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"We may also be allowed to add our tribute of praise to these precedents for their conciseness perspicuity, precision, and perfection of drafting."— Tlie Law Journal, Sept. 23, 1S7G. Pollock's Principles of Contract at Law and in Equity; being a Treatise on the General Principles relating to the Validity of Agreements with a special view to the comparison of Law and Equity ; and with references to the Indian Contract Act, and occasionally to American and Foreign Law. By FREDERICK POLLOCK, of Lincoln's Inn, Esq., Barrister-at-Law. Derm 8vo 1876. Price 11. 4s. cloth. The Lord Chief Justice in his Judgment in " Metropolitan Railway Company v. Brogdcn and Others," said, " The Law is well put by Mr. Frederick Pollock in his very able and learned work on Contracts." — Vide " THE TIMES " February 19, 1877. Greenwood's Manual of Conveyancing A Manual of the Practice of Conveyancing, showing the present Practice relating to the daily routine of Conveyancing in Solicitors' Offices. 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"The book maintains its reputation as a well arranged magazine of all the authorities ou the subject." — Law Journal August 19, 1876. %* All Standard Law Works are kept in Stock, in law calf' and other bindings. A TREATISE BANKING LAW. / J. DOUGLAS WALKER, Esq., of Lincoln's inn, barristkr-at-law. LONDON : STEVENS AND SONS, 119, CHANCEEY LANE, 1877. T UMSZk b IS77 LONDON : stevens and richardson, printers, 5, great queen street, Lincoln's inn fields, w.c. 5 +- rr. PREFACE — ♦ — This small work treats of that portion of the law which has solely reference to the trade of Banking. The author has endeavoured to deal fully with his subject within the limits he prescribed to himself, and hopes the pains he has bestowed may make his work of service to the profession. J. DOUGLAS WALKER. 6, Crown Office Row, Temple, May, 1877. n^\V?o CONTENTS. Banks of Issue .. CHAPTER 1. PAGE 1 Banks of Deposit CHAPTER II. 10 Banker and Customer ... CHAPTER III. •js Customers ... CHAPTER IV. CHAPTER V. Directions to Pay Addressed to Bankers ... 37 CHAPTER VI. Checks .. 57 CHAPTER VII. Crossed Checks ... .. 98 CHAPTER VIII. Letters of Credit and Circular Notes ... .. 108 CHAPTER IX. Bills of Exchange Payable at a Bank ... . . 113 CHAPTER X. Customer's Pass-Book and Banker's Books 121 V1U CONTENTS, CHAPTER XL ta(;e Appropriation of Payments 12G CHAPTER XTI. Bank Notes 129 CHAPTER XIII. Banker as Bailee of Deposits 135 CHAPTER XIV. Banker's Lien 137 CHAPTER XV. Branch Banks ... 144 CHAPTER XVI. Banker and Correspondent... 14G CHAPTER XVII. Public Officer and Manager 150 CHAPTER XVIII. Criminal Law 160 CHAPTER XIX. Scotch Banks 1G5 CHAPTER XX. Ikisii Banks 1G9 APPENDIX. LIST OF STATUTES. 5 Geo. 3, c. 49 17 Geo. 3, c. 30 39 & 40 Geo. 3, c. 28, s. 15 48 Geo. 3, e. 88, ss. 2—10, 12, 13 55 Geo. 3, c. 184, ss. 14, 23—28 1 & 2 Geo. 4, c. 72, ss. 6, 7 6 Geo. 4, c. 42, ss. 2, 3, 5, 6, 7, 9—26 7 Geo. 4, c. 6, ss. 3—10 ... 7 Geo. 4, c. 46 7 Geo. 4, c. 67 9 Geo. 4, c. 23 9 Geo. 4, c. 65 9 Geo. 4, c. 80 9 Geo. 4, c. 81 1 Will. 4, c. 32, ss. 1, 6—9 3 & 4 Will. 4, c. 83 3 & 4 WE 4, c. 98, ss. 1—6, 8—15 1 & 2 Vict. c. 96 3 & 4 Vict. c. Ill 4 Vict. c. 14 4 & 5 Vict. c. 50 5 & 6 Vict. c. 82, s. 2 7 & 8 Vict. c. 32 (with Sched. B only) 7 & 8 Vict. c. 113 8&9Vict. c. 37 8 & 9 Vict. c. 38 8 & 9 Vict. c. 76, s. 5 16 & 17 Vict. c. 59, ss. 19, 20 16 & 17 Vict. c. 63, s. 7 ... 17 & 18 Vict. c. 73 17&18 Vict. c. 83, ss. 11,12 19 Vict. c. 3 19 Vict. c. 20, Preamble and ss. 1, 2 19 & 20 Vict. c. 1 DO PAGE 173 175 178 179 183 186 187 196 199 209 215 220 221 227 228 234 236 241 244 245 246 248 250 262 277 296 306 307 308 309 310 311 312 312 LIST OF STATUTES. 20&21 Vict. c. 49 21 & 22 Vict. c. 91 23 & 24 Vict. c. 111. s. 19 24 & 25 Vict. c. 91, s. 35 25 & 26 Vict. c. 89, ss. 2, 4, 44, 205, Third Sched. Parts 1 and 2 27 & 28 Vict. c. 32 27 & 28 Vict. c. 86 30 Vict. c. 29 30 & 31 Vict. c. 89 33 & 34 Vict. c. 97, ss. 1, 6, 15—17, 23—25, 45—55, 116, 120, 121, 123 ; Sched. Bills of Exchange, Bills of Exchange with Exemptions ; Protest of a Promissory Note, Receipt with Exemptions 34 Vict. c. 17 34 & 35 Vict. c. 74 39 & 40 Vict. c. 48 39 & 40 Vict. c. 81 PAQB 313 318 320 320 321 324 325 326 327 327 335 337 338 340 TABLE OF CASES CITED. Agra & Masterman's Bank, Ex parte, 46 Agra & Masterman's Bank, In re, Asiatic Banking Co., Ex parte, 108 Agra & Masterman's Bank v. Hoffman, 81 Agra & Masterman's Bank, In re, Waring, Ex parte, 145 Alderson v. Langdale, 87, 88 Alexander v. Burchfield, 63 65, 66 Alexander v. Mackenzie, 158 Alliance Bank v. Kearsley, 33, 47 Allen v. Merchant Bank, 146 Anonymous, 48 Armory v. Uelamirie, 133 Arnold v. Cheque Bank, 31, 87, 89, 106 Atwood v. Crowdie, 141 Attenborough v. Mackenzie, 114 Aubert v. Walsh, 95 Ayrault v. Pacific Bank, 32 Bailey v. Boddenham, 66, 68, 70 — v. Finch, 29 Baillie v. Moore, 78 — v. Porter, 117 Bank of Australasia v. Bank of Austra- lia, 44 Bank of England v. Anderson, 2 Bank of Ireland v. Evan's charities, 85 Bank of the Republic v. Millard, 75 Bank of Scotland v. Christie, 127 Bank of Upper Canada v. Bradshaw 159 Bank of Van Diemen's Land v. Bank of Victoria, 147 Bank of Washington v. Triple tt, 146 Barker v. Union Bank, 89 Barkworth, Ex parte, 141, 142 Earned' s Banking Co., Massey's case, 148 Barnewall v. Sutherland, 152 Barvvick v. English Joint Stock Bank, 155 Beal v. South Devon By., 136 Beale r. Caddick, 47 Beak v. Beak, 96 Beattie v. Lord Elbury, 34, 42, 43 Beavan v. Hill, 90 Beeching v. Holt, 65 Beglie v. Levy, 58 Bell v. Carey, 114 — v. Eisk, 152 — v. London & North Western ltail- way, 53 Bellamy?-. Majoribanks, 68, 71, 99 Bellshawr. Bush, 130 Bent v. Puller, 140 Bevan, Ex parte, 35 — v. Hill, 90 Bickerdike v. Bollman, 82 Bignold, Ex parte, 63 Blackburne, Ex parte, 130 Bleasby •;;. Crossley, 94 Bobbett v. Pinkett, 54, 105 Bock v. Gorrisen, 137 Bodenham v. Purchas, 127 Boddenham v. Hoskyns, 30, 31, 55 Boddington r. Schlenker, 64, 67, 68, 69 Boehm v. Stirling, 68 Bolton v. Puller, 143 Bonar v. Mitchell, 13 Bond, Ex parte, 140 Bondt'. Warden, 64, 65 Bosanquet v. Dudman, 137 — v. Woodford, 13 Boswell v. Smith, 95 Boyd v. Emmerson, 74 Bradley?'. Eyre, 14 Bray v. Hadwen, 83 Brandao v. Barnett, 137, 138, 139, 143 Bridges v. Berry, 82 — i'. Garrett, 94 — v. Hawkesworth, 133 Bristow r. Taylor, 4S British American Co. v. Albion Bank,43 British Linen Co. v. Caledonian Insur- ance, 86,110,111 Bromley v. Brimton, 82, 96 Xll TABLE OF CASES CITED. Brook v. Enderby, 127 Brown, Ex parte, 140 Brown v. Adams, 127 — v. Kewley, 53 Brownrigg v. Bae, 47 Buchanan v. Findlay, 140 Buddie v. Bond, 136 Bull v. O'Sullivan, 58 Biirbridge v. Manners, 114 Burchfield v. Moore, 87, 88, 102 Burn v. Carvalho, 56 Burton v. Payne, 91 Caine v. Coulson, 91 Camidge v. Allenby, 78, 130, 131 Carew v. Duckworth, 82 Carmarthen Railway Co. v. Manchester Railway, 95 Carr v. Carr, 34 Carstairs v. Bates, 141 Carton v. Ireland, 99 Case v. Henderson, 72 Catley v. Short, 53 Cavendish v. Greaves, 123 Cefn Cilcen Mining Co., In re, 34, 43 Chambers r. Miller, 72, 73 Charles v. Blackwell, 61, 87 Choetham v. Butler, 60 Christie v. Peart, 151 City Discount Co. v. Maclean, 127 Clark v. Mindall, 130 Clayton's case, 126, 127 Clode v. Bailey, 83, 144 Cocks v. Masterman, 86, 115 Collins v. Martin, 143 Collinson v. Lister, 157 Commercial Bank of Scotland v. Rhind, 123 Contract Corporation, In re Forbe's case, 36 Conflan's Quarry Co. v. Parker, 112 Cooke v. Seeley, 32 Copeland v. Davies, 171 Copland v. Toulmin, 127 Crosskcll /•. Bower, 34, 35 ( (rosse v. Smith, 116 Crouch '•. Credit Koncier, 44 Crutchley v. Clarance, 61 Currie v. Misa, 92, 139 < ' 1 1 > 1 1 1 1 1 i 1 1 _• v. Shand, 81 ( 'ui'ti -• i Livesi \. 8 I v. The Butcher's and Drover's Bank, L46, 147 Da Bilva v. Fuller, 62 "ii ' . ( looper, 87, 161 v. BowBher, 187, 188 . . Jon Di ."■ rnali 1 16 Devaynes v. Noble, 121 Dickson v. Cass, 134 Dixon v. Chambers, 60 Donald v. Suckling, 137 Doorman v. Jenkins, 135 Dorchester and Milton Bank v. New England Bank, 146 Down v. Hailing, 84 Duff v. East Indian Co., 48 Dumas, Ex parte, 140 D u tton v. Marsh, 42 Earl of Bristol v. Willsmore, 92 East of Erjgland Banking Co., In re, 79, 134 Easton v. Pratchett, 96 Eaton v. Bell, 35 Edwards, Ex parte, 140 Egg v. Barrett, 95 Emly v. Lye, 47 Esdaile v. Maclean, 151 Espy v. Bank of Cincinnati, 90 European Bank, ^gra Bank claim, 28 138 European Bank, In re, Oriental Com- mercial Bank, Ex parte, 85 Everitt v. Collins, 91, 93 Eyles v. Ellis, 53 Eyre v. Walker, 97 Fabens v. Mercantile Bank, 146 Farhall v. Farhall, 37, 38 Farley v. Turner, 114, 127, 148 Farrer v. Hutchinson, 48 Fenn v. Harrison, 130 Ferguson v. Fyffe, 35 Fernandez v. Glynn, 73 Financial Assurance Co., In re Bloxam's case, 36 Fisher v. Taylor, 47 Fletcher v. Crosbie, 151 — v. Manning, 94 Fooley v. Hill, 28 Forster v. Clements, 113 — v. Mackreth, 47 — v. Wilson, 129, 134 Foster v. Bank of London, 33 — v. Essex Bank, 135 — v. Green, 158 — v. Mackinnon, 89 Fountaine v. Carmarthen Ry. Co., 40 Frith v. Brooks, 64, 65 Fryer v, Ranken, 34 Fuller v. Smith, 115 Garden v. Bruce, 96 Garnett v. McKewan, 29, 81, 138 ( leary v. Physick, 57 TABLE OF CASKS CITED. Xlll Giblin v. McMullen, 136 Gibson /•. Minet, 54 Giles c. Bourne, 58 — v. Perkins, 140 Glad well v. Turner, 131 Goodman v. Harvey, 85, 132 Goodwin v. Robarts, 28, 72 Grant v. Vaughan, 61 Gray v. Johnson, 30, 31, 54, 81 — v. Lewis, 43 Greenslader v. Dower, 4 7 Gwatkin v. Campbell, 159 Halford v. Cameron Coalbrook Co., 39 Halifax Union v. Wheelwright, 86, 89 Hall v. Franklin, 26 — v. FuUer, 88, 114 Hague v. French, 58 Hamelin v. Burch, 88 Hammond v. Barclay, 137 Hardy v. Veasey, 28, 33 Hare v. Copland, 60 — v. Henty, 65, 67, 63, 70, 71 Harwood v. Law, 151 Hawtayne v. Bourne, 37 Hawkins v. Whitten, 134 Henderson v. Appleton, 131 Henniker v. Wigg, 127 Hennian v. Dickinson, 90 Hewett v. Kay, 63, 82, 96 Heywood, Ex parte, 52 Heywood v. Pickering, 62, 65, 71 Hill v. Smith, 114, 127 — v. Royds, 116 Himmehnan v. Hotaling, 83, 85 Hinton's case, 61 Hodgson v. Anderson, 54 Holland v. Bygrave, 137, 138 Hopkins v. Ware, 63 Hopkinson v. Forster, 53, 54, 55 Hooper v. Keay, 127 Horn v. Baker, 136 Hornblower v. Proud, 141 Hough v. May, 92, 95 Howe v. Bowes, 71 Hunt v. Maniere, 31 Husband v. Da vies, 1 Hutchinson v. Hey worth, 53 Imperial Land Co. of Marseilles, In re National Bank, 43 Inti'haui v. Primrose, 89 Jamieson v. Swinton, 71 Jeffryes v. Agra Bank, 114, 138 Johnson v. Duke of Marlborough, 90 — v. Gallagher, !">. 16 — v. Robarta, 149 — v. Windle, 87 Jombart v. Woollett, 140 .In ms v. Pej)percome, 138, 143 — v. Hyde, 77, 87, 134 Keene v. Beard, 57 Kemp v. Westbrook, 138 Kilsby v. Williams, 74 King v. Limmerman, 90 Kingston, Ex parte, Gross, In re, 29, 30, 55 Kirk v. Blurton, 47 Knight v. Clements, 90 Kymer v. Laurie, 81, 114 Laugdale v. Trimmer, 83 Law v. Parnell, 158 Laws v. Rand, 47 Leese v. Martin, 136, 140 Lefftley v. Mills, 71 Litchfield Union v. Green, 78, 79, 131, 132 Little v. Slackford, 58 Lloyd v. Ashby, 47 — r. Freshfield, 36 — v. Sandelands, 94 — v. Pugh, 45 London Chartered Bank of Australia u. Lempriere, 45, 46 London and Mediterranean Baidc, In re, Birmingham Bank, Ex parte, 46 Lucas v. Dorrien, 143 Lysaght v. Walker, 127 Mackay v. Commercial Bank of New Brunswick, 155 Mackersy v. Ramsays, 148 Mahoney v. East Holyford Mining Co., 39, 40, 42 Maitland v. Chartered Mercantile Bank of India, London, and China, 109, 110 Malcolm v. Scott, 56, 72 Madden v. Kempster, 138 Marine National Bank /•. National City Bank, 73 Manning v. Purcell, 34 Marshall v. Cruttwell, 45 Masterman /•. Courrie, 34 Martin v. Reid, 138 Marzeth v. Williams, 7'.' Mayor v. Johnson, 133 McGowan v. Dyer, 156 XIV TABLE OF CASES CITED. McHenry v. Davies. 45 Melntyre v. Connell, 20 McKenna Ex parte, 143 Mel vile v. Doidge, 154 Miller v. Eace, 132 Mills r. Fowkes, 126 — v. Oddy, 92 Moore v. Bushell, 116 — v. Warren, 132 Morgan v. Mather, 35 Morrell v. Wotton, 56 Morse v. Kempson, 114 — v. Salt, 34 — w. Williams, 114, 138 Moule v. Brown, 66 Mountford v. Harper, 94, 95 Murray v. East India Co., 4 1 National Bank of North America v. Bangs, 70 Noble v, Adams, 92 Norwich Yarn Company, In re, 42 Oddie v. National City Bank, 75 Ogden v. Benas, 31, 61, 87, 106 O'Keefe v. Dunn, 85 Orrv. Union Bank of Scotland, 111 Other v. Ireson, 91 Owenson v. Morse, 129 Park v. Eliason, 140 Parker v. Gordon, 71 — v. Merchant, 34 Partridge v. Coals, 91 Pearce v, Davis, 91, 94 Pease, Ex parte, 141, 142, 143, 148 Pi dderv. Watts, 53 Pei 11 v. Deffell. 127 Phipps v. Tanner, 59 Piggottfl. Cubley, 138 Pinto v. Santos, 55 Polglasstf. Oliver, 129 Pollard v. Bank of England, 70, 73 — v. Ogden, 74, 117 Porter v. Taylor, 48 Pott v. Beavan, 37 — v. Olegg, 28, 33 Powlee v. Page, 14 I'll.. -. Neal< , 86, I L6 Prideaux w. Criddle, 62, 67, 68, 70, 83 Raphael v. Bank of England, 132 Eledme . a< v. Burton, 133 v. Carter, Hi I v, Hazelton, L64 — <;. Jackson, L6 I Reg. v. Lockett, 163 — v. Moody, 163 — v. Parker, 164 — v. Pollman, 31 — v. Smith, 163 — v. Watts, 91 — v. Wilton, 163 Reynolds v. Chettle, 70 Riccard v. Pritchard 53 Ricketts v. Burnett, 48 Rickford v. Ridge, 65, 66 Robarts v. Tucker, 68, 79, 89, 113, 116 Robertson v. Sheward, 158 Robinson v. Hawksford, 63, 66, 68 Robson v. Bennett, 64, 70, 72, 83 — v. Oliver, 71, 131 Rodick r. Gandell, 53 Rogers, Ex parte, 134 Bogers v. Langford, 71, 131 Rollin v. Steward, 80 Rothschild v. Corney, 84 Rothwell v. Humphreys, 47 Rowe v. Tipper, 83 Royal British Bank v. Turcp^and, 40 Russell v. Hankey, 92 Sanderson v. Jackson, 62 — r. Judge, 117 — v. Piper, 59 Sandilands v. Marsh, 46 Sands v. Clarke, 131 Scott v. Franklin, 137, 138 — v. Porcher, 52 Serle v. Norton, 63 Sargeant, Ex parte, 141, 142 Sewell v. Derbyshire Railway Co., 39 Shaw v. Pickton, 123 Scholey v. Ramsbottom, 89 Simmons v. Taylor, 99, 102 Sims v. Bond, 32 Simson r. Ingham, 128 Skyring v. Greenwood, 123 Smith, Knight & Co ., In re, 36 Smith v. Everitt, 38 — v. Ferrand, 78 — v. Leveaux, 28 — v. McClure, 62 — v. Mercer, 86, 115 — v. Union Bank of London, 99, 105 Societe Gcnerale v. Metropolitan Bank, 89 South of Ireland Colliery Co. r. Waddle 44 South, Ex parte, 56 S|iillcr r. Johnson, 151 Spincer v. Spincer, 92 Stagg r. Elliott, 158 TABLE OF CASES CITED. XV Steward v. Greaves, 151 — v. Dunn, 151 Strong v. Hart, 78 Stuart v, Cawse, 92 • v. Fry, 116 Summers v. City Bank, 46 Swan, Ex parte, 85 — V. North British Australian Co., 89 Swift v. Winterbotham, 15 Tassell v. Cooper, 33, 55 Tate v. Hibbert, 63, 82 Taylor v. Dobbin, 62 Thomas v. Bishop, 57 Thompson v. Bell, 154 — v. Giles, 142 Thomson, v. Pitman, 94 — Ex parte, 142 Tilney v. Courtier, 78 Timmins v. Gibbins, 130, 132 Tondeur, Ex parte, Agra Bank, In re, 111 Tooke v. Hollingsworth, 140 Turner v. Hardy, 38 Turney v. Dodwell, 96 Twogood, Ex parte, 140, 141 Umtud Service Co., Johnson's Claim, 136, 138 Uther v. Rich, 132 Vance v. Lowther, 88 Van Wart v. Woolley, 113 Vaisey v. Reynolds, 34 Vere v. Ashley, 46 Vernon v. Bouverie, 78 Vulliamy v. Noble, 143 Wakefield, Ex parte, 140, 142 Walker v. Robson, 72 Ward v. Evans, 92, 132 Waring, Ex parte, 28, 148 Warwick v. Rogers, 68, 115, 116 Waterloo r. Sharp, 34, 43 Watson v. Duke of Wellington, 53 — v. Russell, 92 Watts v. Christie, 143 Whistler v. Forster, 58 Whitlock v. Underwood, 60 Whittaker v. Bank of England, 71, /'•>, 114 Wienholt v. Spitta, 92 Williams v. Carwardine, 109 — r. Davies, 45 — v. Deacon, 149 — v. Evans, 94 — v. Rawlinson, 127 — v. Smith, 131 Williamson r. Everett, 56 — v. Williamson, 35 Wilby v. Warren, 78 Wilkinson v. Godefroy, 97 — v. Johnson, 86 Willis v. Bank of England, S4, 144 Wilson v. Craven, 151 Woodland v. Fear, 77, 131, 134, 144 Woods v. Thiedman, 120 Wordthorp v. Lawes, 83 Wookey v. Pole, 143 Wyat v. Marquis of Hertford, 93 Wylde v. Radford, 138 Young v. Grote, 89 Zinckr. Walker, 140, 141 ERRATA. Page 3, line 1, should run, " or copartnership exceeding six persons in number other than the Bank of England." „ 58, „ 10, from bottom, insert Gatty v. Fry, 2 Ex. D. 265. ,, 67, ,, 3, from bottom, for " drawer," read " drawee." „ 100, „ 8, from top, for "1875," read "1876." A TREATISE BANKING LAW. CHAPTER I. BANKS OF ISSUE. The scope of this treatise is a statement of those points Banks of of the law which are involved in the present practice of banking. It is, therefore, out of place here to trace in detail the progress of legislation from the year 1694, the commencement of legislative interference with the trade of banking, to the present day. At the same time it is difficult without some knowledge of the history of banking to understand the reason and object of the successive Acts of Parliament, and an attempt will be made in the following pages to state enough for the comprehension of the present state of the law. Banking, as practised in the United Kingdom, has two distinct branches — the one, that of issuing on the credit of the bank promissory notes payable to bearer; the other, that of receiving the deposits of customers with an obligation to repay them either at the place of deposit or elsewhere, and either on demand or at some longer period. It is true that all banks of issue happen to be also banks of deposit, but the existence of the one branch is not by law dependent on the co-existence of the other; B 2 BANKS OF ISSUE. Banks of and the note issue of banks in England has been the — subject of a series of Acts of Parliament from 1694 to 1844, the year of the passing of the Bank Charter Act. It will be convenient to discuss this series of Acts at once and so dispose of the law involved in the note-issue ; and to turn afterwards to the various possible constitu- tions of banks with their respective liabilities under the law as it at present stands. Previously to the year 1694, banking, in both its branches, had been carried on by individuals and co- partnerships, but the system of receiving deposits, which now forms the chief business of the banks of this country, formed but a small part of the business of that day, and indeed was hardly known as banking at all. The circu- lation and issue of notes or bills payable to bearer on demand was then thought the chief function of a bank, as it was, in fact, the source of the chief profit ; and the term bank meant a bank of circulation and issue, and had no reference to what is now known as a bank of deposit. See Bank of England v. Anderson, 3 Bing. N. C. 589. 5 & 6 w. In the year 1 694, the 5 & 6 W. & M. c. 20, empowered ' their Majesties to incorporate the subscribers to a loan by the name of the Governor and Company of the Bank of England. A privilege was conferred on the bank (sec. 28) of making their bills obligatory and of credit under the seal of the corporation transferable by endorse- ment under the hand of the holder, and allowing the assignee to sue thereon in his oavii name. The charter of incorporation was shortly issued, and was followed by a 8&9Will. statute passed two years afterwards (8 & 9 Will. 3, c. 20), which enacted (as was explained by 15 Geo. 2, c. 15, s. 5), that no other bank should be erected, established, or allowed by Parliament. This was followed by the statute of Anne which enacted (6 Anne, c. 22, s. 9) that no body BANKS OF ISSUE. 3 other than the Bank of England, or co-partnership exceed- Banks of ing six persons in number, should " borrowe, owe or take — . . up any suras of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof," thus preventing competition with the Bank of England by laying a check on the issue of negotiable bills or notes having the security of a large number of co-partners, and made payable on demand, but not interfering with the issue of notes by a co- partnership not exceeding six in number, nor with the trade of a bank whose business was confined to receiving deposits. The prohibition in the statute of Anne, against the issue of notes payable on demand, by co-partnerships of more than six persons, was repeated in succeeding Acts with little variation of form, and less of meaning, up to the year 1826. In this year the 7 Geo. 4, c. 46, was 7 Geo. 4, passed for (amongst other things) better regulating co- partnerships of certain bankers in England. The object of this Act was to allow the issue of notes payable on demand by co-partnerships of more than six persons, outside a radius of sixty-five miles from London, on the security of all the persons composing the co-partnership. Under this Act many banks were formed outside the sixty-five mile radius. Their note issue, begun under this Act, is now entirely regulated as to its amount by 7 & 8 Vic. c. 32, but the right to issue is still conditional on their carrying on business wholly outside the sixty- five mile radius, so that banking co-partnerships of issue formed under this Act must surrender their right to issue notes if they set up a house of business or an establish- ment in London. See 27 & 28 Vic. c. 32, s. 1. By a subsequent Act of 9 Geo. 4, c. 23, any persons 9 Geo. 4, i c 9 3 carrying on the business of a banker or bankers in England (except within the city of London, or within three miles B 2 4 BANKS OF ISSUE. Baxks of thereof), were empowered to issue notes payable on de- . mand, if they obtained a licence and gave security. 3 & 4 "Will. In the year 1833 the legislature passed a restrictive Act (3 & 4 Will. 4, c. 98, s. 2), whereby co-partnerships of more than six persons were expressly prohibited from issuing notes payable on demand, in London or within sixty-five miles thereof, but were allowed to carry on the business of banking within those limits provided they confined their issue to bills at not less than six months date (sec. 3). Still no restrictions were imposed on the issue of notes by co-partnerships not exceeding six persons in number ; but the effect of this legislation was to enable the Bank of England to monopolise the whole issue of notes payable on demand in the metropolis. 7 & 8 Vic. In the year 1844 a new departure was made by an Act, which still regulates the whole note issue of England. It is entitled " an Act to regulate the issue of bank notes, and for giving the Governor and Company of the Bank of England certain privileges for a limited period," and is commonly known as the Bank Charter Act (7 & 8 Vic. c. 32). This Act separates the banking and issue department of the Bank of England, and authorises the issue depart- ment to issue to the banking department notes payable on demand to the amount of fourteen million pounds, on the credit of securities of equivalent value ; the amount of notes may be increased and exchanged for gold coin or gold or silver bullion, and power is given under certain circumstances to increase the issue of notes. The issue by other banks in England and Wales of bank notes for the payment of money to bearer on de- mand, is thus dealt with by the 7 & 8 Vic. c. 32, viz. : — By sec. 10, after the 19th of July, 1844, no person, other than :t linker, who, on the 6th of May, 1844, was lawfully BANKS OF ISSUE. 