Central Bank Act, 1942
Deposit on behalf of a company before its incorporation.
44.—Where a company is intended to be incorporated under the Companies Acts, 1908 to 1924, with, a name which includes any of the words “bank”, “banker”, or “banking”, or any word which is a variant or a derivative of any of those words, the following provisions shall have effect, that is to say:—
(a) it shall be lawful for a deposit to be made in the High Court under this Part, of this Act on behalf and in the name of such intended company notwithstanding that such company has not been incorporated;
(b) an order under sub-section (3) of section 42 of this Act in relation to the amount of such deposit shall be capable of being made notwithstanding that such company has not been incorporated;
(c) the registrar of companies shall not give a certificate of incorporation in respect of such intended company unless or until such deposit has been so made on behalf and in the name of such intended company;
(d) when such intended company has been duly incorporated under the said Acts, the said deposit shall be deemed for all purposes to have been made by such company.