|
|
Capital liability of Shareholding Banks.
|
64.—(1) Every Shareholding Bank shall be liable to pay to the Commission the sum of five thousand pounds (in this Act called its capital liability) at the times and in the manner following, that is to say:—
|
|
| |
(a) each of the first Shareholding Banks shall, when applying for admission to be one of the first Shareholding Banks, pay the sum of one thousand pounds to the Minister in trust for the Commission and shall pay the residue of its capital liability to the Commission as and when required under this Act so to do by the Commission, and
|
|
| |
(b) a Bank admitted to be a Shareholding Bank after the establishment of the Commission shall immediately upon such admission pay to the Commission a sum equal to the amount then already paid by each of the other Shareholding Banks on account of their respective capital liabilities and shall pay the residue of its capital liability as and when required under this Act so to do by the Commission.
|
|
| |
(2) All sums paid by the first Shareholding Banks on account of capital liability to the Minister in trust for the Commission shall be paid by the Minister to the Commission immediately after the establishment of the Commission.
|
|
| |
(3) Every requisition made by the Commission to Shareholding Banks for a payment on account of capital liability shall be made to all such banks simultaneously and shall require payment of an equal amount from every such Bank.
|
|
| |
(4) Every sum payable by a Shareholding Bank to the Commission on account of capital liability shall be recoverable by the Commission as a civil debt in any court of competent jurisdiction, and the failure of a Shareholding Bank to pay in accordance with this section a sum on account of capital liability shall be a ground for removing such Bank from being a Shareholding Bank.
|
|
| |
(5) In the event of a Shareholding Bank ceasing by any means to be a Shareholding Bank the Commission shall forth with pay to such Bank the amount then paid up by it on account of its capital liability.
|
|
| |
(6) Section 113 of the Stamp Act, 1891 shall not apply to the capital liability of the Shareholding Banks.
|