5 issuing his own bank notes, shall make or issue bank notes Banks op in any part of the United Kingdom. And by sec. 11, after the 19th of July, 1844, it shall Eestriction not be lawful for any banker to draw, accept, make or iag ue f issue, in England and Wales, any bill of exchange or notes * promissory note, or engagement for the payment of money payable to bearer on demand, or to borrow, owe or take up in England and Wales, any sum or sums of money on the bills or notes of such banker, payable to bearer on demand, save and except that it shall be lawful for any banker who was on the Gth of May, 1844, carrying on the business of a banker in England or Wales, and was then lawfully issuing in England or Wales his own bank notes under the authority of a license to that effect, to continue to issue such notes to the extent and under the conditions hereinafter mentioned, but not further or otherwise ; and the right of any company or partnership to continue to issue such notes shall not be in any manner prejudiced or affected by any change which may hereafter take place in the personal composition of such company or partnership, either by the transfer of any shares or share therein, or by the admission of any new partner or member thereto, or by the retirement of any present partner or member therefrom; provided always, that it shall not be lawful for any company or partnership, now consisting of only six or less than six persons, to issue bank notes at any time after the number of partners therein shall exceed six in the whole. The result of these sections is that within the city of London and three miles round, the Bank of England can alone issue notes payable on demand to bearer. Beyond that limit and within sixty-five miles, such notes may be issued by banking partnerships of less than six members, who were lawfully issuing their notes under a license on May 6, 1844, and by the Bank of England; D BANKS OF ISSUE. Banks of and beyond the sixty-five miles limit by the Bank of — _ — ! — England and by partnerships of six or more or less partners who were lawfully issuing their notes under a license on May G, 1844. Banker's The license referred to is a license charged with a duty license of thirty pounds, enabling (under 55 Geo. 3, c. 184, s. 24) bankers, or banking co-partnerships not exceeding six per- sons in number, to issue stamped promissory notes payable to bearer on demand for sums not exceeding one hundred pounds, or enabling (under 9 Geo. 4, c. 23, s. 1) all bankers carrying on business, except within the city of London or within three miles thereof, to issue, on unstamped paper, promissory notes for five pounds and upwards payable to bearer on demand, or bills of exchange payable to order on demand, if drawn as therein prescribed. This license is to be issued by the Commissioners of Stamps (9 Geo. 4, c. 23, s. 2), and (7 & 8 Yic. c. 32, s. 22) each banker is to take out a separate license for each town where he issues notes requiring such a license, but is not to be required to take out more than four licenses. The license has (55 Geo. 3, c. 184, s. 24; 9 Geo. 4, c. 23, s. 4) to specify the proper names and places of abode of the persons, or the proper name and description of any body corporate to whom the same shall be granted, and the name of the town or place where, and the name of the bank, as well as the partnership name, style, or firm, under which such notes are to be issued, and where granted to persons in partnership, shall set forth the names and places of abode of all persons concerned in the partnership, but where (24 & 25 Vic. c. 91, s. 35) the partnership consists of more than six persons, it is sufficient to specify the names and places of abode of any six or more of such persons. The number of the bankers entitled to issue notes being dm fixed by 7 & 8 Vic. c. 32, a method is provided for BANKS OF ISSUE. ascertaining at once the existing average issue of each Banks op banker, which, when ascertained, is to be the limit of 1_ issue for the future (sec. 13), and the penalty enacted on a bank issuing in excess is a sum equal to the amount by which any future average monthly circulation shall have exceeded the amount which such bank is authorised to issue (sec. 17). Already, bankers issuing notes were bound (3 &; 4 Banker's Will. 4, c. 83, s. 1 ; 4 & 5 Vic. c. 50) to make returns [ & e 8 ue. n3 every four weeks of the amount of their notes in circula- tion, and by 7 & 8 Vic. c. 32, s. 18, a return of the amount of bank notes in circulation on every day during the week ending on the next preceding Saturday, and an account of the average amount of the bank notes of such banker in circulation during the same week, verified by the sig- nature of the banker or chief cashier, are to be made weekly, on some date to be fixed by the commissioners in the form prescribed by the Act. Bank notes payable to bearer on demand for less No bank than five pounds were prohibited to be issued or re- i ess than issued by the Bank of England, or any banker in England, £5 ' after the 5th of April, 1829 (7 Geo. 4, c. 6, s. 3). Any society or company, or any persons in partnership, Banksmay . .. p i i • i accept, &c, carrying on the business ot banking, may draw, accept, bills not or endorse bills of exchange not being payable to bearer jg-^j on on demand (7 & 8 Vic. c. 32, s. 26). Bank notes for the purposes of the Stamp Acts are at Definition present defined by two Acts of Parliament, the 17 & 18 ^ nk Vic. c. 98, and the 33 & 34 Vic. c. 97, but the duty is fixed by the latter Act. The 17 & 18 Vic. c. 98, s. 11, defines a bank note in the following terms : — That all bills, drafts, or notes (other than notes of the Bank of England), which shall be issued by any banker, or the agent of any banker for the payment of money to 8 BANKS OF ISSUE. Banks of the bearer on demand, and all bills, drafts, or notes so Issue. issued, which shall entitle or be intended to entitle the bearer or holder thereof without endorsement, or without any further or other endorsement than may be thereon at the time of the issuing thereof, to the payment of any sum of money on demand, whether the same shall be so ex- pressed or not, in whatever form, and by whomsoever such bills, drafts, or notes shall be drawn or made, shall be deemed to be bank notes of the banker by whom or by whose agent the same shall be issued. Defini- The 33 & 34 Vic. c. 97(The Stamp Act, 18 70), enacts : Sec. "banker;" 45. The term "banker" means and includes any corpora- tion, society, partnership and persons, and every individual person carrying on the business of banking in the United of "bank Kingdom. The term "bank note" means and includes (1) any bill of exchange or promissory note issued by any banker other than the Governor and Company of the Bank of England, for the payment of money not exceeding one hundred pounds, to the bearer on demand ; (2) any bill of exchange or promissory note so issued which enables, or is intended to enable, the bearer or holder thereof, without endorsement, or without any further or other endorsement than may be thereon at the time of issuing thereof, to the payment of money not exceeding one hundred pounds on demand, whether the same be so expressed or not and in whatever form such bill or note is drawn or made. Re-issue of Sec. 46. A bank note issued, duly stamped or issued unstamped, by a banker, duly licensed or otherwise authorised to issue unstamped bank notes, may be from time to time, re-issued without being liable to any stamp duty by reason of such re-issuing. P< ualties. Sec. 47. (1) If any banker, not being duly licensed or otherwise authorised to issue unstamped bank notes, issues or causes or permits to be issued any bank note BANKS OF ISSUE. iJ not being duly stamped, he shall forfeit the sum of fifty B ^ s K u a E 0F pounds ; (2) if any person receives or takes any such bank note in payment or as a security, knowing the same to have been issued unstamped contrary to law, he shall forfeit the sum of twenty pounds. By the schedule the duty imposed on bank notes is as ^ nt J on follows : — notes Bank Note. For money not exceeding £1 £0 5 Exceeeding £1 and not exceeding £2 . . 10 £2 „ £5 . . 1 3 £5 „ £10 . . 1 9 £10 „ £20 . . 2 £20 „ £30 . . 3 £30 „ £50 . . 5 £50 „ £100 . . 8 G The duties payable on bank notes may be compounded may be for under 9 Geo. 4, c. 23, s. 7, at the rate of three shillings pounded and sixpence for every £100, and for the fractional part for - of £100, of the average amount or value of the notes in circulation during each half year ; and before a licence is granted to issue notes on unstamped paper, security must be given for the payment of the composition. No bank issuing notes is entitled, on registering under Part VII. of 25 & 26 Vic. c. 89, to acquire limited liability in respect of such issue (s. 182). 10 CHAPTEE II. BANKS OF DEPOSIT. Banks of The constitutions of banks of deposit may best be con- Dfpostt sidered in groups arranged in chronological order. I. Banks formed under 7 Geo. 4, c. 46, and still carrying on business under that Act, subject to a few modifications in its details introduced by later Acts. II. Banks formed under 7 Geo. 4, c. 46, and re- constituted under 7 & 8 Vic. c. 113. III. Banks formed under 7 Geo. 4, c. 46, and regis- tered under 20 & 21 Vic. c. 49. IV. Banks formed under 7 Geo. 4, c. 46, and regis- tered under 25 & 26 Vic. c. 89. V. Banks formed under 3 & 4 Will. 4, c. 98. VI. Banks formed under 1 & 2 Vic. c. 73. VII. Banks formed under 7 & 8 Vic. c. 113, and re- gistered under 20 & 21 Vic. c. 49, or under 21 & 22 Vic. c. 91. VIII. Banks formed and registered under 20 & 21 Vic. c. 49, and 21 & 22 Vic. c. 91. IX. Banks formed under the Companies Act, 1862 (25 & 26 Vic. c. 89). X. Private Banks, i.e., banks composed of any number of persons not exceeding ten. Banks I. Banks formed under 7 Geo. 4, c. 46. Geo. 4 c. These are co-partnerships of more than six persons, 4(5, carrying on business prior to May 6, 1844, beyond a BANKS OF DEPOSIT. 11 radius of sixty-five miles from London. For convenience Banks of sake, under this head, will be considered banks formed L under 3 & 4 Will. 4, c. 98, for carrying on business within a radius of sixty-five miles from London, since the privileges of banks, formed under the last-mentioned Act, are, as will be seen, dependent on their making returns similar to those of banks under 7 Geo. 4, c. 46. As we have seen, no restrictions were imposed up to 1826 on the trade of receiving deposits, either as to the number of partners or the locality of the business ; but the attention of the legislature was directed to prohibiting the issue of notes by co-partnerships of more than six persons within the radius of sixty-five miles of London, and controlling the issue by like co-partnerships beyond that radius. But, under the Act 7 Geo. 4, c. 46, already mentioned, co-partnerships were formed outside the sixty-five miles combining the functions of issuing notes and receiving deposits ; and carried on their business with considerable success. It had been long thought that within sixty-five miles of London the Bank of England was the only Joint Stock Company which could receive deposits, as well as the only company that could issue notes : but it began to be doubted whether the privileges of the Bank of England did extend beyond forbidding the issue of negotiable instruments. These doubts were Banks set at rest by 3 & 4 Will. 4, c. 98, which enacted (sec. un d er 3 & 3), That any body politic, or corporate, or society, or c 98 ' ' company, or partnership, although consisting of more than six persons, may carry on the trade or business of banking in London, or within sixty-five miles thereof, provided such body, &c, do not borrow, owe, or take up in England, any sum or sums of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof during the continuance of the privileges granted by this Act to the Governor and 12 BANKS OF DEPOSIT. Banks of Company of the Bank of England. And (by 7 & 8 Vic. !_c, 113, s. 47) all such companies can sue and be sued in Ar ® to the name of a public officer, and may have judgments, HLtlK.6 returns, decrees, and orders enforced against them, in the same c 113 s. manner as is provided for companies under 7 Geo. 4, 47- c. 46, provided they make out and deliver similar accounts and returns. 27 & 28 By 27 & 28 Vic. c. 32, s. 1, banks discontinuing their issue of notes and commencing to carry on their business in London, preserve their privilege of suing and being- sued in the name of a public officer and their privileges as to the enforcement of judgments, decrees, and orders. The 7 Geo. 4, c. 46, therefore, still governs the consti- tution and liability of all banking co-partnerships ex- ceeding six persons in number and carrying on business on the 6th of May, 1844, who have not obtained letters patent under the 7 & 8 Vic. c. 113, or registered them- selves under the Joint Stock Banking Companies' Act, of 1857, or under the Companies' Act of 1862, and it be- comes necessary to examine the 7 Geo. 4, c. 46, in detail. Eesponsi- By section 1, the members of such co-partnerships are members to be responsible for the payment of all bills and notes of co-part- j ssuec ] arK | qW sums f money borrowed or taken up or nership J * under 7 owed by the co-partnership ; and this liability attaches to Geo. 4, c. 46. every person who is a member at the date of the bills or notes, or becomes or is a member before or at the time of the bills becoming payable, or a member at the time of the borrowing of the money, or while any money remains due or at the time of its becoming due. Public Sees. 4 to 8. The copartnership having nominated two co-partner- public officers, who are to be members of the co-partner- l " 1 '" ship, and having made a return of its original constitution Returns to and places of business, is to make yearly returns between members. February 28 and March 25 of each year, in forms pro- vided by the Act, of the name of any new or additional BANKS OF DEPOSIT. 13 public officer, of the name of any person who shall have Banks op ceased to be a member, and the name of any person who T ' shall have become a member, either in addition to or instead of any former member. These returns are to be delivered to the Commissioners of Stamps and filed by them. A copy of such return certified under the hand of one of the commissioners is, upon proof of the hand- writing of the commissioner, to be evidence of the facts therein alleged. A certified copy of the return is evidence of the facts pertinently stated in it ; it is not necessary to prove that the affidavit verifying it was made by the public registered officer (Bosanquet v. Woodford, 5 Q. B. 310). The fact of the return having been made, is not a condition precedent to the public officer's right to sue on behalf of the company (Bonar v. Mitchell, 5 Ex. 415). By sec. 9, all actions, suits, petitions in bankruptcy, Copartner- ... n . . . . . ship to sue and all proceedings at law or m equity, by or against the and be co-partnership, and whether against or by members of ^ n ^ ne the co-partnership, are to be commenced and instituted of P ublic officer. in the name of or against any one of the public officers (25 & 26 Vic. c. 89, s. 205, 3rd schedule, part 2). No more than one action or suit is to be brought for the recovery of one and the same demand, in case the merits have been tried in such suit (7 Geo. 4, c. 46, s. 1 ; 1 & 2 Vic. c. 96, s. 2 ; 25 & 26 Vic. c. 89, s. 205). The co-partnership may sue and be sued by any person Members who has been or is a member of the co-partnership (1 & 2 anc i be Vic. c. 96, s. 1 ; 25 & 26 Vic. c. 89, s. 205). sued - A member's share in the capital of the co-partnership is not to be set off against any demand which such co-part- nership may have against him (1 & 2 Vic. c. 96, s. 4). Decrees and judgments made or obtained against the public officer are to take effect against the co-partnership (7 Geo. 4, c. 46, s. 10). 14 BANKS OF DEPOSIT. Banks of The 13th sec. (7 Geo. 4, c. 46) provides that on a judgment obtained against any public officer, execution upoiHudff- ma y lssue fi rs t against any member, for the time being, of ment may £ ne partnership {i.e., at the time of issuing the sci. fa., against Bradley v. Eyre, 11 M. & W. 432), and secondarily against any person who had ceased for not more than three years to be a member, but who was a member when the contract recovered on was entered into ; but the 25 25 & 26 & 26 Vic. c. 89, affords a means of escaping this personal Vic c 89 . . liability for the whole amount of the judgment which will probably be adopted by members in such cases ; it enacts (25 & 26 Vic. c. 89, s. 199c), that whenever execution or Powers to other process issued on a judgment, decree, or order against wind up co- . partner- a person authorised to be sued as a nominal defendant on judgment behalf of the company is returned unsatisfied, the com- unsatisfied. p an y m ay be wound up ; any person (sec. 200) liable to pay or contribute to the debts of the company is deemed a contributory, on whose petition the company may be wound up, and after the order for winding up is made, no suit, action, or other legal proceeding can be commenced or proceeded with against a contributory without leave of the court (sec. 202). The distinctive features of a co-partnership under this Act were thus summed up by Quain, J. : — " The company is not a corporation, and has therefore no common seal. It is a co-partnership created by deed or articles of co-partnership for a particular purpose, with certain statutable privileges. It can sue and be sued only in the name of one of its public officers, and in all liti- gious business the company is represented by one of its public officers, who must be a member of the company, and individual members cannot be sued in respect of transactions with the company till a judgment or decree has been first obtained against the company, through one of its public officers. In Powles v. Page, 3 C. B. 16, a BANKS OF DEPOSIT. 15 company established under this Act was considered a Banks of quasi corporate body, so as not to be affected by what EP03IT - may have been known to any individual member. The Act contains no provision as to the manner in which the company shall make or sign deeds, contracts, or documents of any description. It confers no authority on the public officer to bind the company, but makes him the representative of the bank only for litigious purposes, and although he must be a member of the com- pany, he may have nothing to do with the management of its affairs. It seems obvious, therefore, from the nature of its constitution, as a fluctuating and numerous body, that the company cannot affix its signature to documents otherwise than by the hand of some indivi- dual or individuals who, by the articles of co-partnership, are appointed to represent the general body in such matters" (Swift v. Winterbotham, L. R. 8 Q. B. 244, 250). This kind of bank is bound to make returns, under 7 & Returns to 8 Vic. c. 32, s. 21, which enacts that — Every banker in under 7 & England and Wales who is carrying on, or shall hereafter 39 ^i" of carry on business as such, shall on the first of January members ^ t of co-part- in each year, or within fifteen days thereafter, make nerskip. a return to the Commissioners of Stamps and Taxes, at their head office in London, of his name, residence, and occupation, or in the case of a company or partnership, of the name, residence, and occupation of every person com- posing or being a member of such company or partner- ship, and also the name of the firm under which such banker, company, or partnership, carry on the business of banking, and of every place where such business is carried on. And if any such banker, company, or partner- Penalty for ship, shall omit or refuse to make such return within ma fcing fifteen days after the said 1st of January, or shall wilfully returus - make other than a true return of the persons as herein 16 BANKS OF DEPOSIT. Banks op required, every banker, company, or partnership so offend- 1 ing, shall forfeit and pay the sum of fifty pounds ; and the Commissioners of Stamps and Taxes shall, on or before the 1st of March in every year, publish in some news- paper circulating with each town or county respectively, a copy of the return so made by every banker, company, or partnership, carrying on the business of bankers within such town or county respectively, as the case may be. Banks II. Banks formed under 7 Geo. 4, c. 46, and re- 7 Geo. 4, constituted under 7 & 8 Vic. c. 113. c- -* 6 ' . 8 Any company of more than six persons, carrying on the Vice. 113. trade or business of bankers in England before May 6, 1844, might, after the passing of 7 & 8 Vic. c. 113, petition the Queen to grant them letters patent under that Act ; and (sec. 45) if upon their compliance with the provisions contained in the Act, letters patent were granted, it then became lawful for them to carry on their trade and business of bankers according to 7 & 8 Vic. c. 113, and not otherwise. # A company re-constituted under these conditions was in all respects similar to a company formed under 7 & 8 Vic. c. 113, whose incidents will be found below, p. 21. Banks III. Banks formed under 7 Geo. 4, c. 46, and regis- CJea'/c. tered under 20 & 21 Vic. c. 49. & 6 2iV" 2 ° Banks formed under 7 Geo. 4, c. 46, might register c 49. under 20 & 21 Vic. c. 49, if they consisted of seven or more persons, and had a capital of fixed amount and divided into shares of a fixed amount. Since 1862, the provisions of the 25 & 26 Vic. c. 89 apply to such companies as if they had been registered, but not formed under the last-mentioned Act, and there seems to be no difference now between the constitution of companies formed under 7 Geo. 4, c. 46, registered under 20 & 21 Vic. c. 49, and those registered under 25 & 26 Vic. c. 89, which are considered in the next section. BANKS OF DEPOS1 I . 17 IV. Banks formed under 7 Geo. 4, c. 46, and registered Banks of under 25 & 26 Vic. c. 89. j^ By sec. 180, a copartnership, formed under 7 Geo. 4, Under 7 c. 46, existing on November 2, 1862, may register under , the 25 & 26 Vic. c. 89, according to the terms of its deed 2JfcS 5& of copartnership, either as a limited company, or a 2 ' ; company limited by shares, or a company limited by a guarantee, for the purpose of carrying on business, or with a view to winding up. Sec. 181. Such a company, if it have a perm a- on giving . t ! . . i /» r, i , notice as a nent paid up or nominal capital ol a nxed amount limited divided into shares, also of a fixed amount, or held company; transferable as stock, may be registered as a company limited by shares on giving thirty days' notice of its intention to register as a limited company to its cus- tomers (sec. 188). But (sec. 182) no banking company claiming- to issue but not as notes can limit its liability in respect of such issue. jag Ue The effect of registration (sec. 196) is to make the deed Effect of of settlement, contract of copartnership, letters patent or re other instrument constituting or regulating the company, equivalent to a registered memorandum of association and articles of association under the Act ; and all the provisions of the Act are to apply to such company and the members, contributories and creditors thereof, in the same manner as if it had been formed under the Act : except that — 1. The regulations for management of a company limited by shares in table A of the schedule shall not apply. 2. That the provisions of the Act relating to the numbering of shares shall not apply to any joint stock company whose shares are not numbered. 3. That no company shall have power to alter any c tiol). 18 BANKS OF DEPOSIT. Banks of provision in any Act of Parliament relating fco Deposit. , the company. 4. Nor without the leave of the Board of Trade in nny letters patent relating to the company. 5. In the event of the company being wound up, persons liable before registration are to continue liable to all debts and liabilities of the company contracted before registration and to the costs of winding up. 6. That a company having power to alter its consti- tution before registration shall possess such power after registration and not otherwise. Changes These appear to be the main changes affected by the caused by , . . registra- registration of a copartnership formed under 7 Geo. 4, c. tion. 46 _ . 1. The liability of a past member to contribute to the assets of the company ceases at the expira- tion of one year from the time he ceased to be a member (sec. 38). 2. Public officers have not to be appointed, as the company can sue and be sued in its own name, being a body corporate (25 & 26 Vic. c. 89, s. 18). 3. The duty of making the returns prescribed by 7 Geo. 4, c. 46, is removed, but the following returns have to be made under the 25 & 26 Vic. c. 89, to the Registrar of Joint Stock Companies by a company having capital divided into shares (sec. 26), an annual list of members, with names, addresses, and occupations, and the shares held by each ; a summary specifying the amount of capital and number of shares into which it is divided ; the amount of calls made on each share; the total amount of calls received; the total BANKS OF DEPOSIT. 1 !) amount of calls unpaid ; the total amount of Banks of shares forfeited ; and the names, addresses and ' occupations of the persons who, siuce the last list was made, have ceased to be members, lie- turns have to be made by a company not having a capital divided into shares (sec. 45), of the names and addresses, and occupations, of its directors and managers with a notification of any change that may have taken place since the last return. This return is in addition to the one required of bankers by 7 & 8 Vic. c. 32, s. 21. See infra. 