THE BANKING BILL

Waikato Argus, Volume I, Issue 42, 15 October 1896, Page 2

THE BANKING BILL

Tin: Premier has introduced lite Bulking Kill. It is in accordance with, hut exceed i in one; or two p irtieu'as, the recommendations of tho Coimnit'eo which we embodied in onr leading artio'o of T.ios lay. ole caie t»f ukcsb-s is rmhod cd in Clause 14, which is in Hie direction of tak'ng jurisdict'on as to the accounts in B list out of the control of t ic Supreme Court, hy giving the directors of the Bunk of NeiV Zea'aud and tin liquidators of the Col u : al Bank power to deal with those account; as they may mutually deem lit. Clause 11 : Declares void all contract? as to salary or tenrs of otlioe nude between the Bank and the President, tho an litir or any of the officers at any tines .subsequent to tho cotiriix into operation of the Bank of Now Zeala'id Share Gmrantee Act, 1 SOX. Tho present auditor, if ho c:m-cs to hold office, and not go into tiicl! ink service within oneyeir from the "lite of the Act cotniug into operations, shall, for the purpose of determining his cl dm on the pension fund of the l!i ik he deemed to have been in the servic: of tho Bank for tho wind- period t.f his service as auditor. In tiie even'; of the present President not continuing in the 15,ink's service in any capacity ho is to rece've by way of compensation a sum not exceeding one year's Hilary. The Bill provides that no 1) rector or Officer of the IJ.ink, or any Company of which a director ot tin; Hank is a director, shall receive any overdraft from the Bank. Clause 17 provides that tho Covermr-in-Counoil may prescribe the form of the returns of any Bv.ik doing bashless in the Colony, also of the annual balance-sheet and the i;ems and palticulars which slu'l he set forth in such returns and balance-sheets. Clause PI provides that after Ist January, it .shall he the duty of every Bank to at nil times keep in the Colony hotmJhh assets equal to or greater than liabilities. The second readiig ot the Bill was novel by Mr-Sedd n, who support: il and explained its provisions. Pie.-irii eon our spoe eoaipo's ns to ho'd over our repor- of I lie speeches delivered. [lt will he seen from our special correspondent's notes that the Bill pissed its third raiding at -J.:!!) yesrcnlay afterneon, after a twenty-four hoars' sitting.]