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Form C

company, notes, limited, section, notice, respect and banking

FORM C.

• Form of Statement to be published by Bank ing and Insurance Companies, and Deposit, Provident. or Benefit Societies.

* The share capital of the company is , divided into shares of each.

• • The number of shares issued is Calls to the amount of poundsper share have been made, under which the sum of pounds has been received.

" The liabilities of the company on the first day of January (or July) were • Debts owing to sundry persons by the company.

On judgment, I ' On specialty, 1; " On notes or bills, •• On simple contracts, •d On estimated liabilities, if, " The assets of the company on that day were • Government securities [stating them] Bills of exchange and promissory notes, Cash at the hankers, Other securities, By Section 109 it is provided that the Board of Trade may appoint one or more competent inspectors to investigate the affairs of any company, and to report thereon in such manner as the Board direct : in the case of a banking company having a * If the company has no share capital the portion of the statement relating to capital and shares inu•-t be omitted.

share capital, on the application of members holding not less than one-third of the shares issued. (See INVESTIGATION OF COMPANY'S AFFAlas.) By Section 113, s.s. 5 :— In the case of a banking company registered after August 15, 1879 " (a) If the company has branch banks beyond the limits of Europe, it shall be sufficient if the auditor is allowed access to such copies of and extracts from the books and accounts of any such branch as have been trans mitted to the head office of the com pany in the United Kingdom ; and " (b) The balance sheet must be signed by the secretary or manager (if any), and where there are more than three directors of the company by at least three of those directors, and where there are not more than three directors by all the directors." The following two sections are to be read as part of Part VD of the Companies (Consolidation) Act.

•• Liability of Bank of Issue Unlimited in Respect of Notes.

" 251. (I) A bank of issue registered under this Act as a limited company shall not be entitled to limited lia bility in respect of its 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 ; but 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 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 by 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 pay ment 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 extend to its notes, and that the members of the com pany are liable in respect of its notes in the same manner as if it had been registered as an unlimited company." On Registration of Banking Company with Limited Liability, Notice to be given to Customers.

" 256. (1) \Vhere a banking company which was in existence on the seventh day of August eighteen hundred and sixty-two proposes to register as a limited company, it shall, at least thirty days before so registering, give notice of its intention so to register to every 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 per son 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 cer tificate of registration with limited liability shall have no operation." Section 2S6. s.s. 1, repealed various Acts, provided that the repeal shall not affect : " (d) The continuance in force of the enact ments set out in the second part of the sixth schedule to this Act, being the enactments continued in force by Section two hundred and five of the Companies Act, 1862." The enactments referred to in that Section are :