4. The late copartnership being after registration a corporation, either the corporation or a member may, in an action by the other of them, claim to set off any debt or cause of action ; and by sec. 17, all moneys payable by any member to the company, in pursuance of the conditions or regulations of the company, are to be deemed a debt due from such member to the company. 5. The registered company must (sec. 39) have a registered office, to which all communications and notices may be addressed : it must fsec. 43) keep a register of all mortgages affecting the property of the company : and (sec. 49) hold a general meeting at least once a year. The company is bound, under 7 & 8 Vic. c. 32, s. 21, Yearly to make returns yearly on the 1st of January, or within to be"* fifteen davs after, to the Commissioners of Stamps and '" Taxes, at their head office in London, of the names, residences, and occupation of every person composing such company, and of the name of the firm under which, and the place where, the business is carried on. Shares in a copartnership formed under this Act are c 2 20 BANKS OF DEPOSIT. Banks of chargeable by a judge's order {Mclntyrc v. Connell, 20 DEF0SIT - L. J. Chanc. 284). V. Banks formed under 3 & 4 Will. 4, c. 98. These banks are in fact governed by the 7 Geo. 4, c. 46, and are treated under the head of banks formed under that Act. Ante, p. 11. Banks VI. Banks formed under 1 Vic. c. 73. "Vic. c. 73. The Crown has power under this Act to grant by letters patent under the great seal any privileges which could be granted by a charter of incorporation to any body of persons associated together for trading and other purposes though not incorporated. The privileges may be (sec. 3) power to sue and be sued in the name of an officer of the company, and (sec. 4) a limitation of the individual liability of the members of such company. A deed of partnership is to be executed (sec. 5), con- taining, amongst other things, a division of the under- taking into a number of shares, and an appointment of two or more officers to sue and be sued. Returns (sec. 10) are to be made of the changes in the members of the company, and (sees. 20 and 21) membership begins or ceases from the date of the registration of the return. Judgments against the company are available against the members individually to the amount unpaid on their shares (sec. 24). Such a company may register under the 25 & 26 Vic. c. 89, Part VII., as its deed of settlement may allow, and after registration the Act applies to it as to a partnership formed under 7 Geo. 4, c. 46. These banks are bound to make yearly returns under 7 & 8 Vic. c. 32, s. 21. See ante. Banks VII. Banks formed under 7 & 8 Vic. c. 113, and ic. c. registered under 20 & 21 Vic. c. 49, or under 21 & 22 Vic. 113; 20 & 7n 21 Vic. c. '"■ •"• This AH was the first Act to regulate joint stock 22 Vic. c. ' J 91. BANKS OF DEPOSIT. 21 banks in England. It provided that from the Gth of Bankb o» May, 1844, all banks in future should only carry on 1 business under letters patent to be obtained in the manner pointed out in the Act. The deed of partnership of the company was to be prepared according to a form to be approved of by the Board of Trade, and to contain the specific provisions for the following purposes : — 1. For holding ordinary general meetings every year. 2. For holding extraordinary general meetings on the requisition of at least nine shareholders, holding among them, at least, twenty-one shares. 3. For the management of the affairs of the com- pany and the election and qualification of the directors. 4. For the retirement of a certain proportion of the directors. (This clause has been repealed by 19 & 20 Vic. c. 100, s. 112.) 5. For preventing the company from purchasing any shares or making any advances to any person on the security of a share in the partnership business. G. For the publication of assets and liabilities once at least in every calendar month. 7. For a yearly audit of the accounts by two auditors chosen at a general meeting. 8. For the yearly communication of the auditors' report and of a balance sheet and profit and loss account to each share-holder. 9. For the appointment of a manager. It was a condition precedent to the issuing of the letters patent that the amount of each share should not be less than £100 (sec. 2). Companies formed under this Act were compelled to register under the 22 BANKS OF DEPOSIT. Banks op Joint Stock Banking Companies Act 1857 (20 & 21 Vic. Deposit. , _ . . c. 49, s. 4). This Act was repealed by 25 & 26 Vic. c. 89, with the proviso that this latter Act should (sec. 176) apply to companies registered, but not formed, under 20 & 21 Vic. c. 49, in the same manner as to companies registered, but not formed, under 25 & 26 Vic. c. 89 ; and that a company registered under 7 & 8 Vic. c. 113, should be deemed to be registered under the Companies Act 1861 from the date of their registration under 7 & 8 Vic. c. 113. Effect of The effect of registration (sec. 196) is to make the deed tion. °f settlement under 7 & 8 Vic. c. 113, equivalent to the memoranda of association and articles of association under the Companies Act 1862, and to place the company generally under the provisions of the last-mentioned Act, but subject to certain provisions which have been set out above (p. 17). It was further provided (as the regulations respecting the transmission of shares in 20 & 21 Vic. c. 49, were repealed by 25 & 26 Vic. c. 89, s. 12), that any such company (sec. 178) may cause its shares to be transferred in manner hitherto in use, or in such other manner as the company may direct. In all other respects a company formed under 7 & 8 Vic. c. 113, is governed by the Companies Act 1862. Power is given to a bank registered under 20 & 21 Vic. c. 49, to register itself again as a limited company under that Act (21 & 22 Vic. c. 91) % and to a company which so registered itself the Act of 1862 applies a"s if the company had been formed and registered under that Act. Companies under these Acts are bound to make yearly returns under 7 & 8 Vict. c. 32, s. 21. See ante. Banks \ III. Banks for 1 and registered under 20 & 21 Vic. 21 c. 49, and 21 & 22 Vic. c. 91. BANKS OF DEPOSIT. 23 The 20 & 21 Vic. c. 40, The Joint Stock Banking Banks of 1 Deposit Companies Act 1857, incorporating The Joint Stock L Companies Acts 1856 and 1857, extended the principle J?\%o^ ' of joint stock companies to banking companies by allow- Vic. c. 91. ing (sec. 13) seven or more persons associated for the purpose of banking to register themselves under 20 & 21 Vic. c. 49, as a company other than limited, but subject to the condition that the shares into which the capital was divided should not be of less amount than £100. The 21 & 22 Vic. c. 91, was passed in the next year, to enable banking companies to be formed on the principle of limited liability, and repealing the prohibition in 20 & 21 Vic. c. 49, s. 13, allowed companies to register them- selves under the last-mentioned Act as of limited liability. The incorporation, constitution, and govern- ment of such banks, whether of limited or unlimited liability, were regulated by the Joint Stock Companies Acts 1856 and 1857. These last two Acts, together with the 20 & 21 Vic. c. 49, and the 21 & 22 Vic. c. 91, have been in terms repealed by the 25 & 26 Vic. c. 89, which, by sec. 176, is to apply to all companies formed and regis- tered under the above Acts in the same manner in the case of a limited company, as if such company had been formed and registered under this Act as a company limited by shares ; and in the case of a company other than a limited company, as if such company had been formed and registered as an unlimited company. 1. But the date of their registration under the 25 & 26 Vic. c. 89, is to be taken to be that of their registration under the 20 & 21 Vic. c. 49. 2. Such companies have the power of altering by special resolution any provisions contained in the table marked B (being the regulations for management of the company) annexed to tin 1 Joint Stock Companies Act 1856. 24 BANKS OF DEPOSIT. Banks of 3. Such companies, if unlimited, have the power of Deposit. . . . altering by special resolution any regulations relating to the amount of capital or its distribu- tion into shares, notwithstanding such regula- tions are contained in the memorandum of association. In other respects, therefore, these companies are governed like other joint stock companies by the 25 & 26 Vic. c. 89. Banking companies under these Acts have to make yearly returns in pursuance of 7 & 8 Vic. c. 32, s. 21. See ante. Banks IX. Banks formed under the Companies Act 1862 5mi* ( 25 & 26 Vict - c - 89 > 89 - This Act regulates all partnerships exceeding a certain number of persons formed for the acquisition of gain from November 2, 1862 ; and as it is impossible in the limits of this treatise to give a useful abstract of this and subsequent Acts, those sections alone will be cited which deal exclusively with the business of banking. Prohibi- By sec. 4, no company, association, or partnership con- banking sisting of more than ten persons shall be formed after shi^ex November 2, 1862, for the purpose of carrying on the ceeding business of banking, unless it is registered as a company tin persons m , unless re- under this Act, or is formed in pursuance 01 some other ^company! Act °f Parliament or of letters patent. Company Sec. 44 provides that every liniited banking" company to publish un( j er this Act shall, before it commences business, and statement. ' ' also on the first Monday in February and the first Monday in August in every year during which it carries on business, publish a statement in the form marked D in the schedule, and a copy of such statement is to be put up in a conspicuous place where the business of the company is carried on, and if default is made a penalty BANKS OF DEPOSIT. 25 is enacted of £5 for every day during which the default Banks of Deposit. continues. Sec. 47. A promissory note or bill of exchange shall be Promissory deemed to have been made, accepted, or endorsed on behalf bills, of any company under this Act, if made, accepted, or endorsed in the name of the company by any person acting under the authority of the company, or if made, accepted, or endorsed by or on behalf of or on account of the company by any person acting under the authority of the company. Sec. 56 empowers the Board of Trade to appoint one or Examina- more competent inspectors to examine into the affairs of a ff a i r3 f a banking company under this Act, and to report thereon, £ 03 ^ pan J c . on the application of members holding not less than one tors, third part of the whole shares of the company at the time being issued. Sec. 182 provides that no banking company claiming to No limita- issue notes in the United Kingdom shall be entitled to liability for limited liability in respect of such issue. note lssue ' By sec. 188, a banking company that desires to register Notice of itself with limited liability is to give thirty days' notice t ion to be to each customer. given. Banking companies under this Act have to make yearly returns in pursuance of 7 & 8 Vic. c. 32, s. 21, in the same way as private banks. See ante. X. Private Banks. It has been lawful, ever since the Private banks. year 1857, for any number of persons not exceeding ten to carry on the business of banking (20 & 21 Vic. c. 49, s. 12, re-enacted 25 & 26 Vic. c. 89, s. 4, third schedule, part 3) without being registered under the Joint Stock Acts. Clergymen holding office in the Church are prac- Disability tically excluded from carrying on the business of me n er ° y " private banking, either singly or in partnership with less than six others ; every contract made by them being 26 BANKS OF DEPOSIT. Banks op void under 57 Geo. 3, c. 99, s. 3, which enacts that no Deposit. S pj r ^ ua i person, having or holding any dignity, prebend, canonry, benefice, stipendiary curacy of lectureship, shall by himself or by any other for him or to his use, engage in or carry on any trade or dealing for gain or profit, and that every bargain or contract so made t)y him or by any to his use in any such trade or dealing contrary to this Act shall be utterly void and of none effect. This section having been held to apply to the trade of banking (Hall v. Franklin, 3M.&W. 259, 268), carried on by a partner- ship under 7 Geo. 4, c. 46, in -which two of the partners were spiritual persons within the Act, a subsequent statute (4 Vic. c. 14) rendered legal and valid contracts entered into by associations or copartnerships of more than six persons, though such spiritual persons were members of or interested in the copartnership, provided that it should not be lawful for a spiritual person beneficed, or performing ecclesiastical duty, to act as a director, or managing partner, or to carry on the business in person. Private bankers, as all other bankers, are bound to make yearly returns, under the 7 & 8 Vic. c. 32, s. 21. Purchase In the year 1867, an Act (30 Vic. c. 29) was passed bank prescribing certain formalities in the purchase or sale of vtt ( 29°). bank shares. It enacts (sec. 1) that all contracts, agreements, and tokens of sale and purchase, for the sale or transfer of any shares, stock, or interest in any joint stock banking company, shall be void, unless such contract, &c, set forth in writing the numbers by which such shares, &c, are distinguished on the register of the banking company ; or if there be no register, the contract, &c, is to set forth the person in whose name such shares, &c, shall at the time of making the contract stand as the registered owner on the books <>f the banking company, the person inserting BANKS OF DEPOSIT. 27 a false number or name is to be deemed guilty of a mis- Banks ov , Deposit demeanour. By sec. 2, joint stock banking companies are bound to show their list of shareholders to any registered share- holder during business hours, from ten of the clock to four of the clock. 28 CHAPTER III. BANKER AND CUSTOMER. Relation The relation between a banker and his customer is that Banker °f debtor and creditor, with the obligation superadded and ^ ia f- £ ne banker is bound to repay his debt when called Customer. * J for by the draft of the customer (Foley v. Hill, 2 H. L. C. 28 ; Pott v. Glegg, 16 M. & W. 321 ; Goodwin v. Robarts, L. R. 10 Ex. p. 351). The customer, by paying in money, makes a loan to the banker : the money when paid in becomes the money of the banker. There is nothing of a fiduciary character in the rela- tion of banker and customer with respect to the money paid by the customer to his account ; consequently, a bill in equity will not lie to recover the money so paid (Foley v. Hill, supra ; Smith v. Levcaucc, 2 De G. J. & S. 5). The banker is not responsible to the customer for the use he may make of such money (Ex parte Waring, 36 L. J. Chanc. 151). The relation of debtor and creditor is not altered where the account has been overdrawn, and in fact the banker is the creditor and not the debtor of his customer (Hardy v. Veasey, L. R. 3 Ex. 107). Several ac- A customer may and frequently does open several one cub- accounts with different headings ; all these accounts are, '"'" unless in the case of trust accounts, which are discussed below, in reality one account (In re European Bank, Agra Bank Claim, L. R. 8 Ch. Ap. 41), and may be so treated by the bank. BANKER AND CUSTOMER. 29 Even where the accounts are at different branches the Backer A N I > STOMEB bank may blend them if they are of the same character, q vi and dishonour a cheque drawn against one account, if by ~ ; -to J Banker combining the accounts a balance in favour of the cus- may blend tomer at the branch drawn against is turned into a accounts, balance against the customer on the general account (Gamett v. McKewan, L. R. 8 Ex. 10). But where several accounts are opened by one customer unless they may be kept separate, either by special agreement a ^eed or by notice to the bankers of such cogent character that the banker will be inferred to have agreed to keep the accounts separate. As a banker need not allow his customer to open several or account . , . , . . is a trust accounts unless he pleases, it has been held that sufficient account, notice has been given him of the character of the account by the terms of the heading under which it was opened if the account is headed in such a way that the banker cannot fail to know it is a trust account. Thus an account opened as " Police Account " was held to be one which the banker could not fail to know was a trust account, and to be kept separate from the customer's private account (Ex parte Kingston, in re Gross, L. R. 6 Chan. Ap. 632). Again, though an executor, by transferring his testator's account to his own account as " executor," creates a personal debt between himself and the bank ; the effect of the account being opened as an executorship account is to affect the bank with notice of the equities, if any, attaching to that fund (Bailey v. Finch, L. R 7 Q. B. 34). Where the banker has notice that an account is a trust account, the balance standing to the credit of that account will, on the bankruptcy of the person avIio kept it, be- long to the trust, and therefore cannot be set off by the banker against a debt due on the private account of the bankrupt (Ex parte Kingston, in re Gross, supra). And 30 BANKER AND CUSTOMER. Banker such a trust account is so distinct from the private Customer account, that if a customer having overdrawn his private account asks that he may further overdraw it for the pur- pose of paying money into the trust account, the banker is entitled to refuse such accommodation (Ex parte King- ston, in re Gross, supra). When A banker is not bound, as a general rule, to inquire held liable either the purpose for which a cheque is drawn upon any for breach accoiln t (Ex parte Kingston, in re Gross, L. R. 6 Ch. Ap. his cus- 639), nor the source from which moneys have come that are paid into an account (Boddenham v. Hoshyns, 21 L. J. Chanc. 867). But where an executor or trustee has, committing thereby a breach of trust, paid a debt due from him to the banker out of money belonging to his testator's or cestui que trust estate, with the knowledge of the banker, the banker will be required to make restitution for the benefit of the estate, for being aware of the intended misappropriation or breach of trust he allowed himself to reap the benefit of it (Boddenham v. Hoskyns, supra). If it be shown that any personal benefit to the banker himself is designed or stipulated for, that circumstance above all others will most readily establish the fact that the banker is in privity with the breach of trust about to be com- mitted (per Ld. Cairns, C, Gray v. Johnston, L. R. 3 E& 1. 1). The bare fact that money standing to the credit of the trust account was transferred to and so balanced an over- drawn account, is not a sufficient benefit within this rule (Gray v. Johnston, supra). The benefit must be one stipulated for or designed, as in consequence of demands made for payment of an over- drawn account. Thus, where a receiver of rents who had Avith the bank two accounts — the one a private account which was overdrawn, and the other an account known to the bank to be a trust account and not overdrawn — transferred, in consequence of demands for payment by BANKER AND CUSTOMER. 31 the bank, a sum from the trust account to balance his Banker private account, the bank were compelled to make good customer. to the trust account the sum so transferred (Boddenlutm v. Hoskyns, 21 L. J. Chan. 867 ; 2 De G. M. & S. 903). A banker who is aware that such a breach of trust is to be committed by which he will benefit, is justified in refusing to honour a cheque for that purpose {Gray v. Johnston, supra), and equity will restrain an action against him for such refusal (Hunt v. Maniere, 34 Beav. 157). If trust money is deposited with a banker, and he receives notice that the trustees are about to draw out the money and apply it to their own purposes, and that a bill for an injunction is about to be filed, and thereupon refuses to pay over to the trustees, equity will restrain an action against him to obtain the benefit of a breach of trust (Hunt v. Maniere, 34 Beav. 157; 11 Jur. N. S. 28). A banker who permits a sum of money to be lodged at his house to be applied to an illegal purpose may be in- dicted for a conspiracy along with those who are to apply the money to such purpose (R. v. Pollman, 2 Camp. 229). It is the practice of bankers to present and procure Bankers payment of drafts and bills of exchange from the payees procee< ja f on behalf of their customers, carrying the proceeds when | jills °°*' obtained to the customer's account. But if the customer them when has in fact no title to the draft or bill, the banker is liable has no to the rightful owner for the proceeds of the draft or bill, tl1; e * though he has already paid them over to his customer. For the customer having no title, the banker, his agent, can have no better title than his principal (Ogden v. Benas, L. R. 9 C. P. 513 ; Arnold v. The Cheque Bank, 1 C. P. D. 578). But the 39 & 40 Vict. c. 81, sec. 12, enacts that a banker who has in good faith and without negligence received payment for a customer of a cheque crossed generally or specially to himself shall not, in case the title to the cheque proves defective, incur any liability to the true 32 BANKER AND CUSTOMER. Banker owner of the cheque by reason only of having received Customer. such payment. See chapter on Crossed Cheques. Banker It has been held in America that a bank receiving bills liable for f or collection, "whether payable at its counter or elsewhere, neglect in collection, is liable for any neglect arising in its collection, by which any of the parties are discharged, whether of the officers or other agents or correspondents of the bank or notary employed by the bank (Ayra alt v. The Pacific Bo rik, 7 The American Reports, following Allen v. The Merchant Bank of New York, 22 Wend. 215). Who may As has been said, money paid in to an account opened sue for . , .*.„«... , money paid in a man s own name is prima facie his money, and a to an ac- j Qan | ^[m ^ ^e banker which the banker is bound to count J with a repay to him. But where a person lends money nominally banker. in pit on his own account, but really on account oi and as the loan of another, the real lender may sue for the money (Sims v. Bond, 5 B. & Ad. 393). If, therefore, any person entitled to the money either jointly with the customer, or as the principal of the customer, can show that the loan though nominally that of the customer, was in reality his own, that is, made by him, he can recover the amount from the banker (Sims v. Bond). It is not sufficient for such person to show that the interest of the customer in the money paid in was in fact joint with others, or that he was an agent acting on behalf of others, for the loan may still have been made by the customer alone (Sims v. Bond). The fact that the account in the ledger and pass-book stands in the customer's name alone is not conclusive, but throws on the parties suin<; the obligation of showing they were the real contracting parties (Cooke v. Seely, 2 Ex. 746). Who the On the same principle, a banker, to recover the balance Bue fOT I ° ay of an overdrawn account from persons other than the ' " f customer in whose name the account stands, must show an ovi i - drawn the customer had authority to contract a loan on behalf lint. _ . , iii it • r i ol the others sued, and that tin- loan was m iact made not BANKER AND CUSTOMER. ■>■■> to the customer alone, but to the customer either jointly Bankeb with or on behalf of the others sued {Alliance Bank v. cus Kearsley, L. R. 6 C. P. 433). It is improper for a banker to disclose the state of his Banker's i 1 1 • i duty to customers account except on a reasonable occasion; but keep whether the law implies a contract to this effect by the account* " banker, or whether from the relation between the banker secret, and customer, a duty is implied in the former not to do anything to the damage of his customer, has yet to be decided (see Tassdl v. Cooper, 9 C. B. 509, 515; Foster v. Bank of London, 3 F. & F. 214 ; Hardy v. Veasey, L. R 3 Ex. 107). The distinction is one of importance, for if there be an obligation by contract the banker is liable for nominal damages on making the disclosure, though no injury whatever has resulted. In the other case special damage must be proved to make a breach of duty action- able (Hardy v. Veasey, supra). It is for the jury to decide whether the disclosure was made on a reasonable occasion (Hardy v. Veasey, supra,). A customer is entitled to the reticence of his banker even when though his account is overdrawn, and he is in fact the over- debtor of the banker (Hardy v. Veasey). drawn. When the customer's assets are insufficient to meet a check presented for payment, the banker is not justified in stating the amount of the deficiency ; he should not do more than say, " not sufficient assets," or " apply to the drawer " (Foster v. The Bank of England, 3 F. & F. 214). The Statute of Limitations applies to a banking account Account as to any other debt. Thus if an account remain for six banker years without any pa}^ment of the principal or allowance "!!).;,' |" h . of interest by the banker, the statute is a bar to the the Statute of recovery of money due on the account (Pott v. Clegg, l(j Limita- M. & YV. 321), but money paid, out to the customer pays off the earliest debt due at the time of such payment D 34 BANKER AND CUSTOMER. Banker (Tassell v. Cooper, 9 C. B. 526 ; and see Appropriation of AND . Customer. .Payments, infra). Wordg The following terms have been held to include and pass which the money standing to the testator's account with his pass an account banker, " all my ready money " {Parker v. Merchant, 1 Ph. banker. 