The Banking Bill.
The following are the provisions inserted by the Upper House in the Banking Bill, and which the House of Representatives refused to accept :— The Official Liquidators of the Colonial Bank shall have all the powers and authorities the Board of Directors of the said Bank would have had under its deedß of settlement or otherwise in the event of the said bank being wound up under the provision in the said deed ; and the said deed of settlement shall be read and construed as it wherever the words " Board of Directors " or " Directors " appear in the deed of settlement the words " the Official Liquidators of the Colonial Bank " has been inserted and it shall not be necessary for the Official Liquidators to obtain the sanction of the Court or Judge to do any act or thing which the directors of the said Back might have done without such sanction if the said Bank was in course of liquidation under the provisions of its deeds of settlement. A new clause was added giving power to the liquidators of the Colonial Bank to deal with the directors of the Bank of New Zealand as to making a bargain for all the acconnts on the B list, without the necessity of applying to the Court for confirmation.
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Bibliographic details
Feilding Star, Volume XVIII, Issue 96, 20 October 1896, Page 2
Word Count
217The Banking Bill. Feilding Star, Volume XVIII, Issue 96, 20 October 1896, Page 2
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