Page:Halsbury Laws of England v1 1907.pdf/805

 — —— — Part

Constitution of Banks.

II.

They have to report to the members on the accounts and on every balance-sheet laid before the company, stating particularly whether, in their opinion, the balance-sheet is a full and fair one, exhibiting the then state of the company's accounts, as shown by thereto.

583 Sect.

8.

Joint Stock

Banks.

the books {p).

On the first Monday in February and the first Monday August in each year a statement, showing the capital of the company, the amount of the shares, the number issued, the amount of the calls thereon and the receipts under such calls, and the liabilities and assets of the company on January 1 (or July 1) preceding, must be made, and a copy put up in a conspicuous place in the registered office of the company and in every branch, under a penalty of ^5 a day during default (q). 1189.

in

Private Banks. 1190. Apart from issue business, any number of persons not exceeding ten may, without incorporation, carry on banking business Sect.

in

any part

9.

England or Wales

of

Yearly returns have to be

Eevenue of the names carried on (s).

Private banks.

(?)•

made

Commissioners of Inland Annual and places where business is returns.

to the

of the partners

Sect. 10.

Half-yearly statement.

Foreign and Colonial Banks.

Banks may be

registered under the Companies Acts for the Foreign and purpose of carrying on business abroad or in the Colonies. But a Colonial banks. banking corporation legally established in a recognised foreign state cannot be registered here(^). It may, however, carry on business here without preliminary formalities (u), and the liabilities of its members will be regulated by the law of its domicile (x).

1191.

Part Sect.

III. 1.

— Business

of Banking.

Receipt of Monexj on Current Account.

1192. Save as regards the following of trust funds into his hands, (p) Companies Act, 1879 (42 & 43 Vict. c. 76), s. 7. The Companies Act, 1900 (63 & 64 Vict. c. 48), contains similar provisions with regard to all joint stock companies (ss. 21 23). It is presumed that both apply to a joint stock limited banking company registered since 1879. After July 1st, 1908, such audits will be governed by the Companies Act, 1907 (7 Edvv. 7, c. 50), s. 19, replacing Companies Act, 1879 (42 & 43 Vict. c. 76), s. 7, and Companies Act, 1900 (63 & 64

—

Vict.

c.

48),

s.

23.

See further, on this point,

title

Companies.

Act, 1862 (25 & 26 Vict. c. 89), s. 44, and Sched. I., Form D. and Sched. III., Part 2. It is not clear that a partnership of more than ten, if carrying on business prior to the Country Bankers Act, 1826 (7 Geo. 4, c. 46), might not continue to do dej)osit business with numbers over that figure, but it is probable that no such partnership exists. Private Imnks established before that time would keep their numbers down to six, so as to be able to issue The number was raised from six to ten by the Companies Act, 1862 notes. (25 & 26 Vict. c. 89), s. 4. (s) Bank Charter Act, 1844 (7 & 8 Vict. c. 32), s. 21. {t) Bulkeley v. Schutz (1871), L. R. 3 P. C. 764 ; Bateman v. Service (1881), 6 App. Cas. 385, 392. (u) Until July 1st, 1908, when such a company will have to comply with the requirements of the Companies Act, 1907 (7 Edw. 7, c. 50), s. 35. See further, as to foreign corporations carrying on business in England, title Companies. (g) Companies (r) Ibid., s. 4,

(x)

Bateman

v. Service,

supra, at p. 389.

Effect of receipt.