356, Fryer v. Ranken, 11 Sim. 55), " all debts due to me " (Carr v. Carr, 1 Mer. 541 n), " money in hand " (Vaisey v. Reynolds, 5 Russ. 12), " all my moneys " (Manning v. Pur- cell, 7 De G. M. & G. 55). Overdraft A customer does not by overdrawing his account alter loan. the previously existing relations between him and his banker. An overdraft made in the ordinary course of business, and honored by the banker, is not a loan in the proper sense of the word ; and therefore a company who have no power to borrow money are liable for the over- drafts of its directors if made in the ordinary course of business, and applied to the purposes of the company (Waterloo v. Sharp, L. R 8 Eq. 501 ; In re Cefii Cilcen Mining Company, L. R. 7 Eq. 90 ; Beattie v. LordEbury, L. R. 7 Ch. Ap. 804, 805). Banker A banker may receive a commission for his trouble com . in transacting money negotiations, as any other factor for mission. his trou b le (Curtis v. Zivesey, 4 M. & S. 197), or for accepting and paying bills of exchange (Masterman v. Courie, 3 Camp. 488). The reasonableness of the charge is a question for the jury (Masterman v. Courie). Accounts Where a banker and customer carry on business for a banker number of years on a certain specified system, it is to be inferred that both parties are agreed the accounts shall be customer. r & kept upon that system (Morse v. Salt, 32 L. J. Ch. 761). Acquiescence in such accounts amounts to an agreement of the system, but not to a settlement of account (Morse v. Salt, supra). So where bankers have been in the habit of charging interest with annual rests lor a number of years, the CANKER AND CUSTOMER. o5 customer by acquiescence must be taken to have assented Banker to this system of keeping accounts (Crosshell v. Bower, customer. L. J. 32 Ch. 540). But to charge a person with com- ■ — pound interest a contract or promise must be shown to special have been made at or subsequently to the time from to enable which the compound interest began to run ; for an ante- ~^"^ r to cedent contract or promise to pay compound interest is compound interest invalid (Ex 'parte Bevan, 9 Ves. 223 ; Ferguson v. Fyffe, 8 CI. & F. 140). The making of such a contract may be inferred from the course of dealing between the parties or the course of trade in which they are engaged (Morgan v. Mather, 2 Ves. 20; 2 Camp. 482; Eaton v. Death of customer Bell, 5 B. & Aid. 34 ; Morse v. Salt, 32 L. J. Ch. 756). An terminates agreement between banker and customer to pay compound ^ent. interest is terminated by the death of the customer ( Wil- liamson v. Williamson, L. R. 7 Eq. 542) ; the balance at the date of the customer's death ceases to bear interest and becomes a simple contract debt due from the customer's estate, on which, in the absence of any binding conrtact no interest can be charged (Crosshell v. Bower, 32 L. J. Ch. 540 ; but see contra, Williamson v. William- son, L. R. 7 Eq. 542. The same result appears to follow where the customer becomes bankrupt, or where the banker dies or becomes bankrupt (Crosshell v. Bower). Where bankers take a mortgage security for a fixed sum owing to them from their customer, the relation of banker and customer ceases as to that sum, and it cannot be included in the customer's banking account so as to entitle the bankers to charge compound interest thereupon (Morse v. Salt, supra). Documents in the possession of the banker are held to Banker be so far in the possession of his customer that the banker documents need not be served with a subpoena duces tecum, or called ^ stomer » 8 as a witness, but notice given to the party himself will agent. suffice (Taylor on Evidence, p. 434). D 2 36 BANKER AND CUSTOMER. Banker a banker as a witness is bound to answer what the AND Customer, balance of a party to a cause was on a given day, as the Banker's knowledge does not come to him in the nature of a privi- knowledge \ e g e ^ or confidential communication (Lloyd v. FresJifield, privileged. 2 Car. & P. 324). Banker Under sect. 115 of "The Companies Act 18G2," compelled ^v which the court can summon before it any person to give whom the court may deem capable of giving infor- evidence. , J -\ o fe mation concerning the trade dealings, estate, or effects of the company, these decisions have been given. A summons may issue to the secretary of the bank of a person who supplied a shareholder with money calling on the secretary to attend for examination, and produce all books containing entries as to that person's affairs (In re Smith, Knight and Co., L. R. 4 Chan. Ap. 421). The managing clerk of a bank, at which a contributory had an account, was compelled to attend and state the nature of such account (Re The Financial Assurance Company, Bloxam's case, 36 L. J. Chan. 687). And a banker with whom a contributory had formerly kept an account was compelled to produce his books, and give all information in his power relating to the property of the contributory and his affairs (Re Contract Corporation, Forbes' case, 41 L. J. Chan. 467). 37 CHAPTER IV. CUSTOMERS. Agent. No agent has implied authority as agent to borrow money Cus- on behalf of his principal, except the master of a ship or T0 MERS - an acceptor for honour of a bill of exchange (Hawtayne v. Agent. Bourne, 7 M. & W. 599), and he has therefore no implied authority as agent to overdraw a banking account belonging to his principal, but the fact that he has over- drawn such an account with the knowledge of his prin- cipal is evidence from which a jury may infer that the agent was clothed with authority to pledge his principal's credit by overdrawing (Pott v. Bevan, 1 Car. & K. 335). Executors and Administrators. An executor has power to pledge a specific asset belong- Executor ing to the personal estate of his testator. So where he is authorized by the will to realize the real estate he has power to pledge a specific part of such estate (Favhall v. FarhaU, L. R. 7 Ch. Ap. 123). Where the pledge is valid, the person making the advance has a charge to the amount of his advance on the thing pledged, unless he has notice that the executor was committing a breach of trust and applying the money to his own pur- poses (FarhaU v. FarhaU, L. R. 7 Eq. 289). But except cannot in the cases above put, an executor has no power to create debt debts against his testator's estate by borrowing money. ff ain8 t Credit given to him can only be given to him personally, testator's and not in his representative character, and so through borrowing 38 CUSTOMERS. Ous- him to the estate. It therefore follows that if the asset ' pledged by the executor turn out insufficient to repay the Executor, advance, he, and not the estate, is responsible for the difference. In other words, a person cannot by contract with the executor acquire a right to prove as a creditor against the estate, though the executor has power to give a lien on specific assets (Farhall v. Farhall, L. R 7 Ch.Ap. 123). One One of several executors is not the agent of the others ^n'bind so as ^° bind them by his contracts, but he may dispose all by his f the assets so as to bind the others (Turner v. Hardy, receipt. 9 M. & W. 771). Therefore any one of several co- executors may settle an account due from any person to the estate, and such settlement in the absence of fraud is binding on the other co-executors, though dissenting {Smith v. Everitt, 27 Beav. 454). It follows that where co-executors have an account standing in their joint names at a bank, payment of a check signed by one of them will discharge the banker as to them all. The banker is not bound for his own safety to do more than see that the executors or administrators have prima facie a good title ; and a payment made bond fide of a debt due to the estate of a deceased person to the exe- cutors or administrators is a legal discharge of the debtor, though their letters of probate or administration after- wards turn out void or voidable (20 & 21 Vict. c. 77, ss. 77, 78). Companies — Railway. „ Joint stock companies constituted for making railways Railway r # a . j Companies are generally incorporated by a special Act and regulated by 8 Vic. c. 16, which provides (sees. 95, 96) for the appointment of directors who, either by themselves or by committees of directors appointed by themselves, have the management and superintendence of the affairs of the company and exercise all the powers of the company CUSTOMERS. 39 subject to the provisions of that and the special Act ; i and by sec. 97 that with respect to any contract which, if made between private persons, would be by law ^ ailwa y required to be in writing signed by the parties to be un- charged therewith then such committee of directors may make such contract on behalf of the company in writing signed by such committee, or any two of them, or any two of the directors, and in the same manner vary or discharge the same. It will be observed that a check drawn under this Act should be signed by all the committee, since the power to draw is vested in them all, or by two of the directors of the company, and further that the check should purport on the face of it to be drawn on behalf of the company (Halford v. Cameron Coalbroke Co., 1G Q. B. 442 ; Sewell v. Derbyshire Railway Co., 19 L. J. C. P. 371). But it would appear that a check purporting to be drawn by persons authorized to draw checks on behalf of the company, and known by the bank as representing the company in the operations upon the account, is a sufficient voucher for the bank as against the company for the payment of money, though the check does not on the face of it indicate that the company is the drawer (Mahony v. The East Holy ford Mining Co., L. R 7, E. & I. 869). Joint Stock Companies. The 47th sec. of The Companies Act 1862 prescribes Joint that a promissory note or bill of exchange shall be Compa- deemed to have been made, accepted, or indorsed on mes * behalf of any company under this Act if made, accepted, or endorsed in the name of the company by any person acting under the authority of the company, or if made, accepted, or endorsed by or on behalf of the company by any person acting under the authority of the company. 40 CUSTOMERS. TOJ1ER3 Cus- Therefore a banker should satisfy himself as to the authority of the persons pretending to act on behalf of Jmnt tne company. In the case of a registered joint stock Compa- company, he is taken to have notice of the general Act of -rr , Parliament, and of the special deed which has been How far ' i the duty registered pursuant to the provisions of the Act, and if of banker to satisfy there be anything to be done which can only be done by as to the directors under certain limited powers it lies upon authority n j m ^ gee t } iat these limited powers are not exceeded. of drawers. * If (Royal British Bank v. Turquand, G E. & B. 327) the directors have power and authority to bind the company, but certain preliminaries have to be gone through on the part of the company before that power can be duly exer- cised, the person dealing with the directors is not bound to see that all these preliminaries have been observed. He is entitled to presume that the directors are acting law- fully in what they do (Fountaine v. Carmarthen Railway Company, L. R. 5 Eq. 316). The following case (Mahony v. The East Holy ford Mining Company, L. R. 7, E. & I. 869) illustrates the distinction drawn above. Money was paid into the credit of a company with a bank. The articles of asso- ciation of the company provided that every sum paid on behalf of the company over £10 Avas to be paid by a check signed and countersigned as might be directed by the board, and that all acts done by the board or a committee of directors, notwithstanding any defect in the appointment of any director or person acting as aforesaid, should be valid, as if every person had been duly appointed and was qualified to be a director. The bank received a letter dated from the registered office of the company and purporting to be signed by the secretary of the company, and to enclose the copy of a resolution passed relative to the banking account of the company. The resolution requested the TOMEBS. CUSTOMERS. bank to pay all checks signed by either two of the Cus following three directors, A., B., and C, whose signatures were supplied to the bank. A., B., and the secretary had signed the articles and memorandum of association. The bank, bond fide, did pay large sums on checks so signed. The three directors turned out to be directors only de facto, and not de jure : no appointment of directors having in fact been made by the shareholders and no such resolution as was communicated to the bank was passed. It was held by Lord Cairns that there having been de facto directors of the company who were per- mitted by the majority of those who signed the articles of association to occupy the position and act as directors, and the bankers having, in the full belief that these persons were directors, honored the checks drawn by them, the payment of these checks was a good payment as against the company. And by Lord Penzance, that a bank having a written authority, of a de facto secretary, is not bound before it acts upon that authority to ascertain whether he is the properly constituted secretary of the company, and whether any resolution of which he forwards a copy was properly passed by the directors ; but is justified in acting upon such a written authority, provided the transaction appears one which might legally have taken place, and have been legally consummated under the articles of association. The 42nd section of the Companies Act 1862 imposes a penalty on any directors of a limited company, signing or authorizing to be signed on behalf of the com- pany, any bill of exchange, promissory note, endorsement, check, or order for money, wherein the name of the company is mentioned, in manner directed by the Act, i.e., the name of the company, followed by the word "limited/' and makes them personally liable to the holder 41 42 CUSTOMERS. Cus- TOMERS. Joint Stock Compa- nies. Form of checks. Instru- ment should purport to be made on behalf of the com- pany. Effect of a direction 1 1 1 honor checks drawn in a certain fashion. of any such instrument, unless the same is duly paid by the company. This section is not imperative, but simply provides a particular mode of execution (In re Norwich Yarn Company, 25 L. J. Chanc. 201) ; and where those who draw and those who bond fide honour checks intend them to operate on a certain account, no objection can afterwards be taken that that account is not specifically mentioned on the face of the check; therefore a check which purported to be drawn in accordance with direc- tions from the board of a company by two directors and countersigned by the secretary, and intended to be drawn on the company's account, being bond fide paid by the bank, was held a good voucher for the payment as against the company (Mahony v. East Holy ford Mining Co., L. R. 7, E. & I. 869). Directors may be personally liable on the instruments they make if describing themselves as directors, or by any similar form of description, they do not state on the face of the document that they are acting on behalf of the company ; and if the instrument does not purport on the face of it to be made on behalf of or on account of the company, the affixing thereto of the seal of the com- pany is not equivalent to a declaration in terms on the face of the instrument that it is signed by the persons who put their name to it solely on behalf of the company (Dutton v. Marsh, L. R 6 Q. B. 361). A direction given by persons who are directors of a com- pany to their bankers, when the company had a balance in the hands of the bankers, to honor checks drawn and signed in a particular manner, does not of itself impose on tiie directors any personal responsibility as to those checks. This direction is in no sense a misrepresentation so as to make personally liable those who gave it to those who acted upon it (BeaUic v. Ld. Ebwy, L. R 7, E & I. 102). CUSTOM MRS. +3 Nor, though that direction should continue to be acted i on by the bankers after the company's account has been TO.MKKS. Joint overdrawn, will it entail on the directors who gave it any stock personal liability. Nor will it entail any such liability on ni '^ pa " those who, at a subsequent meeting of the board of directors, confirmed the minutes of the board meeting at which it was given, and who drew checks in accordance with it, though the account wa3 overdrawn when these latter checks were issued and honored (Beattie v. Lord Ebary, supra). A banker is not an officer of the company within sec. Banker not an 165 of " The Companies Act 1862 " (In re Imperial Land officer of Company of Marseilles ; In re National Bank, L. R. pany< 10 Eq. 298). And therefore the court cannot when a company is being wound up make an order upon him to repay any money misappropriated by him. A company who have no power to borrow money are Company ,. . 1 liable for liable for the overdrafts of its directors if made in the overdrafts ordinary course of business and applied to the purposes £ ors> of the company ; for an overdraft made in the ordinary course of business is not a loan in the proper sense of the word (Waterloo v. Sharp, L. R. 8 Eq. 501 ; In re Cefn Cilcen Mining Co., L. R. 7 Eq. 90 ; Beattie v. Lord Ebury, L. R. 7 Ch. Ap. 804—805). A company may, where money belonging to it has been paid to its account in a bank in pursuance of a fraudulent scheme between its directors and the general manager of the bank, avoid the contract and recover such money back from the bank (British American Telegraph Company v. The Albion Bank, L. R. 7 Ex. 119). But not where the money paid in to the company's account never belonged to the company, and was paid in under circum- stances which made such payment merely colourable (British American Company v. Albion Bank, supra ; Gray v. Lewis, L. R. 8 Ch. Ap. 1035, 1052, 1055). 44 CUSTOMERS. Corporations. Cus- Corporations at common law can only contract by- writing under their common seal, but a distinction exists tions° ra " between municipal and ecclesiastical corporations and trading corporations in this respect, and the settled law now appears to be that (South of Ireland Colliery Co. v. Waddle, L. E. 3 C. P. 463, 4 C. P. 617, and the cases there cited) the former are allowed to transact affairs of minor importance only, such as hiring a servant, while trading corporations may make all such contracts as are of ordinary occurrence in their trade without the for- mality of a seal, and by the hands and through the instrumentality of their agents and managers. A corporation established for trading purposes is from its nature capable of drawing a bill of exchange and making the promise implied by law from making a bill, and is liable to be sued in assumpsit on the bill though a body corporate (Murray v. The East India Company, 5 B. & Aid. 204). And all such bills of exchange have in practice always been made under hand by an agent authorized to draw or accept as the case may be. There is no case in the books where a bill of exchange made under seal has been sued on (Crouch v. Credit Fonder, L. R. 8 Q. B. 374, 382 ; Bank of Australasia v. Bank of Australia, 12 Jur. 188). It is presumed that as the use of banks is now universal, other corporations have like power, but this point has never yet been decided. For his perfect discharge therefore a banker when his depositor is a common law corporation, should require a check signed by some officer of the corporation whose signature the banker has been directed to honor by some instrument under the common seal. CUSTOMERS. 45 Husband and Wife.- Where a drawing account is opened by a husband in 2?Jl the name of his wife, or the husband pays money into an TOMKRS. account opened by his wife, the banker's obligation is to an( iwife. honour the check of either husband or wife during their joint lives {Lloyd v. Pugh, L. It. 8 Ch. App. 88). If an account be opened by the husband in the joint names of himself and his wife, the balance standing to the credit of such account at his death becomes the absolute property of his widow, provided his intention in so opening the account was to make provision for her in that way {Williams v. Davies, 33 L. J. Prob. Ca. 127) ; but it does not become the property of the widow if the intention was only to provide a convenient mode of managing affairs {Marshall v. Cruttwell, L. R. 20 Eq. 328). A married woman having a separate estate can charge Married ° l woman and bind her estate by bills and promissory notes, and with where she is living ostensibly as a/cmme sole, and con- es tate tracts debts, the intention will be imputed to her that she intends to charge her separate estate {Johnson v. Gallagher, 3 D. F. & J. 494; McHenry v. Davies, L. R. 10 Eq. 88) ; and further she can bind her estate by engagements made with reference to or upon the faith and credit of that estate (see Johnson v. Gallagher). A married woman therefore who has a separate can con - tract with property can keep an account and enter into contracts a banker. with a banker with reference to that separate estate, and the banker will have a remedy against her separate estate in equity. She can too charge such separate estate as by giving a lien upon it for advances or to secure an overdrawn account {The London Chartered Bank of Australia v. Lempriere, L. R. 4 P. C. 572). She can exercise this power whether she has an absolute interest or a limited interest 46 CUSTOMERS. Cus- tomers. Married Woman's Property Act! Liqui- dators. as a life estate with a power of appointment by deed or . writing, but not it would appear where the power of ap- pointment is by will only {Johnson v. Gallagher, supra ; The London Chartered Bank of Australia v. Lempriere, supra). Under "The Married Woman's Property Act 1870/' 33 & 34 Vic. c. 93, a married woman has a complete power of disposition over her wages and earnings acquired by her in her separate trade, and may (sec. 11) bring an action in her own name to recover any property declared under the Act to be her separate property. Under this last section a married woman may maintain an action in her own name to recover damages against her bankers for dishonoring checks drawn by her in the course of a trade which she carries on separately from her husband, and for not duly presenting or not giving due notice of dishonor of a bill of exchange acquired by her in such trade (Summers v. City Bank, L. R. 9 C. P. 581). Liquidators. Where under a voluntary winding up of a company under the Companies Act 1862, several liquidators are appointed, it would seem checks must be signed by at least two of the liquidators (In re London and Mediterranean Bank ; Ex parte Birmingham Banking Co., L. R. 3 Ch. App. 651 ; Ex parte Agra and Master- man's Bank, L. R. 6 Ch. 206). Partners. Partners. A partner has implied authority to act for all his co-partners whether known or secret (Vere v. Ashley, 10 B. & C. 288), in all things necessary for carrying on the business of the co-partnership (Sandilands v. Marsh, 2 B. & Aid. 672), and they are therefore bound by all his acts within the scope of the partnership. Tims one partner can make the firm liable for money CUSTOMERS. 