgment in the form contained in another schedule, for any sum not exceeding the sum endorsed on the writ, together with interest and costs; but the defendant (s. 2), on showing a defence on the merits, is to have leave to appear. After judgment (s. 3), the court may, under special circumstances, set aside the judgment, and give leave to the defendant to defend the action. In any proceedings under this Act (s. 4), the judge may order the bill or note to be deposited with the officer of the court, and direct proceedings to be stayed until the plaintiff has given security for costs. Holders of dishonoured bills of exchange or promissory notes (s. 5) retain the same remedies as at present for the cost of noting bills for nonpayment. One summons (s. 6) may be issued by the holder of a bill of exchange against all or any of the parties to the bill, such summons to be deemed the commencement of proceedings, in like manner as if separate writs of summons had been issued. The Common Law Procedure Acts and Rules (s. 7) are incorporated with this Act; it applies (s. 8) to the Courts of Common Pleas, Lancaster, and Durham; and (s. 9) Her Majesty may, by an Order in Council, direct it to apply to all or any of the Courts of Record in England or Wales. It does not (s. 10) extend to Ireland or Scotland; and the short title (s. 11) is declared to be "The Summary Procedure on Bills of Exchange Act, 1855."

LIMITED LIABILITY.

(18 & 19 Vict. cap. 133-14th August, 1855.)

An Act for limiting the Liability of Members of certain Joint-Stock

Companies.

By s. 1 any joint-stock company to be formed under the 8 Vict. cap. 110 (other than an assurance company), with a capital to be divided into shares of a nominal value not less than 107. each, may obtain a certificate of complete registration with limited liability, upon complying with the conditions following, in addition to doing all other matters and things now required in order to obtain a certificate of complete registration; that is to say :

"1. The promoters shall state on their returns to the office for provisional registration, that such company is proposed to be formed with limited liability.

"2. The word 'Limited' shall be the last word of the name of the

company.

"3. The deed of settlement shall contain a statement to the effect that the company is formed with limited liability.

"4. The deed of settlement shall be executed by shareholders, not less than twenty-five in number, holding shares to the amount in the aggregate of at least three-fourths of the nominal capital of the company, and there shall have been paid up by each of such shareholders on account of his shares, not less than 207. per cent.

"5. The payment of the above per-centage shall be acknowledged in or indorsed on the deed of settlement, and the fact of the same having been bonâ fide so paid, shall be verified by a declaration of the promoters, or any two of them, made in pursuance of the Act 6 William IV. cap. 62."

Any joint-stock company (s. 2), now or hereafter registered, under the 8 William IV. cap. 43, or constituted under private Acts of Parliament (s. 3), may, with the consent of not less than three-fourths of its shareholders, on satisfying the registrars of its perfect solvency, and complying with the other regulations, obtain a certificate of limited liability. Every company so certified (s. 4) is to have its name legibly displayed at its place of business, and upon all bills of exchange, cheques, bills of parcels, &c.; and noncompliance (s. 5) subjects the company to a penalty not exceeding 51. per day for not having the name on its premises, and of 501., in addition to personal liability, on every person issuing a bill of exchange, cheque, bill of parcels, &c., without such name. Every increase in the amount of capital must be notified to the registrar (s. 6); and no increase will be registered unless it be proved to the registrar that a deed has been executed by shareholders of not less than 107. each to the amount of threefourths of the increased capital, and that not less than twenty per cent. of such increased capital has been paid up; and if any such increase be advertised or otherwise treated as part of capital before such registration, every director will incur a penalty of 501. The members of a duly certificated company (s. 7) are freed from any personal liability beyond what

is afterwards provided. In case of execution or other process against the property of a company (s. 8), if it be not found sufficient, the process may be issued against any shareholders to the extent of the portions of their shares not then paid up; but no process to issue against any shareholder except by an order of the court, or of a judge of the court in which the action may have been brought. If the directors shall declare a dividend (s. 9) when the company is known to be insolvent, each director consenting thereto shall be jointly and severally liable, but not beyond the amount of the dividend so made: if any director be absent, or file an objection in writing with the clerk, he is to be exempt from liability. Notes or obligations of shareholders (s. 10) are not to be received in payment of calls, and no loans are to be made to them; and any officer receiving or making such, and the directors, are declared jointly and severally liable for all such sums, with interest, as may be deficient. The rights of creditors of existing companies (s. 11) are continued. The change of name of a company, under the regulations of this Act (s. 12), is not to affect the rights of such company or of other parties. When a company, acting under a certificate of limited liability (s. 13), has lost three-fourths of its subscribed capital, the trading is forthwith to cease, and the directors are to take proper steps for dissolving the company. Auditors (s. 15) are to be appointed for such companies, subject to the approval of the Board of Trade. Every pecuniary penalty (s. 16) to be deemed a debt to the crown, and recoverable accordingly. The Act does not apply to Scotland.

DRAFTS ON BANKER.

(19 & 20 Vict. cap. 25-23rd June, 1856.)

An Act to amend the Law relating to drafts on Bankers.

WHERE a draft on any banker, made payable to bearer, or to order on demand, bears across its face an addition, in written or stamped letters, of the name of any banker, or of the words "and company," in full or abbreviated, the same is to be paid only to or through some banker.

JOINT BANKING COMPANIES.

(20 & 21 Vict. cap. 49-17th August, 1857.)

An Act to amend the Law relating to Banking Companies.

THIS Act provides that no banking company whatever shall be registered under the Limited Liability Act; but where consisting of more than seven persons, must register under this Act if formed under the Joint-Stock Companies Acts 1856 and 1857. A neglect to register renders the companies unable to sue either in law or equity, or to make any dividend payable; and every director or manager becomes liable to a penalty of

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