BANKING COMPANY. The Sections of the Companies (Consolidation) Act, 1908, which particularly refer to banking com panies are as follow : Section 1. s.s. 1 : " No company, association, or partnership of more than ten persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Act, or is formed in pursuance of some other Act of Parlia ment, or of letters patent." A statement is to be made by a limited banking company in accordance with Sec tion 10S, which is as follows : " (1) Every company being a limited banking company or an insurance company or a deposit, provident, or benefit society shall, before it com mences business, and also on the first Monday in February and the first Tuesday in August in every year during which it carries on business, make a statement in the form marked C in the first schedule to this Act, or as near thereto as cir cumstances will admit.
" (2) A copy of the statement shall be put up in a conspicuous place in the registered office of the company, and in every branch office or place where the business of the company is carried on.
" (3) Every member and every creditor of the company shall be entitled to a copy of the statement, on payment of a sum not exceeding sixpence.
" (4) If default is made in compliance with this Section, the company shall be liable to a fine not exceeding five pounds for every day during which the default continues ; and every director and manager of the com pany who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
" (5) For the purposes of this Act a com pany that carries on the business of insurance in common with any other business or businesses shall be deemed to be an insurance company.
" (6) This Section shall not apply to any life assurance company nor any other assurance company to which the provisions of the Life Assurance Companies Acts, 1S70 to 1872, as to the annual statements to he made by such a company, apply with or without modifications, if the company complies with those provisions.