47 borrowed by him for the purposes of the partner- Cus- TOMKRS. ship (Bothivell v. Humphreys, 1 Esp. 40G), but not tor money which he was to obtain on his individual credit and bring into the partnership (Greenslader v. Dower, 7 B. & C. 635 ; Fisher v. Taylor, 2 Hare 218 ; Emly v. Lye, 15 East 7), nor (without proof of authority) for the balance of an overdrawn account opened in his own name (Alliance Bank v. Kearsley, L. B. 6 C. P. 433). For he has no implied authority to open an account on behalf of the partnership in his own name (Alliance Bank v. Kearsley). He can as against his co-partners pledge the partnership funds which are standing to the credit of the partnership in the books of a bank (Brownrigg v. Rae, 5 Ex. 489). He can direct the bankers of the firm not to pay a check drawn by the firm, and no action will lie against the banker by the firm for obeying such direction (see Lindley on Partnership, p. 288). He can, if the acting partner, assent to the transfer of the partnership account from one bank to another without the express assent of the others (Beale v. Guddock, 26 L. J. Ex. 356). He has implied power to bind his firm with checks not Checks of post dated (Forster v. Mackreth, L. E. 2 Ex. 163), drawn on the bankers of the firm in the partnership name (Laivsv. Rand, 3 C. B. N. S. 442). For as no person can be sued upon a bill or note whose name is not on the instrument (Lloyd v. Ashby, 2 B. & Ad. 23), a check to bind the firm must be drawn in the name of the partnership, by which the partners have agreed each shall bind the others, and which is the only name a partner is entitled to use for the purposes of the partnership (Kirk v. Blurton, 9 M. & W. 284). If between the style actually signed and the ordinary style of the firm there is any substantial variation which cannot be shown to be authorized by the partners, the firm will not be liable. 48 CUSTOMERS. Cus- tomers. One partner can bind others by his receipt, The question upon which the liability or non-liability of a firm depends is not, has the firm obtained the benefit of contract, but did the firm by one of its partners enter into the contract ? Payment of a debt to one of a firm extinguishes the claim of all (Anon. 12 Mod. 446) ; and each partner has power to give a discharge or receipt for a debt ; but if the payment has been made collusively and in fraud of the other partners, a receipt given by the fraudulent partner will not prevent the firm from recovering the money so paid (Farrer v. Hutchinson, 9 A. & E. 641). After a dissolution, payment to any one of the partners discharges the debtor (Bristow v. Taylor, 2 Starkie 50 ; Porter v. Taylor, 6 M. & S. 156), unless the debtor has notice the debt has been assigned to one of the partners, in which case he can only pay the assignee {Duff v. East India Co., 15 Ves. 213). Co-adventurers in a mining concern are not liable for money borrowed by one of their number for the purposes of the mine, unless the borrower is shown to have had authority to pledge the credit of his co- adventurers (Ricketts v. Bennett, 4 C. B. 686). Trustees. Trustees. Where a body of persons not partners have deposited money w 7 ith a banker in their joint names, each one of the body ought in the absence of any special agreement between the body and the banker to sign the check on the joint account ; and the banker is entitled to refuse to pay on any check not so signed. " For it is a part of the law merchant that bankers shall not pay one of several . tomer. who has presented it to the banker, and both payee and banker have treated the order as executory, and before any payment or appropriation has been made the cus- tomer has revoked the order, the banker pays the order at his own risk, and cannot charge the customer with the payment (Gibson v. Minet, 2 Bing. 7). But where the customer has ordered payment to a third person, and the banker has promised the third person to pay him, the customer is not at liberty to withdraw his order or autho- rity (Hodgson v. Anderson, 8 B. & C. 342, 354). Nor where the banker has received notice in writing of any absolute assignment by writing under his customer's hand of any portion of his debt to his customer, 36 & 37 Vict. c. 66, s. 25 (6). A check is not such an assignment (Hopldnson v. Forster, L. R. 19 Eq. 74). Where a banker pays on an order the customer may treat the payment as made by himself, so as to recover the money back in certain cases, as where there is a failure of consideration between him and the payee (Bobbett v. Finkett, 1 Ex. D. 268). As has been said, a banker as a general rule is bound to honor his customer's order, and he is not entitled, as between himself and his customer, to set up a justification against his customer's order, or to refuse to honor his draft on any other ground than some sufficient one arising from an act of the customer himself (Gray v. Johnston, L. l\. 3 E. & I. 14, per Lord Westbury). Therefore, though the customer may have improperly obtained the money he has paid in, the banker is bound DIRECTIONS TO PAY ADDRESSED TO BANKERS. 55 to repay it to him on his demand (Tassell v. Cooper, 9 Bamkeb C. B. 509). Nor is the banker as a general rule bound to tomek. enquire for what purpose money is drawn out of the ~~ account (Bodenham v. Hoskyns, 21 L. J. Ch. 864 ; Ex parte Kingston, In re Gross, L. R. G Chan. Ap. 639). Thus if the banker become incidentally aware that the customer, being in a fiduciary or representative capacity, meditates a breach of trust and draws a check for that purpose, the banker not being interested in the transac- tion has no right to refuse the payment of the check, for if he did so, he would be making himself a party to an inquiry as between his customer and a third person (Per Lord Westbury, Gray v. Johnston, supra; Ex parte Kingston, In re Gross, L. R 6 Chan. Ap. 632, 639, per L. J. James). The Liability of a Banker to the Payee. Before the passing of the Supreme Court of Judicature Act, 1873, the rights of an assignee of a debt or chose in action (other than bills of exchange and like instruments), against the person liable in respect of the debt or chose in action, were different at law and in equity. Both at law and in equity the assignee was bound to derive his title from an absolute assignment {Bopkinson v. Forster, L. R. 19 Eq. 74 ; see ante, p. 53) ; but at law he could not sue the holder of the fund except he could prove an absolute contract or binding agreement with him, by the holder of the fund to pay. It was not neces- sary to prove any consideration moving from the holder of the fund to the assignee, but the contract, promise, or agreement to pay must have been unequivocal and abso- lute. Thus it was not sufficient for the assignee to prove that the banker held a sum of money in which he, with many others, was entitled to share (Pinto v. Santos, 5 56 DIRECTIONS TO PAY ADDRESSED TO BANKERS. Banker Taunt. 447) ; nor that the banker had advised him that he Payee would, if remittances came forward to enable him to meet ~ the wishes of his customer, inform the assignee of their arrival (Malcolm v. Scott, 5 Ex. G01). Nor that the banker had admitted to the assignee the receipt of bills from the proceeds of which the banker had been directed by his customer to pay over the money due to the assignee from the customer (Williams v. Everett, 14 East, 592). But in equity the rule was different. It was not necessary to the validity of an equitable assignment as between assignee and assignor that notice should be given to the person from whom the debt was clue. But the debtor was bound from the time the order was shown him or notice given him (see Lord Eldon in Ex parte South, 3 Swanst. 392). And it was not necessary in equity that the debtor should enter into any contract for the application of the fund in the manner directed (Bum v. Carvalho, 4 M. & C. 690). But now sect. 25, subs. 6, of the Supreme Court of Judicature Act, 1873, gives the assignee, under an assign- ment by writing of a debt, power to perfect his title against the debtor, by giving notice in writing to the debtor of the assignment ; no decision has yet been given on this section, but if it is read with the 1 1th sub-section of the same section, which enacts that in case of any conflict between the rules of equity and common law, the rules of. equity shall prevail, the general result appears to be the same with the rules of equity before the Act as stated above. Where an order is given by a man to his banker to pay over a sum to a third person to whom the order is not communicated, and, before the payment is made, the order is countermanded, the third party cannot insist on the banker paying to him the money (Morrell v. Wooton, 16 Beav. 197). 57 CHAPTER VI CHECKS. A check resembles in legal effect an inland bill of ex- Checks. change (Keene v. Beard, 8 C. B. N. S. 372, 20 L. J. C. P. 287) ; it has, however, three distinguishing characteristics — that it is always drawn on a banker — it is payable on presentment without the allowance of days of grace, it is never presented for acceptance but only for payment. No precise form is essential to the validity of a check : most bankers supply their customers with blank forms to be rilled up as required ; but any instrument is valid a.s a check which complies with the following conditions : — I. It must be written. II. It must be an order to pay. III. It must be addressed to a banker. IV. It should be dated. V. It must contain the sum to be paid. VI. It must be stamped before payment thereon. VII. It must be payable on demand. VIII. It must be payable to some specified person — to bearer or to order. IX. It must be signed by the party drawing it. I. A check must of necessity be in writing (Thomas v. Must be in Bishop, Ca. Temp. Hardwick, 1) ; it is usually written on paper, but might legally be written on any substitute for paper and with pencil (Geary v. PhysicJc, 1 B. & C. 234) or ink. 58 CHECKS. Checks. II. It must contain an order to pay, i.e., it should pur- Order to P or t to be a demand made by a party having a right to P a y- call on the other to pay (Per Lord Tenterden in Little v. Slachford, M. & M. 171). Drawn on m. A check beino; like a letter of exchange an open a banker. & ... letter of request from the drawer to a third person it should be properly addressed to that person by the Chris- tian and surname ; or if to a firm, by the full style of that firm (Com. Dig. Merchant R). It must be addressed to a bank or banker (Story on Prom. Notes, § 487). Date. IV. It should be dated, but a date is not essential to the validity of a check ; if there is no date on it it will be considered as dated on the day on which it was made {Hague v. French, 3 B. & P. 173, Giles v. Bourne, 6 M. & S. 73), and parol evidence is admissible to show from what time an undated instrument is intended to operate (Davis v. Jones, 25 L. J. C. B. 9, 17 C. B. 625). It is not illegal to post-date a check, and the post-dating has now no effect on the instrument itself. It is established that the Stamp Acts only deal with orders for the payment of money as they appear on their face, and that the date expressed on the face of the check can only be looked at without reference to any collateral agreement or condition by which its operation can be effected ( Whistler v. Forster, 14 C. B. N. S. 248, 32 L. J. C. P. 161 ; Bull v. 'Sullivan, L. E. 6 Q. B. 209), so that in the absence of controlling words in the body of a check it will be taken to be' payable on demand from and after the date on the face of it. A check may be dated on a Sunday, though it is not presentable or payable on that day (Beglic v. Levy, 1 C. & J. 180). May be V. Formerly a check could not be drawn for any sum under five pounds ; but the 26 & 27 Vic. c. 105, legalises drafts for the payment of sums over twenty shillings and less than five pounds, and the 23 & 24 Vic. c. Ill, s. 19, Bum. CHECKS. 59 enacts that it shall be lawful for any person to draw upon Checks. his banker, who shall bond fide hold money to his use, any draft or order for the payment to the bearer or order on demand of any sum less than twenty shillings. Therefore a check for under twenty shillings is good where the drawer has a balance at his bankers ; but if the drawer have no balance, such a draft is void, and the drawer subjects himself to a penalty. The relation between a banker and his customer being that of a debtor and creditor — the banker is only bound to pay his debt in the mode in which a debtor in England is bound to pay his — in English money only. The sum, therefore, demanded in a check must bo expressed in English and not foreign money. If the sum in the body of the check differs from that in the margin the sum in the body is the sum which the banker ought to pay (Sanderson v. Piper, 5 Bing. N. C. 425). A check drawn for " twenty-five, seventeen shillings and three pence " has been held to mean twenty-five pounds, seventeen shillings, and three pence (Phipps v. Tanner, 5 Car. & P. 488). VI. A check for the purposes of "The Stamp Act, 1870" Stamp is (by sec. 48) included in the definition of a bill of ex- change, and (by the schedule) is, being payable on demand, subjected to a penny stamp, which (by sec. 50) may be denoted by an adhesive stamp, to be cancelled by the drawer. If the check be presented for payment un- stamped the banker may affix a proper adhesive stamp and cancel the same, charging the drawer with the amount of the stamp (sec. 54, (2)). VII. A check, is payable immediately on presentment Payable without any days of grace. It may be drawn in terms ma^d. " payable on demand," but it is usually made payable generally, i.e., without the addition " on demand." GO CHECKS. Forms of check. Checks. Such a check is in contemplation of law payable on ~~ demand (Whitlock v. Underwood, 2 B. & C. 157 ; Rave v. Copland, 13 Irish Common Law Rep. 420). In America a check is sometimes dated on one day and made payable on another, for instance, dated on the 1st March, and made payable on the 24th March. The question then arises whether it is payable on that very day, without any allowance of days of grace. The de- cisions are conflicting, but the custom is said to be to treat such an instrument as a check payable on demand on the day designated for payment (Story on Prom. Notes, 6th ed., § 490). VIII. A check may be drawn in one of the four follow- ing forms : — Payable to a person by name as to A. B. This check is not negotiable, and can only be sued on by A. B., or in his name (Cheetham v. Butler, 5 B. & Ad. 837; Dixon v. Chambers, ] C. M. & R. 84G.) Or to A. B. or Bearer. This check is negotiable and transferable by delivery. It may be indorsed, thereby enabling the indorsee to sue the indorser thereon (Keane v. Beard, 8 C. B. N. S. 372). Or payable to A. B. or order. This is assignable by the endorsement of A. B., and when endorsed is negotiable, and if endorsed in blank is payable to bearer. A banker on whom such a check is drawn may, if the check on presentment purports to be endorsed by the person to whom it was draAvn payable, pay the amount of it to the bearer (10 & 17 Vict. c. 59, s. 19). In other words, the banker who is bound to pay bills of exchange drawn by his customer payable to order only to persons deriv- CHECKS. 61 ing their title through genuine endorsements is Checks. relieved from this responsibility as regards ~ checks. But this exemption does not extend beyond the hanker upon whom the check is drawn (Ogden v. Benas, L. R 9 C. P. 513). The drawer of such a check can, if any one endorse- ment be not genuine, recover the amount so paid by his banker from the person who received it, even where the latter, being an agent has before action brought, paid the money to his principal (Ogden v. Benas, L. R. 9 C. P. 513). And the bearer to charge the drawer must make title through the first endorsement. An en- dorsement of the name of the payee " per pro- curation " or as " agent," purports to be an en- dorsement within the Act so as to protect the banker (Charles v. Blacbivell, 1 C. P. D. 548). Or payable to bearer or order on demand, and crossed either specially or generally, and with the words " not negotiable." The manner and effect of crossing will be discussed hereafter, but it is sufficient to say here that by sect. 12 of the 39 & 10 Vic. c. 81, a person taking a crossed check bearing the words " not negotiable," cannot have or give a better title to the check than that of the person fijom whom he took it. This kind of check, therefore, is not negotiable, though it may be transferable by delivery or endorsement as it is drawn payable to bearer or order. A check is payable to bearer when the name of the payee does not purport to be the name of any person, as " J. S. or bearer " (Hinton's case, 2 Show. 235), or " Ship Fortune or bearer " (Grant v. Vaughan, 3 Burr. 1516), or if a blank be left for the name of the payee (Gruchley v. Clarance, 2 M. & S. 90), any bond Jide 62 CHECKS. Checks, holder may insert his own name. A check drawn pay- ~" able to drawer's order is payable to himself (Smith v. McGlure, 5 East. 470). Signature. IX. A banker contracts with his customers to pay (to the extent of the customer's funds in his possession) all checks drawn by him ; and the usual evidence of their being so drawn is that they bear his signature, that is his name in his own handwriting or of some person authorised by him to sign for him. It is, therefore, necessary that a check be signed ; and the signature is usually subscribed in the right hand corner, but it may be written in' any other part? of the check (Taylor v. Dobbin, 1 Stra. 399 ; Saunderson v. Jackson, 2 B. & P. 238), but the name must appear to be the name of the person ordering the payment. Presentment of Check. How to be it was held ^] ia t a c l iec k should be presented at the presented. banker's counter by some person ready and authorised to receive the money; but a presentment by post has now been held to be a reasonable mode of presentment, having regard to the commercial business of the country (Prideaux v. Griddle, L. R. 4 Q. B. 455 ; Heywood v. Pickering, L. R. 9 Q. B. 428). Within what Time offer Issue. A banker is not bound to pa3 r a check before the day on which it bears date or is due, for his duty to his cus- tomer is to pay checks on and not before the day of date ; and he cannot debit his customer with such a pay- ment if it turn out to have been made to the wrong person (Da SUva v. Fuller; Chitty on Bills, cited by Parke 13. in Morley v. Cukerwell, 7 M. & W. 178). checks. 63 A check is said to be issued when it is in the hand- Checks. of a person entitled to demand cash for it (Ex 'pur Bignold, 1 Deac. 735). The receipt of a check is in itself no satisfaction of a Must be debt until it is honored, and the holder may present i< [" i|; at any time within six years from its date, and if things J earB from date. have continued the same and no damage has arisen from the delay in presentment, the drawer is liable on the check if it be dishonored (Robinson v. Eawksford, 9 Q. B. 52). But if before the presentment of the check, Drawi the banker on whom the check was drawn has failed ', llS( by iailnro (Alexander v. BarcJifteld, 7 M. & G. 1061 ; Serle v. Norton, of b a ^- 2 M. & Rob. 401), or has ceased to allow the drawer to overdraw his account (Hopkins v. Ware, L. R. 4 Ex. 268), or by reason of the non-presentment of the check the position of the drawer, with respect to the fund on which Or altera- the check was drawn, is altered for the worse (Hopkins potion. S v- Ware), and the check is consequently dishonored, the drawer is discharged unless the holder can show that he has not been guilty of unreasonable delay ; and what is unreasonable delay is a question to be decided on the facts of each case. It may here be remarked that by delay in presentment, the holder also runs the risk of a revocation of the banker's authority to pay by the death of the drawer JVath of (Tate v. Hibhert, 2 Ves. junr. 118 ; Hewett v. Ray, L. R. ^tion 6 Eq. 108), or of some delay in the honoring of the °, f 1,is ° check, check, since bankers make it a rule not to cash stale checks without inquiry (see Serle v. Norton, 2 M. & Rob. 461 in notis). It is said the holder is bound, where a check is refused for staleness, to give the drawer an opportunity of authorising his bankers to pay it (lb The time within which presentment must be made, varies with the relation of the parties between whom the question is raised. 64 CHECKS. What is Delay as between the Drawer and the Payee. Checks. The payee of a check who wishes to preserve his Payee remedy for the original debt against the drawer is bound ™i!tVithin t° P res ent it within a reasonable time. He is not bound, reasonable leaving all other business, to present the check imme- time. ° ..... diately on receiving it. But his right to sue for the original debt is unimpaired, if he present the check before the close of the banking hours of the day after he received it (Boddlnrjton v. Schlenker, 4 B. & Ad. 752, 759 ; Alexander v. Buchfield, 7 M. & G. 1061 ; llobson v. Bennett, 2 Taunton 388), even though the bankers have become insolvent between the receipt and the presentment of the checks. If he receive it after banking hours, the time allowed him for present- ment seems to run from the first day after the actual receipt on which presentment could have been made. Thus if he receive the check after banking hours to-day he has the Avhole of to-morrow and next day to present it (Bond v. Warden, 1 Colly er, 583); and if a check be given to an agent to deliver to his principal, the time begins to run against the principal from the day on which the check might reasonably reach the principal (Frith v. Brooks, 4 L. T. N. S. 467). What is The payee of a check does not necessarily, as be- where tween himself and the drawer, obtain any more time drawee 1111 or an y ^ es ' s inno *- or Presentment by sending the check live in the t Jjjg bankers to present for him. If the payee and Bame place. drawee live in the same place, the banker ought to present the check not later than the day after it was originally issued (Boddington v. Schlenker, 4 B. & Ad. 752 ; Alexander v. Burehfield, 7 M. & G. 1061). For in the words of Crompton, J., the law makes a difference between the .same and a different place ; a man need not CHECKS. G; have an agent if he be in the same town (Frith v. Brooks, Checks. 4 L. T. N. S. 407). But 'where the payee and drawee do not live in the Where same place if the payee send the check to his bankers not drawe^do later than by the next day's post after he received it, and f. ot llVe m the banker present it or forward it to his agent the day place, after, and the latter present it the day after he receives it, the presentment seems to have been made in time to charge the drawer (Haywood v. Pickering, L. R. 9 Q. B. 428 ; Richford v. Ridge, 2 Camp. 537, commented on in Alexander v. Birchfield; Rare v. Henty, 30 L. J. C. P. 302 ; Beeching v. — Holt, 315 ; disputed in Frith v. Brooks, 4 L. T. N. S. 407 ; Bond v. Warden, 1 Collycr, 583). What is Delay as between the Transferee, i.e., one who has received the Check from the Payee, and the Drawer. ■ The transferee of a check stands, it is apprehended, in Drawer the same and no better position than the payee as against feree. the drawer ; that is to say, the payee cannot enlarge the drawer's liability by transferring the check, and the transferee is bound to present the check within the time originally allowed to the payee, if he wishes to recover from the drawer. What is Belay as between the Transfi ree and Payee. An action will only lie on a check against the payee, Payee and or holder subsequent to him, who has endorsed the check ; in which case the indorser is in the nature of a new drawer, and stands in that relation to the subse- quent holders of the check. But an action will in many cases lie for the money paid by the transferee to the transferor, and as in those the same point arises of the F 6C CHECKS. Checks, diligence of the transferee, both classes of cases will he Payee and considered together. transferee. where a banker discounted a check not drawn upon him for the holder, and took the first opportunity in the ordinary course to present the check, which was' then dishonored, it was held that the banker could sue the late holder for the money paid by him for the check (Rickford v. Ridge, 2 Camp. 537). For the defendant by discounting his check in the country was taken to have assented to that being done which was the usual and necessary course to procure payment (per Tindal, C. J., Alexander v. Burchfield, 7 M. & G. 106G). But where a bank cashed a check not drawn upon them for the holder, and by pursuing then the course customary in that bank, of transmitting all checks cashed at their branch bank to their head office, presented a check a day later than they might have done by transmitting it direct to the drawee, and the check Avas then dis- honored, it was held that no action by the bank would lie against the holder of the check (Moide v. Broivn, 4 Bing. N. C. 2GG). For as explained by Patteson, J., in Robin- son v. Hawksford (9 Q. B. 57), Movie v. Brown was not an action against the maker, and no one said that an action would not have lain against him. As between subsequent parties a third person passing the check had a right to expect that the person taking it from him should present it in a reasonable time. Wliat is Delay as between Banker and Customer. Banker A banker receiving a check becomes the agent for and eus- _ . „ , . . tomer. presentment 01 the man lrom whom he receives it, even where 1 be j resentment has to be made to himself as banker of the drawer (Bmley v. Boddenham, 33 L. J. C. P. 252). 'The payee of a check may intrust it to his banker for pre- CHECKS. 07 sentment and collection, and the banker as between him- Cm self and his customer lias, generally speaking, the day after his receipt of it to present it for payment. But he may under some circumstances be bound to present the check earlier than he would be in order to preserve the rights of his customer against the drawer. Thus, in BodJLngton v. Schlcnkcr (4 B. & Ad. 752), where a debtor, the defendant, paid his creditor, the plain- tiff, by a crossed check ; the latter on the same day sent it his banker ; the banker negligently (as it was alleged by the defendant) omitted to present it at the clearing house in time for that day (when it would have been paid), and on the next day it was dishonored, it seems to have been thought by the judges, though the point was not involved in the decision of the court, that the banker would be liable to his customer for not having so presented it, though the banker presented it in time to preserve his customer's rights against the drawer. This point was further considered in Hare v. Henty, 30 L. J. C. P. 302, where it was held that a banker was entitled as against his customer to the full time allowed by law for presentment, " unless circumstances exist from which a contract or duty on the part of the banker to present earlier or to defer presentment to a later period can be inferred." The banker, if he do not live in the same place as the Banker may (.•m- drawee, may, if he choose, employ an agent to present the ploy an check, for the holder is not required to part with the a = possession of the instrument proving the right to be paid and trust it to the party who has the obligation in paying it. (See Hare v. Henty, supra.) He has the day after his receipt of it to post it to his agent, and the agent the day after his receipt of it to present it to the drawer (Hare v. Henty, 10 C. B. N. S. 65 ; 30 L. J. C. P. 302; Prideaux v. Griddle, L. R. 4 Q. B. 455). f 2 68 CHECKS. Checks. Where the practice is established to send checks for payment through a clearing house, the period of time within which presentment should be made is that con- sumed in the ordinary course through the clearing house (Hare v. Henty, supra), but it seems immaterial through •whose hands the check is sent, provided it arrives in time (Prideaux v. Griddle, supra). What will excuse Delay in Presentment. It is apprehended that even where delay has arisen in presenting a check and the bank has stopped before the presentment, the drawer would still be liable if it could be shown either, that at no time between the earliest period at which the check might have been presented and the stoppage of the bank were there sufficient assets to meet the check (Boehm v. Stirling, 7 T. R. 429), or that the drawer had in the meantime ordered the bankers not to pay the check (Bobinson v. Haiuksford, 9 Q. B, 52). Presentment, where made. The presentment should be made at the banking house of the bankers on whom the check is drawn. Presentment of a check to the London bankers of the drawee, though described on the check as agents, is insufficient to charge the drawer, for the obligation to pay a check must in general depend on the drawee's account, which the London agents may not know {Bailey v. Bod- denham, 33 L. J. C. P. 252). But the London bankers have for their mutual con- venience established an institution called the clearing- house (Bodd/ingtouv. richlenckcr, 4 B. &Ad. 752; Warwick v. Rogers, 5 M. & G. 348; Robarts v. Tucker, 10 Q. B. 57<>; Bellamy v. Marjoribavks, 7 Ex. 389), by the use of which much economy, both of time and of the circulating medium is attained. Present- ment to agents of drawee in- sufficient. CHECKS. 69 The manner of presenting and receiving bills, note? Checks. and checks at the clearing house has been proved to be London as follows : — A clerk from each banking firm in London house. connected with the clearing house attends there daily bringing with him the checks, &c, on other banks that have been paid since last clearing until half-past five, when the clearing house is closed. Each banker has there a separate drawer into which all bills and checks then due and payable at such bankers are put by the other bankers' clerks respectively during the day from eleven o'clock up to four o'clock in the afternoon, but not later. At intervals during the day the clearing clerk of each bank takes or sends the contents of the drawer appropriated to his bank to his principals, in order that his principals may examine them and. determine as to the payment of such bills and checks ; and such bills and checks as are at the time intended to be paid are cancelled, by drawing lines along and across the names of the party for whom such payment is intended to be made. Such of the bills and checks as the bankers determine not to pay are returned by them to, and deposited in, the drawer at the clearing house of the bankers by whom the same were brought that morning to the clearing house. All bills not returned and deposited before three minutes to five are considered by the respective bankers as paid ; the claims of the several bankers on each other being settled at five o'clock, and the final balance then struck. If a check be paid in too late for presentment at the Marked • i i i t checks. clearing house, and consequently, too late, according to custom of the London bankers, for payment on that day, it is usually sent to the bankers on whom it is drawn, who, if it is a "good" check, that is, one which they would pay if banking hours were not over, mark it as such by placing their initials on it (Boddington v. Schlen- cker, 2 B. & Ad. 752). 70 CHECKS. Checks. Marked checks are paid on the next day after present- ment, and are considered as entitled to a priority of payment on that day. Present- It has been decided that presentment in the ordinary through course through the clearing house is sufficient present- clearine house ment (Robson v. Bennett, 2 Taunton 388; Reynolds v. sufficient. Ckettle, 2 Camp. 596). Country Clearing House. Country Country bankers who use the country clearing house clearing house. have correspondents in London whose name is printed on their checks. A check drawn on a country bank and paid to a second country bank situate at a distance from the first, is sent to the London correspondent of the second bank, who presents it at the country clearing- house, to the London correspondent of the first bank. The London correspondent does not mark the check at once, or give credit for it, but transmits it by the next post to his country banker, who should advise the London correspondent by return of post to debit his account with the same, when the London correspondent gives a draft for the amount to the banker from whom he received the check (Hare v. Henty, 10 C. B. N. S. 65 ; 30 L. J. C. P. 302 ; Bailey v. Boddenham, 33 L. J. C. P. 252). Other instances of clearing houses established for local purposes are to be found in the following cases, Pridcaux v. Criddle (L. R. 4 Q. B. 4G5), Pollard v. The Bank of England (L. R. 6 Q. B. G23) ; and in America, The National Bank of North America v. Bangs (8 Amer. Rep. 340). Foreign By the custom of London bankers, a banker, when a how^re- foreign check is paid to him by a customer, if he have an '"'"'• agent at the place where the check is payable, sends the check to the agent to be presented for payment ; but itt' CHECKS. 71 he have no agent at such place, he sends the check direct Cra i to the banker on whom it is drawn, and the latter imme- diately either remits the money or returns the check. Cheeks drawn on bankers at Jersey are considered to be foreign checks (Heyivood v. Pickering, L. R. 9 Q. B. 429). When a Chech should be presented. A check should be presented within banking hours (Whittaker v. The Bank of England, 1 C. M. & R. 744), and what are the banking hours must be proved in each case (Lefftley v. M ills, 4 Term. R. 171 ; Parker v. Gordon, 7 East. 385 ; Jamieson v. Swinton, 2 Taunt. 224 ; Hare v. Hentij, 10 C. B. N. S. 05, and 30 L. J. C. P. 232). Checks draw r n by the Treasury on the Bank of England are not payable after three p.m. (4 & 5 Will. 4, c. 15, s. 21). Dispensation with Presentment The bankruptcy or notorious stoppage of a bank on which a check is drawn would seem to excuse a neglect to present for payment (Hoive v. Boives, 1G East 1j2; 5 Taunt. 30 S. C. ; Roger v. Langford, 1 C. & M. 037 ; Eobson v. Oliver, 10 Q. B. 704). What is an Engagement to Pay. There is no privity between the banker on whom a check is drawn and the payee or holder of a check ; therefore the lawful holder of a check, if the banker refuse to pay it, cannot sue the banker on the check unless the latter have accepted it, a practice not usual but legal (per Parke, B., Bellamy v. Majorlbanks, 7 Ex. 404). Nor in America can the holder of a check set it off 72 CHECKS. Checks. Engage- ment to pay. Effect of marking check as good. against his note held by the bank (Case v. Henderson, 8 Am. Rep. 590). But where the banker has pledged himself to the payee of the check either to pay him the money or to hold it as the money of the payee, an action will lie against him at the suit of the payee for money had and received by him to the use of the payee (Malcolm v. Scott, 5 Ex. G01 ; Walker v. Robson, 9 M. & W. 414). Where a check is presented across the counter for payment the bank is bound by the answer of the cashier, Avho has implied authority on behalf of his masters, to decide whether a check shall be paid (Chambers v. Miller, 32 L. J. C. P. 30). Where a check, too late to pass through the clear- ing house, is presented and " marked " by the drawee, this check is as we have seen entitled to priority of pay- ment on the next day, and the bankers thereby become bound to each other (per L. C. J. Cockburn, Good-win v. Bobarts, L. R 10 Ex. 351) ; but it is a matter of some doubt to what extent the bankers become so bound. Lord Mansfield laid down that " the effect of that mark- ing was similar to the accepting of a bill of exchange, for the banker admits thereby assets and makes himself liable to pay " (Robson v. Bennett, 2 Taunt. 388) ; but at the time of this decision a verbal acceptance might be bind- ing, whereas now by the combined effect (1 & 2 Geo. 4, c. 78, s. 2 ; and 19 & 20 Vic. c. 97, s. 6) an acceptance to be binding must be written on the bill and signed by the acceptor or some person authorised by him. It is submitted that the marking is still so far similar to the acceptance of a bill of exchange, that it admits the genuineness of the signature of the drawer and the existence of assets, but. not that the check is in other genuine, as that the amount appearing on the . is the amount for which it was originally drawn ; giving the bank presenting the check a right of CHECKS. 73 action if injured by reason of the check turning out to Checks. be forged or insufficiency of assets, but not if the amount originally named in the check had been fraudulently raised (see the decision between the two banks on the effect of the American custom of certifying checks Marine National Bank v. The National City Bank, 17 American Eep. 305). It is always open to the banker to show that any mark- Provi- ,,. . . sional can- ing, cancelling, or entering m account was by arrangement celling. between the bankers merely provisional, and subject to revision at a later period. Thus in Fernandez v. Glynn, 1 Camp. 426, the facts were these : Plaintiff paid unto the house of Vere & Co. a check upon defendant's house. Vere's clerk took it to the clearing house to be paid, and put it into defendant's drawer. Vere's clerk received it back before five o'clock, cancelled with a memorandum written under it, " cancelled by mistake." After five he would not have taken it back. By the custom checks might be returned up to five o'clock. Lord Ellenborough held that, notwithstanding the cancelling, defendant had till five o'clock to return the check, and having so returned it, this amounted to a refusal to pay (see Pollard v. Bank of England, L. R. 6 Q. B. 623). Money laid down on the counter by a banker's cashier Money in payment of a check cannot be recovered back by drawee action, though it were handed over under a misapprehen- ca ™ ot Jj® sion of the drawer's account ; still less can it be taken by force from the party receiving it. As soon as the money is laid down by the banker upon the counter to be taken up by the receiver the payment is complete (Chambers v. Miller, 32 L. J. C. P. 30). The mere receipt of a check by a banker, who is at once the banker of the drawer and the payee, is not suffi- cient to make him liable to the payee for the amount of the check. There must be either an actual demand for 74 CHECKS. Checks, payment, followed by a promise to pay, or an acknow- ledgment with or without an actual demand for payment previously made, that the check is held by the banker as the agent of the payee and not of the drawer. Mere Thus where the drawer and payee of a check had the check by same banker, and the check was paid in by the payee doesnot "without an y distinct notice, whether he presented it as a amount to check to be paid or to be merely placed to his account, a promise to pay. and the cashier received it without any remark, knowing at the time that the drawer's account was overdrawn, it was held that in the absence of any intimation by the payee of the character in which he wished the banker to receive it, it must be taken that the banker took it as the agent of the payee, and therefore had till the next day to inform him there were no effects, and that the check had not been paid {Boyd v. Emmerson, 2 Ad. & Ellis 184). But where the drawer and payee of a check had the same banker, and the payee paid in the check, which was received without any remark on either side, and the banker informed the payee next day that the check was not paid, but he would keep it in the hope of there being- money to pay it ; and afterwards a sufficient sum was paid in, but appropriated by the banker, to pay off debts owing to him by the drawer, it was held that the payee could maintain an action for money had and received against the banker, who, being his agent for the receipt of the money, could not appropriate it to the payment of the debt due to the bank, nor to the payment of checks presented subsequently to that of the payee (Kilsby v. Williams, 5 B. & Aid. 815 ; Pollard v. Ogden, 2 E. & B. 45.9). It has been suggested in America by the Supreme Court that if it could be shown that the bank had charged the check in its books against the drawer and settled with him on that basis, the plaintiff could recover on a '•mint for money had and received on the rule ex osano CHECKS. 70 et bono (Bank of the Republic v. Millard, 10 Wallace's checks. Rep. 152; and see Oddle v. The National City Bank, 6 Amer. Rep. 101). Checks presented unstamped. By 33 & 34 Vict. c. 97, s. 54 (2), if a check be presented for payment unstamped, the banker may affix a proper adhesive stamp and cancel it, then pay the check, and as he thinks fit, charge his customer with the value of the stamp, or deduct it from the sum paid. Encashment of Checks. The banker is only bound like any other debtor to pay Legal his debts in -what may be legal tender ; and this by 33 Vict. c. 10, s. 4, is defined to be a tender of money in coins which have been issued from the mint in accordance with the provisions of that Act, and have not been called in by any proclamation made in pursuance of that Act, and have not become diminished in weight by wear, or otherwise, so as to be of less weight than the current weight (defined in the Act), — In the case of gold coins for a payment of any amount. In the case of silver coins for payment of an amount not exceeding 40s., but for no greater amount. In the case of bronze coins for payment of an amount not exceeding one shilling, but for no greater amount. And further, nothing in that Act is to prevent any paper currency which, under any Act or otherwise, is a legal tender, from being a legal tender. This last proviso has reference to 3 & 4 Will. 4, c. 98, s. C, which is as follows : — A tender of a note or notes of the Bank of England, expressed to be payable to bearer on demand shall be a legal tender to the amount expressed in such note or notes, and shall be taken to be valid as a tender to such 70 CHECKS. tender. Checks, amount for all sums above five pounds on all occasions on Legal which any tender of money may be legally made so long as the Bank of England shall continue to pay on demand their notes in legal coin ; provided always, that no such note or notes shall be deemed a legal tender of payment by the governor and company of the Bank of England, or any branch bank of the governor and company ; but the governor and company are not to become liable or be required to pay and satisfy at any branch bank of the governor and company any note or notes of the governor and company not made specially payable at such branch bank ; but the governor and company shall be liable to pay and satisfy at the Bank of England in London all notes of the governor and company, or of any branch bank thereof. The notes of the Bank of England are not a legal tender in Scotland (8 & 9 Vic. c. 38, s. 15), nor in Ireland (8 & 9 Vic. c. 37, s. 6), though there is no enactment pro- hibiting their circulation in either country. The result of these Acts is — That the Bank of England and its branches must, if required, pay checks drawn on them for sums above 40s. in gold, provided that the amount of the sum required above 40s. is capable of being expressed in the gold coinage. At any other bank a check for £100 may, if the banker choose, be cashed, and the bearer cannot refuse to accept payment in the following way: 40s. in silver, the next three pounds in gold, and the remaining £95 in Bank of England notes, " expressed to be payable to bearer on demand," but not, it would appear, in Bank of England notes specially payable at a branch of the Bank of England. Counterfeit Coin. Where the banker makes in good faith a payment in CHECKS. 77 base coin, and the coin is accepted without demur, no Checks. question, it would appear, as to its goodness can afterwards be raised by the payee, unless the coin can be traced, as where paid in a bag or marked for the purpose of being distinguished, and discovered within a reasonable time to be bad. Payment in Forged Notes. Payment in forged bank notes, whether purporting to Payment be issued by the Bank of England or any other bank, no ^f though made in good faith, is no payment in law — that is "the party negotiating them is answerable for the notes being such as they purport to be" {Jones v. Ryde, 5 Taunt. 484, 494), and, therefore, if they turn out forged, an action will lie to recover the money paid for them (Woodland v. Fear 20 L. J. Q. B. p. 204). In Bills of Exchange. It is open to the drawer to agree with the banker that payment of a check should be made in any circulating medium other than that made legal tender by law. Thus he may by his check direct payment to be made in bills of exchange or promissory notes ; such check it may be observed is for the purposes of the Stamp Act a bill of exchange payable on demand and requires no other stamp than an ordinary check (33 & 34 Vic. c. 97, s. 48 (2), ante, p. 50). But the consequences of a payment in bills of exchange or in promissory notes must be considered separately with relation to the parties to whom payment is made. 1. Drawer and Banker. — If the drawer of a check payable to himself accept in return for his check a bill drawn or endorsed by the banker the bill by the statute of Anne (3 & 4 Anne, c. 9, s. 7) is a complete pay- ment of his check as between him and the banker, if 78 CHECKS. Payment by bill. Checks, he do not take due steps to get the bill accepted paid or protested. 2. Payee and Drawer. — But where the payee of a check accepts from the banker in return for the check, a bill of exchange endorsed or drawn by the banker (Strong v. Hart, 6 B. & C. 160 ; Smith v. Ferrcmd, 7 B. & C. 19 ; Baillie v. Moore, 8 Q. B. 489), or bank post bills (Tilney v. Courtier, 2 C. & J. 16) ; or another check drawn by the banker (Wilby v. Warren, 2 C. & J. 18 n.) ; or bankers' promissory notes commonly called country notes, though they afterwards turn out worthless, from the failure of the bank (Vernon v. Bouverie, 2 Show. 296 ; Lichfield Union v. Green, 26 L. J. Ex. 140; 1 H. & N. 884), the original debtor of the payee, i.e., the drawer of the check is discharged, because the payee having the option of taking cash, elected to take something else at his own peril (Camidge v. Allenby, 6 B. & C. 373), and he cannot sue the drawer for the original debt. 3. Payee and Banker. — And if the bill so taken by the payee be not met at maturity the payee can only recover the amount of the bill from the banker in cases where he has taken all due measures to get the bill accepted and paid, or protested (Comyn's Dig. Tit. Merchant, F. 17 ; 3 & 4 Anne, c. 9, s. 7). The law would appear to be the same where a promissory note indorsed by the banker is taken by the payee of a check. And it is obvious that the same rule applies to the relations betaveen successive holders of a check. But where the payee accepts from the banker in return for the check a banker's note, commonly called a country note, and the note turns out to be worthless from the failure of the maker, though given and accepted in perfect good faith on either Bide, the payee of the check, if the note be made by the banker him. elf, must prove against CHECKS. 79 the banker's estate (Lichfield Guardians v. Green, 26 Checks. L. J. Ex. 140). If the note be made by a company, interest at £5 per cent, will be allowed from the date of the demand for payment on the liquidator (In re East of England Banking Company, L. R. 4 Ch. Ap. 14). But if the banker be not the maker the case resembles those where payment is made by country notes at the time of purchase of goods, which arc fully discussed in the chapter on bank notes. Refusal to "pay Check*. A banker's contract is to pay checks drawn upon him What will i 1 • i -i i» -i -i -i • i excuse a by his customer whenever he has funds belonging to the refusal by customer to the amount drawn for in his possession. But to e J? er unless a space of time have elapsed between the receipt of the money and the presentment of the check sufficient to allow the money to be passed to the customer's account, consistently with carrying on the business of the bank (Whitaker v. The Bank of England, 1 C. M. & R. 744 ; see Maule, J., Robarts v. Tucker, 16 Q. B. 560, 578), the banker will not be liable for refusing to pay a check, even though he have in fact money belonging to the customer in his possession. This point was raised in Marzeth v. Williams (1 B. & Ad. 4] 5), where the facts were these : On a certain day the plaintiff had standing in his name at his banker's, a balance of £69 16s. 6d. About eleven the same day £40 was paid into his account ; a little before three o'clock a check drawn by him for £87 7s. 6cl. was presented for payment. The clerk after referring to a book said there was not sufficient assets, but that the check might go through the clearing house. The check was paid on the following day. The jury found that a sufficient time had elapsed between the paying in of the £40 and the presentment of the check to enable the banker and his clerks to know that the sum 80 CHECKS. Checks, had been paid in, and found a verdict for the plaintiff with nominal damages. A motion was made for a new trial on the ground that the contract between the banker and customer was implied by law and not express, and that the plaintiff could not recover for the breach of such a contract without proving actual damage, of which there was in this case no evidence. The court discharged the rule, and Lord Tenterden in giving judgment, said: "This action is substantially founded on contract, and the plaintiff though he may not have sustained a damage in fact, is entitled to recover nominal damages. At the same time I cannot forbear to observe that it is a discredit to a person, and therefore injurious in fact, to have a draft refused for so small a sum, for it shows that the banker had little confidence in the customer. It is an act particularly calculated to be injurious to a person in trade. My judgment in this case, however, proceeds on the ground that the action is founded on a contract between the plaintiff and the bankers, that the latter whenever they should have money in their hands belong- ing to the plaintiff or within a reasonable time after they should have received such money, would pay his checks ; there having been a breach of such contract the plaintiff is entitled to recover nominal damages" (1 B. & Ad. 415, 424). Although no evidence is given that the plaintiff has sustained any special damage, the jury ought to give a reasonable compensation for the injury the plaintiff must have sustained by the dishonor of his check (Rollin v. Steward, 14 C. B. 595 ; 23 L. J. C. P. 148). Where a banker who had been in the habit of making advances to flic plaintiff against consignments, and not debiting them to the plaintiff's current account until the sale of the consignment did, without notice to the plaintiff, debit his current account with an advance before the sale of the CHECKS. •' ' consignment in respect of which the advance was made, Checks. and having thus exhausted his assets, refused to pay his check, it was held that the banker was bound to give pay " formal notice to the plaintiff of the change in the mode of conducting business before dishonoring the check (Gumming v. Shand, 29 L. J. Ex. 129; Garnett v. McEwen, L. R 8 Ex. 10). And where bankers re- Banker tained the balance of a customer to answer a future ^ ' ' ' "' , liability which might arise in respect of bills discounted mcet bills J ° l to be dis- for him by them to a much larger amount than the counted balance, and the customer brought an action against the tomer ." banker for having dishonored his checks and for the amount of the balance, the court of equity, upon a bill filed by the bankers against the customer for an account and for an injunction to restrain the action at law, granted the injunction prayed for (The Agra and Master- mail's Bank v. Hoffman, 34 L. J. Ch. 285). But no action will lie against the banker for dishonor- Banker ing checks where the drawer's assets have been pre- bills made viously exhausted by the payment of bills accepted by £^ ' him and made payable at the bankers, and such acceptances are sufficient authority to the banker to pay the amounts due on the bills (Kymer v. Laurie, 18 L. J. Q. B. 218). In some cases the banker is justified in refusing to Banker honor the check of his customer, though there be assets ^pay' standing in the latter's name. If an executor draw c n heck . ° drawn in a check as executor on his testator's funds in the breach of banker's possession to discharge some debt due from him- self personally to the banker, the banker would be justified in refusing to honor the check. For the discharge of the debt to the banker out of the testator's funds in his possession would be held abundant proof to him of the breach of trust, and he would be held to have participated in it for his own personal benefit, and to be liable therefor (Gray v. Johnston, L. R. 3 E. & I. 1). 82 CHECKS. Checks, Again lie would appear to be justified in refusing to j) eatll f pay where he has heard of the death of the drawer before drawer. the presentment of the check. For the death of the drawer is a revocation of the banker's authority to pay {Tate v. Hilbert, 2 Ves. Jun. 118; Hewett v. Kay, L. R Eq. 198; Bromley v. Brunton, L. K 6 Eq. 275). But a payment made by him in ignorance of the death is appa- rently a good payment. Notice of Dishonor. The drawer of a check payable to a third party is entitled to notice of dishonor, and so is each endorser. The consequence of not giving notice is that the party to whom notice should have been given is discharged from all liability, whether on the check or on the considera- tion for which the check was paid (Bridges v. Berry, 3 Taunt. 130 ; Bickerdike v. Bolivian, 2 Sm. L. C. 59) ; the reason being, that the law presumes the check is drawn on account of the drawee's having effects of the drawer in his hands, and if the latter has notice that the bill be not accepted, or not paid, he may withdraw his funds immediately. But when a check is dishonored for When want of assets, and the drawer has either no assets or ,,'], ur not sufficient effects in the bank at the time he might excused, reasonably expect the check to be presented for payment, and further, has no reason to expect it will be paid on presentment, the notice of dishonor is excused (Carcw v. Duckworth, L. R. 4 Ex. 313). But if there are sufficient effects in the bank to meet the check, the drawer would be entitled to notice though he knew the bank would not honor the check, for he would be entitled to say the bank was bound to honor it, even though the bank had told him it would not (per Bramwell, B., ibid). Notice by Where a check is forwarded by post to the banker on whom it is drawn he is constituted the agent of the CHECKS. 83 holder of the check for purposes of presentment and dis- Checks. honor (Bailey v. Boddenham, 33 L. J. C. P. 252), and on the check being dishonored ought to give notice to the drawer with all convenient speed. A banker with whom a check is deposited for collection Banker is for the purpose of notice to be considered as a distinct to give holder, and has a day to give notice to his customer, and I10tlce - his customer another day to give notice to the anterior parties (fiobson v. Bennett, 2 Taunt. 388 ; Lang dale v. Trimmer, 15 East, 291 ; Bray v. Hadwen, 5 M. & S. G8 ; Prideaux v. Griddle, L. R. 4 Q. B. 454). Where a bill passes through several branches of the same establishment, each branch may be considered a distinct holder, entitled to receive and transmit notice as such (Clode v. Bailey, 12 M. & W. 51), although the bills may have passed without endorsement. The notice must be given within a reasonable time after the dishonor, and generally speaking, a person has a day within which to give notice to the antecedent parties after the day of dishonor (see Byles on Bills, — Notice of Dishonor). Notice of dishonor may be given on behalf of the prin- cipal by the banker in his own name ( Woodthorp v. Lowes, 2 M. & W. 109 ; Roive v. Tipper, 22 L. J. C. P. 135). In Himmelman v. Hotaling (6 American Rep. 601, see infra), it was held that where the drawer and drawee reside in the same city or town, the reasonable time for presumptive dishonor should not be fixed within more restricted limits than the close of business hours of the day succeeding that on which payment might first have been legally demanded. Stale or Overdue Checks. A check, in the words of Parke, B. (9 M. & W. 17, IS), is intended to be presented speedily, and though there is 84 CHECKS. ('hecks, no decision laying down precisely at what period after When issue a check becomes stale, or suspicious, it was at one time held that a transferee as he took it after it was due, had no better title than his transferor. Thus, the owner of a check for £50 having lost it, the check was paid five days after its date to a shopkeeper who received the amount at the bank. Held that the shopkeeper was liable to refund the money to the owner of the check, for having taken it overdue, he acquired no better title than the party from whom he took it, and that it lay upon him to show that the assignor had a title (Down v. Hailing, 4 B. & C. 330). But, in a later case (Rothschild v. Corney, 9 B. & C. 388), it was held, that though the taking of a check six days old is a circum- stance from which the jury may infer fraud, it is not conclusive evidence so as to prevent the party taking the check from suing on it, or retaining it, or' the money received on it. So it appears, that the holder of a check, stale, but not dishonored, may recover at any time within six years on the check, or retain the money he has obtained on it, unless he have been guilty of fraud. Negligence is a circumstance from which the jury might infer fraud, but, it is not identical with fraud, unless perhaps, when it amounts to a determination to wink at anything (see Lord Denman, Willis v. The Bank of England, 4 A. & E. 32). On this point the following American case may be cited : — The holder of a negotiable bank check, drawn the day previous presented it for payment which was refused. On the same day he transferred it for a valuable consideration to plaintiff, who took it in good faith, and without notice of previous dishonor, and immediately on the same day, presented it to the drawee, when payment was again checks. 8-. refused. Held, that plaintiff could recover of the drawer, Checks. a sufficient time after the check was drawn not having elapsed when plaintiff took it, to raise the presumption of dishonor, though the drawer and drawee Avere residents in the same city (Himmelman v. Hotaling, 6 American Rep. 601, citing O'Keefe v. Dunn, 6 Taunt. 305; Goodman v. Harvey, 4 A. & E. 870.) Dishonored Checks. An endorsee for value of a check after dishonor has a right to recover on the check unless there be an equity attached to the check itself amounting to a discharge, and such equities may be between the indorser and a third party, and not only between the holder and drawer (Ex 'parte Swan, L. R 9 Eq. 344 ; In re European Bank, Ex parte Oriented Com, Bank, L. R 5 Ch. Ap. 358). Forged Checks. Where the Dreiwer's Signature is Forged It is the banker's duty to know his customer's sign a- Banker ture, and if he pay a check to which the drawer's tomer. signature has been forged, he pays it in his own wrong, and cannot charge his customer with such a payment. Not even if the customer lost his check book, and so contributed to the success of the forgery (per Parke, B., The Bank of Ireland v. Evan's Charities, 5 H. L. C. 389.) The banker may in some cases recover the money ho Banker has paid, from the presenter, even where he was a bond sen terof fide holder for value. Possibly, where the banker dis- clieck - covered the forger}* on the day on which he paid the 86 CHECKS. Checks, check and at once gave notice to the presenter before any _ alteration in the situation of the prior parties ( Wilkvason v. Johnson, 3 B. & 0. 428). Notice given on the day following would appear to be too late {Cocks v. Mastcrman, 9 B. & C. 902), and a fortiori after a longer interval (Price v. Neale, 3 Burr. 1354; Smith v. Mercer, G Taunt. 7G). But he will not be estopped by payment from recovering from one whose conduct, or whose agent's con- duct, has been such as to mislead or to induce him to pay the check, without the usual scrutiny or other precautions against fraud (Wilkinson v. Johnson, 3 B. & C. 428), at least if the mistake is discovered before any alteration in the situation of the other parties, that is, whilst their remedies are left entire, and no one is discharged by laches. Forged Indorsements. Bankernot Bankers, that is, persons carrying on the business of for P e°n 1 - fel & bankers (Halifax Union v. Wheehvright, L. R. 10 Exp. dorsement. X93), are not responsible for the genuineness of the in- dorsement on checks drawn payable to order on demand as they would be on an ordinary bill of exchange or on a letter of credit (British Linen Co. v. Caledonian Insur- 16 & 17 ance Co., 4 Macqueen 107). For 16 & 17 Vic. c. 59, s. 19, s . i gence. or which might fairly rouse suspicion, the banker would pay it in his own wrong. Thus (Scholey v. Ramsbottom, 2 Camp. 485), a check which evidently had been torn in four pieces and pasted together on a sheet of paper was paid by the banker. The customer proved that after drawing it he had torn it up and thrown it away. It was held the bankers were not justified in paying it without inquiry, and having done so could not charge their customer with the payment (Ingham v. Primrose, 28 L. J. C. P. 295). But the banker may recover from the payee or holder the amount paid by mistake on a fraudulently raised check if neither party have been in fault, as money paid without consideration ; but where either party has been guilty of negligence or carelessness in the transaction by 90 CHECKS. Checks, which the other has been injured the negligent party must bear the loss {Espy v. The Bank of Cincinnati, 18 Wallace Rep. 604). Where an alteration appears on the face of a bill or note it lies on the plaintiif to show that it was made under such circumstances as not to vitiate the instrument {Johnson v. The Duke of Marlborouyh, 2 Stark 313 ; Henman v. Dickinson, 5 Bing. 183 ; Knight v. Clements, 8 Ad. & E. 215). Lost Checks. By 17 & 18 Vic. c. 125, s. 87, in case of any action founded upon a bill of exchange or other negotiable in- strument, the court or a judge has power to order that the loss of such instrument shall not be set up, provided an in- demnity be given to the satisfaction of the court or judge or a master against the claims of any other person upon such negotiable instrument. The party suing on the lost bill should offer an indem- nity to the defendants before bringing the action, or pleas setting up the loss of the bill will not be struck out, except on payment of the defendant's costs of the action {King v. Zimmerman, L. E. 6 C. P. 4GG). This enactment only applies to cases where an action has been begun on the lost check, and it would seem that where, after the loss of the check and before the commence- ment of the action, the bankers on whom the check was drawn, fail, the drawer is not liable for the amount of the check, at least where the ordinary time for presenting the check has elapsed {Bevan v. Hill, 2 Camp. 381). Cashed Checks. The custom of bankers is to return checks after cashing them to the drawer ; and it has been said that a banker CHECKS. 91 has no more right to retain a check which he has cashed Cm- * than the payee a bill of exchange which has been paid T() w|inlii (Per Wilde, C. J., Reg. v. Watts, 2 Den. (J. 0. 14, 21). »££ ed It is, however, obvious that a cashed check is the belongs. banker's only voucher for the payment with which he has charged his customer. On the other hand, a cashed check is evidence for the customer that money has been paid on his behalf to the payee. Probably, as between the banker and customer, the customer is only entitled to retain the checks after he has settled with the banker the account to which the checks refer. But, as regards third parties, the banker is taken to be in privity with his customer, and, therefore, where the drawer is one of the parties to an action, a notice to him to produce the check, whether it be in his actual possession or the banker's is sufficient to secure its production, or, failing that, the admission of secondary evidence {Partridge v. Coals, Ry. & M. 156 ; Burton v. Payne, 2 C. & P. 520). Bankers not unfrequently in return for a loan obtain a check drawn by the borrower on them for the amount of the loan and in such a case the bankers retain the check as a voucher for the loan {Other v. Treson, 24 L. J. Chanc. G54), and see Checks as Evidence, infra. Checks as Payment. The giving and taking a negotiable check on a banker for and on account of a debt is equivalent to payment, until it has been presented for payment and refused {Pearce v. Davis, 1 M. & Rob. 365 ; Came v. Coulson, 32 L. J. Ex. 97). But a check is no payment where it is not honored, though it may have been taken in preference to cash {Everitt v. Collins, 2 Camp. 515). A creditor may refuse to accept a check in payment, and it would appear may sue 92 CHECKS. Checks, for the original debt before returning the check (Hough Payment v - M a y, 4 A. & E. 954 ; Stuart v. Caivse, 28 L. J. C. P. by check. 193) ^he mere receipt of a chock drawn in conditional terms is no payment (Houglt v. il/«2/, supra). Where a payment has been made by a check, the drawer is entitled to stop the payment of the check, and to resist an action on the check, on any grounds which would enable him at law to recover his money if he had paid in cash and not by check {Mills v. Oddy, 6 C. & P. 728 ; 2 C. M. & K. 103). If a check be given on a condition which the drawer finds to be eluded or broken he is entitled to stop the pay- ment of the check (Wienholt v. Spitta, 3 Camp. 376 ; Spincer v. Spincer, 2 M. & G. 295). But if A., by means of a false pretence or promise, or a condition which he does not fulfil, procure B. to give him a check in favour of C, to whom he pays it, and who receives it bond fide for value, B. remains liable on the check, and if cashed by C, cannot recover the money from him ( Watson v. Russell, 31 L. J. Q. B. 304 ; Curric v. Misa, L. R. 10 Ex. 163 ; 1 App. Ca. 554). Where the acceptor or drawee of a bill proposes to pay by check, the holder should not in strictness give up the bill till the check is paid (Ward v. Evans, 2 Ld. Ray. 928). It has been held, where a country corres- pondent sent up to a London banker a bill for present- ment, and the banker receiving a check in payment gave up the bill, and the check was afterwards dishonored, that the banker was not guilty of negligence (Russell v. Hanhcy, 6 T. 11. 12). Where a buyer pays for goods by a check which he knows, or has good reason to believe, will not be honored, though the goods be delivered, no property in them passes to him, and the seller may recover them in trover (Noble v. Adam8, 7 Taunt. 59; Earl of Bristol v. WHlsrnore, J B. & C. 514). CHECKS. 93 Payment by an Agent hy Check. Where a creditor receives from a debtor's agent in pay- Checks. menfc of the debt the agent's own check, which is after- wards dishonored, whether the debtor is discharged or not, is more a question of fact than of law, depending on the answer to the question whether exclusive credit was riven to the ascent or not. Thus, where a debtor took his creditor to his agent, and the creditor, being offered by the agent either cash or the agent's check, took the check, which was afterwards dishonored, it was held that the debtor was not discharged, though the agent failed with a balance belonging to his principal in his hands to a larger amount than the amount of the check ; because the agent's check was, considering all the circum- stances, tantamount to the debtor's check, and no debtor is discharged by giving a check which produces nothing, though cash may have been previously tendered (Everitt v. Collins, 2 Camp. 515). But if the creditor, taking from the debtor's agent a check which is afterwards dishonored, give the agent a receipt as if the money were actually received, and the debtor, without notice of the dishonor, in consequence of such receipt deals with the agent on the footing that the debt has been satisfied, the debt will be deemed discharged as to the debtor {Wyat v. Marquis of Hertford, 3 East. 147; Story on Agency, s. 433 — 4). Payment to an Agent by Check. As a general rule, an agent authorised to receive pay- ment has authority only to receive it in cash, therefore a debtor paying his creditor's agent in any other form than cash (as by bill) may have to pay again to the principal if the agent turn out a defaulter. But since it is the 94 CHECKS. Checks, custom to pay in checks, it is a question for the jury Payment whether payment by a check which is afterwards honored of agent j s ^ or i s jjq^ equivalent to a cash payment as against the principal (see judgment of Blackburn, J., in Williams v Evans, L. E. 1 Q. B. 352). And where the agent has a higher authority, as where he is not bound to hand over the sum in specie, but to pay an equivalent sum, payment to him by a check crossed to his bankers and honored by the drawees is a good payment as against the principal {Bridges v. Garrett, L. R. 5 C. P. 451). Checks as Evidence of a Debt. No inference can be drawn from the fact "per se of a man drawing a check in favour of another. Thus a check drawn but not presented is no evidence of a previous debt due from the drawee to the payee (Pearce v. Davis, 1 M. & R. 365 ; Lloyd v. Sandelands, as explained by Alderson, B., in Mouvtford v. Harper, 16 M. & W. 825). A check drawn and delivered to the payee, and crossed in the payee's handwriting, and produced by the drawer with other papers belonging to the payee, is no evidence of a loan by the drawer without proof of the payment of the check to the payee (Bleasby v. Grossley, 3 Bing. 430). A check shown to have been in circulation is evidence of a payment having been made to the payee on behalf of the drawer (Thomson v. Pitman, IF. & F. 330). A check which has been cancelled by a banker is no evidence of money lent by the banker to the customer (Fletcher v. Manning, 12 M. & W. 571), but it is primd facie evidence of a payment to the amount of the check by bhe banker of his debt to the customer (ibid.). checks. 95 Of Payment. To prove payment by a check it is not sufficient to Checks. prove delivery of a check by way of payment. It must be ~~ further shown that the circumstances were such as would make the check a payment by the debtor to the creditor. Therefore proof of the delivery of a check not uncondi- tional, but drawn in these terms : Pay IT. & Co. balance account railing or bearer, does not support a plea of pay- ment (Rough v. Men/, 4 A. & E. 954). A cashed check is not sufficient by itself to prove the pay- ment of a debt to the payee of the check, but it must be fur- ther shown that a debt existed between the parties at the date of the check (Aubert v. Walsh, 4 Taunt, 293), and eitKer the delivery of the check to the payee (Mountford v. Harper, 16 M. & W. 825 ; Boswell v. Smith, G C. & P. GO), or the receipt by the payee of the money for the check as evidenced by indorsement of the payee (Egg v. Barrett, 3 Esp. 196 ; Boswell v. Smith, 6 C. & P. GO). It is, there- fore, prudent to cause the payee to write his name across the check or to indorse it. In an action by A. to recover from B. a sum alleged to have been paid on B/s behalf to C. by A., upon proof of a claim received by A. from C. of the sending of a check by A. to C, and of a receipt of a check by C, a receipt for the amount from C. to A. was held admissible in evi- dence against B., as a fact to prove the payment of the amount by A. without proving that the check was honored (Carmarthen Ry. v. Manchester Ry., L. R. 8 C. P. 684). Statute of Limitations. Where a bill is given under such circumstances as to raise the implication of a promise to pay the balance, and 9G CHECKS. Checks, so if necessary to revive the debt, the revived right of Statute of action dates from the delivery of the bill, whether it be limita- subsequently honored or not (Tumey v. Bodwell, 23 L. J. Q. B. 137). The law seems to be the same where payment is made by check. But when a loan is made by check the statute begins to run from the time of the payment of the check by the bankers on whom it is drawn {Garden v. Bruce, L. R. 3 C. P. 300). A Chech as a Gift. A check drawn by A. in favour of B. and given to B. as a gift cannot be enforced by B. against A. (Easton v. Pratcliett, 1 C. M. & R. 808). A check drawn by the donor on his own banker and not presented before the death of the donor is not a valid donatio mortis causa (Hewett v. Kaye, L. R. 6 Eq. 198), because the death of the donor is a revocation of the authority to pay. But where a check has been given inter vivos, and presented, but not paid on the ground that the signature differed from the usual signature of the drawer, and the drawer died before the check was paid, it was held that the gift was as complete as the donor could make it, and that the check must be paid out of the funds in the hands of the executors (Bromley v. Brunfon, 6 Eq. 275) ; but the gift of a check and of the donor's pass- book when the donor died before presentment is not a good donatio mortis caimi {Beak v. Beak, L. R. 13 Eq. 489). Cheek held by Stakeholder. Where a stakeholder is intrusted with a check as repre- senting the stakes, he does not necessarily commit a breach CHECKS. 07 of trust by cashing the check before the occurrence of the Checks. event deciding the right to the stakes (Wilkinson v. Godefroy, 9 A. & E. 536). Action on Chech A check is within the provision of the " Bills of Ex- change Act 1855 " (18 & 19 Vic. c. 07), by which a sum- mary mode, of recovery is provided {Eyre v. Waller, 29 L. J. Ex. 246). 98 CHAPTEB VII. CROSSED CHECKS. Crossed As the Act of 39 & 40 Vic. c. 81, begins by repealing l!_ the two previous Acts on the same subject, it is necessary to consider the state of the law before the passing of this Act. History of Previous to the passing of the 19 & 20 Vic. c. 25, the practice of , i i i • i ■• i i crossing, first Act relating to crossed checks, it had long been the practice to write across the face of a check the name of a banker. This practice began at the clearing house ; the clerks of the different bankers who did business there, having been accustomed to write across the checks the names of their employers, so as to enable the clearing- house clerks to make up the accounts. It then became a common practice to cross checks, which were not in- tended to go through the clearing house at all, with the name of a banker, or with the words "& Co." This crossing was made indifferently by the drawer or a sub- sequent holder of the check. The meaning given by usage to the crossing was that of a direction to the drawees to pay only to a banker: the object was to trace for whose use the money on the check was re- ceived, and thus invalidate the payment to a wrongful holder in case of loss ; but it was held that, at common law, the crossing was a mere memorandum on the face of the instrument, formed no part of the instrument itself, and did not affect its negotiability ; from which it followed that the direction attempted to be given in the crossing, CROSSED CHECKS. 99 being in fact a mere memorandum, was not one the banker Ceo was bound to obey as between himself and his customer ; . — __ but, that the practice being where a check was crossed for a banker to refuse to pay it to anyone except a banker, a banker breaking through the practice did so at his peril ; for the circumstance of his so paying would be strong evidence of negligence in an action against him by his customer for the amount paid on the check if the person presenting it turned out to be not the lawful holder {Bellamy v. Majoribanks, 7 Ex. 389 ; Carlon v. Ireland, 25 L. J, Q. B. 113). Upon this state of the law the Act of 19 & 20 Vic. c. 19 & 20 25 was passed, giving a crossing the force of a direction to the bankers that the check should only be paid to or through some banker, thus rendering payment otherwise than through a banker invalid. But it was shortly after- wards held (Simmons v. Taylor, 27 L. J., C. P. 45), that the crossing was no part of the check; that its un- authorized obliteration was no forgery of the check, and therefore, that the payment without negligence of a check, whose crossing had been obliterated, to a holder not a banker was as between the banker and his customer the drawer a good payment, Thereupon 21 & 22 Vict. c. 79, ss. 1 & 3, made the cross- 21 & 22 Vic c 79 ing a part of the check, and the fraudulent obliteration or alteration of it felony ; it gave a lawful holder power to cross a check, and provided in favour of the banker, that where a crossing had been so obliterated or altered as not plainly to appear, a wrong payment in consequence, if without the fraud or negligence of the banker, should not be questioned. It was decided in 1875 (Smith v. Union Bank of London, L. R. 10 Q. B. 291, & 1 Q. B. D. 31) that the crossing did not restrain the negotiability of a check, and that the restriction of payment of a crossed check was for the H 2 100 CROSSED CHECKS. Crossed Checks Act. Crossed direct benefit of the drawer, and indirectly only for the benefit of a holder of a check ; therefore, that a plaintiff who had ceased to be the holder of a crossed check (the check having been lost and then come into the hands of a bond fide holder) could not sue the bank on whom the check was drawn for paying it through a banker, other than the one with whose name the check was crossed. After this decision, " The Crossed Checks Act 1875'' (39 & 40 Vic. c. 81) was passed, of which the following is the effect : It repeals all previous Acts, and after defining a check to mean a draft or order on a banker payable to bearer or to order on demand, and to include a Bank of England or Ireland dividend warrant, it creates four kinds of crossed checks. I. A check generally crossed (sec. 4). II. A check once specially crossed (sec. 4). III. A check twice specially crossed (sec. 5). IV. A check generally or specially crossed, and with the words " not negotiable" (sec. 5). I. A check is " generally crossed " (sec. 4) which Check " generally crossed." bears across its face an addition of two parallel transverse lines, or of the words "& Company," or any abbreviation thereof, between two parallel transverse lines ; that addi- tion is a crossing, and may (sec. 5) be made by a lawful holder. When made (sec. 6) it is deemed a material part of the check and may not be obliterated. Such a check is payable by the banker on whom it is drawn only to a banker (sec. 7). A variation of the old form of crossing is here introduced, i.e., by an addition simply of two transverse parallel lines. Jheck jj a c heck is " specially crossed " (sec. 4) which cro ecL" bears across its face an addition of the name of a banker. That addition is a crossing. A lawful holder may (sec. 5) CROSSED CnECKS. 101 cross an uncrossed check specially, or convert a general Cso into a special crossing. This special crossing is a material, LL part of the check, and may not be obliterated, added to or altered (except by a banker, see infra). The effect of a special crossing is (sec. 7) to make the check so crossed payable, by the banker on whom it is drawn, only to the banker to whom it is crossed, or his agent for collection. The name of the " agent for collection " may appear on the face of this class of check, as when it is specially crossed to him by his principal (see infra) ; but unless after " his agent for collection " are to be read some such words as "where it is so crossed," a specially crossed check appears to be payable to the banker's agent for collection, though his name does not appear on the check. III. A check twice specially crossed (sec. 5) arises check lawfully where a banker to whom a check is specially ' tw }°f, J r j specially crossed, again specially crosses it, as he may do, to another crossed." banker, his agent for collection. The second crossing, like the first, is a material part of the check, and must no t be obliterated or altered (sec. 6). This is a new kind of check apparently payable only to the agent for collection with whose name it is crossed. It would appear advisable, in some way, to show on the face of the check that one of the crossings is, in fact a crossing to an agent for collection by the banker to whom the check Avas firstly crossed ; for as a banker is prohibited by sec. 8 from paying a check specially crossed to more than one banker, he seems bound, for his own protection from a charge of negligence (sec. 9), to satisfy himself that the bank presenting is, prima facie at all events, the agent for collection of the bank to whom the check is crossed. IV. A check generally and specially crossed, and with the words " not negotiable." 102 CROSSED CHECKS. Crossed A lawful holder may, in addition to crossing a check '_ generally or specially, add (sec. 5) the words " not negoti- Checks a ^j e .'> these words then form part of the crossing and may crossed ' x ° ° generally not be obliterated (sees. 4 & 6). The holder of such a and "not check cannot give abetter title than the person from tiabie " whom he received it (sec. 12). This is a new form of check ; in some respects its in- cidents are like those of a forged or altered bill ; that is, where there is a flaw in the title, the right of the holder for value is confined to a right to recover the considera- tion for the bill as between himself and the party from whom he received it. A similar remedy may be resorted to till the party is reached whose title was bad (Burchjield v. Moore, 23 L. J., Q. B. 261). Who may A lawful holder (which expression includes the drawer) check' has power (sec. 5) to cross a check. The lawful holder may cross a check generally or specially, or add the words " not negotiable " to a crossing : a banker to whom a check is specially crossed may cross it specially again to his agent for collection. Crossing A crossing may not be (sec. 6) obliterated, nor obiite- altered, or added to, except as above mentioned, alter "d or There are no express words forbidding the cancellation added to. f a crossing. The expression " to obliterate " means, it is suggested, to erase the marks of a crossing so as to make the check look as if it never had been crossed (Simmonds v. Taylor, 27 L. J., C. P. 249, & sec. 11), while "to alter" seems to refer either to the changing of a general into a special crossing, or to the recrossing spoken of in sec. 5. The drawer can probably, as under 21 & 22 Vict. c. 79 (the repealed Act), by which the crossing does not become material till the issue of the check, cancel the crossing by writing " pay cash," or equivalent words ; but it has never been decided that a lawful holder has a similar power. Alteration of a check in a material point, such as the CROSSED CHECKS. 103 crossing, whether by obliteration, or addition, or alteration, Crossed CvHFC 1 KS by persons without power, avoids the instrument and re- L leases the drawer. A check cannot be a second time specially crossed, Banker x ^ only may except (sec. 5) by the banker to whom it was first cross a specially crossed, and by him only to his agent, being a se cond banker for collection. The banker (sec. 8) to whom a *"i C \vith check specially crossed more than once is presented for agent's name. payment is commanded to refuse payment of such a check, except in the case where it is crossed to an agent for the purpose of collection. The banker to whom a check bearing more than one Duty of special crossing is presented for payment must apparently ^ ^ satisfy himself that of the two crossings on such a check, ° hec k one, the first in point of time, had been placed on the two _ check by a lawful holder when the check was paid into j s pre .° the banker, whose agent now presents it ; for the banker, se a nt ,^ ( e ^ r unless he is a lawful holder, has no right to cross it, and he does not become a lawful holder, until he has given value for it. And, as to the second crossing, that it was placed on the check by the banker to whom the check was first specially crossed, as an appointment of the person who presents it, to be his agent for collection. Except when the banker on whom the check is drawn is satisfied of this (sec. 8) he pays the check at his peril. Section 10 provides that any banker paying a crossed Banker check contrary to the directions of the crossing shall be true liable to the true owner of the check for any loss he may ^^ sustain owing to the check having been so paid. clience to mi » • • i • • crossing. "The true owner is a term as yet without interpretation. It would appear to be some one other than the person whose bankers have obtained payment on the check ; and as the term " lawful holder " is already used in sec. 5, some one not necessarily the same as the lawful holder. Possibly a lawful holder who has been injured by a pay- drawer. 104 CROSSED CHECKS. Crossed ment contrary to the provisions of a crossing may recover Checks '. under this section. The expression used with reference to the check is "crossed," and not "appearing to be crossed," as in sec. 11. It may be inferred that "crossed" means lawfully crossed, that is, by a lawful holder : if so, any one seeking to recover under this section must prove that the crossing was made by a lawful holder before he can make the banker liable under this section. Provisions It is then provided for the protection of the drawer tection of ( se c- 9), that where the banker on whom a crossed check is drawn has in good faith and without negligence paid such check, in accordance with the directions of the crossing, the drawer, in case such check has come to the hands of the payee, shall be entitled to the same rights and be placed in the same position in all respects, as if the amount of the check had been paid to and received by the true owner thereof. The duty of the banker is considered below (p. 105), and here it is only necessary to consider what concerns the drawer himself. The word " payee " presents some difficulty. Probably it includes not only persons named in the check (for this interpretation would limit the application of the section), but any person to whom the check is delivered in payment. " Come to the hands of " implies necessarily only a bare receipt by the payee, irrespective of any acceptance in satisfaction. It appears sufficient for the drawer to prove a receipt of the check, followed by a payment by the drawer's bankers. " The true owner," as has been said above, apparently is some person other than the one whose bankers have obtained payment on the check, and not necessarily the sumo person as the lawful holder. CROSSED CHECKS. 105 The drawer appears still to have the power to decline Obo to be charged with any payment made on a crossed check "_ except to a banker (Smith v. The Union Bank, 1 Q. B. D. 31), or to adopt the payment and sue the person who received the money, if the latter had a bad title to the check (Bobbett v. Pinkett, 1 Ex. D. 368, 373). It is provided on behalf of the banker presenting the Provisions check (sec. 12)— teXnof That a banker who has, in good faith and without banke ^ ° presenting negligence, received payment for a customer of a check crossed clic^ck crossed generally or specially to himself shall not, in case the title to the check prove defective, incur any liability to the true owner of the check by reason only of having received such payment. "Customer" is a word as yet without interpretation. It would appear to mean a person on whose behalf the bank has undertaken to present a check; and not neces- sarily a person, therefore, keeping an account with the bank. "In good faith and without negligence." The Act apparently casts on the banker the duty of satisfying him- self that the person for whom he presents the check has a good title. It is difficult to say how far a jury might think a banker bound to push his researches. The appear- ance of the instrument would appear to be less a subject of consideration by the banker presenting, than by the banker who pays on the instrument. " Check crossed generally or specially/' If, as would seem by sec. 5, a crossing can only be effectually done by a lawful holder, the banker to avail himself of this section must prove that the check was crossed by a lawful holder. The banker himself has no right to cross the check to himself, until he has given value for it, and become a lawful holder. " True owner." ■ Here again the true owner is some one 106 CROSSED CHECKS. Crossed other than the " customer," and may not necessarily be 1 the lawful holder (see ante, p. 103). "By reason only of having received such payment." The protection exists where the money has been received for — but not apparently where it has been paid away to — the customer. And the liability of the banker laid down in Ogden v. Berras, L. R 9 C. P. 513, and Arnold v. The Cheque Bank, 1 C. P. D. 578, remains unaltered. That is, a banker, though he has paid away the money he obtained on the check to his customer, is liable for that amount to the lawful holder, if his customer turn out to have no title. It is provided on behalf of the drawer's banker — Provisions 1- (Sec. 9.) That where a banker on whom a check is for pro- drawn has, in good faith and without negligence, paid of drawee, such check, if crossed generally, to a banker, and if crossed specially, to the banker to whom it is crossed, or his agent for collection, being a banker, the banker paying the check shall be entitled to the same rights and placed in the same position in all respects, as if the amount of the check had been paid to and received by the true owner thereof. " In good faith and without negligence." The paying banker may not have to look beyond the banker present- ing, or his agent for collection ; but he would seem bound to consider the appearance of the instrument. " Crossed," if it means " lawfully crossed," i. e., by a lawful holder (sec. 5), makes the banker responsible for the genuineness of the crossing (see ante, p. 104). "The true owner" seems to mean some person other than the one whose banker had procured payment of the check who may not be the lawful owner. II. (Sec. 11.) Where a check is presented for payment which docs not at the time of presentation appear to be ,ed, or to have had a crossing which has been oblite- CROSSED CHECKS. 107 rated, or to have been added to or altered otherwise than Cbosskd Clll'i ! as authorized by the Act, a banker paying the check in _.. good faith and without negligence shall not be responsible or incur any liability, nor shall the payment be questioned by reason of the check having been otherwise than it appears. This section is in effect the same as that of the repealed Act, 21 & 22 Vic. c. 79, s. 4, except that the latter Act makes it necessary that the check shall " plainly " appear to be crossed, &c. There is no section in the 39 & 40 Vic. c. 81, making the obliteration, &c. of a crossing with intent to defraud a felony, as in the 21 & 22 Vic. c. 79. 108 CHAPTER VIII. LETTERS OF CREDIT AND CIRCULAR NOTES. Letters Letteks of credit have been more considered in America Credit than in this country, and the result of the decisions has and been summarized in the Civil Code of the State of New Circular Notes. York, §1573 — 1581, from which much of the following matter is extracted (and see Story on Bills, § 459 — 464). Letters of A letter of credit is a written request addressed by one person to another, requesting the latter to give credit to the person in whose favour it is drawn. It may be addressed to several persons in succession. ' The writer of a letter of credit is upon default of the debtor liable to those who gave credit in compliance with its terms. A letter of credit is either general or special. When the request for credit in a letter is addressed to specified persons by name or description, the letter is special. All other letters of credit are general. General A general letter of credit gives any person to whom it credit. ma y De shown authority to comply with its request, and by his so doing it becomes as to him of the same effect as if addressed to him by name. Thus {In re Agra and Masterman's Bank ; Ex parte Asiatic Banking Company, L. K 2 Ch. Ap. 391 ; 3H L. J. Ch. 222), a letter of credit was in the following form. It was addressed to D. T. & Co. in these words : " No. 394. You are hereby authorized to draw upon this bank to the extent of £15,000, and such drafts J undertake duly to honor on presentation. This LETTERS OF CREDIT AND CIRCULAR NOTES. 100 credit will remain in force for twelve months from its Letters date, and parties negotiating bills under it are requested Credit to indorse particulars on the back hereof," and signed by circular the general manager and chief accountant of the Agra and Notes. Masterman's Bank. The court held this letter consisted of two parts, the first containing an authority to D. T. & Co. to draw the bills ; the second, though not in terms, in substance addressed to the persons who were to negotiate the bills ; that when the offer contained in the second part had been accepted and acted upon, there was probably at law a valid and binding legal contract against the bank issuing the letter of credit in favour of the parties who acted on it, either on the principles laid down in cases as to the offer of rewards (Williams v. Carwar- dine, 1 B. & Ad. 621), or on the principle that the holder of the letter of credit is the agent of the writer for the purpose of entering into the contract. But assuming the contract to have been at law with D. T. & Co. and with no other, such a contract was in equity assignable and must be taken to have been assigned to the parties who acted on the letter (The Asiatic Banking Company) ; and according to the meaning and essence of the contract, free from any equities between D. T. & Co. and the bank. In a later case (Maitland v. The Chartered Mercantile Bank of India, London, and China, 33 L. J. Ch. 363) it was held that the bond fide holder of a bill of exchange Marginal drawn under an open letter of credit, and taken by him lett ?* of 1 . . credit, on the faith of such letter of credit, has a right of action at law against the grantor of the letter of credit in case of the latter's refusal to accept the bill. In this case the letter of credit was of the kind known as a marginal letter of credit ; that is, it was written on the margin of a draft form of bill of exchange for £2000, the date and signature to which were left to be inserted by the drawer. The letter of credit authorized certain named persons to 110 LETTERS OF CREDIT AND CIRCULAR NOTES. Letters draw the " annexed " bill of exchange, which would be AND honored by G. & Co. of London ; and the suit was to Circular res train a bond fide holder from dealing with the bill. Notes. j g # Where the marginal letter of credit is an open one an indorsee is not bound to make inquiry as to the purposes for which the letter was granted ; but he will be taken to have notice of all that appears on the face of the letter, as in the case of a document letter of credit which says on the face of it that it is only to be used for the purpose of obtaining produce (Maitland v. The Chartered Bank of India, London, and China, 2 H. & M. 440). Several persons may successively give credit upon a general letter. Letter of If the parties to a credit appear by its terms to con- tain template a course of future dealing between the parties it nature of a j g n0 ^. exhausted by giving a credit, even to the amount continuing J ° ° guarantee, limited by the letter, which is subsequently reduced or satisfied by payments made by the debtor, but it is to be deemed a continuing guarantee. The writer of a letter of credit is liable for credit given upon it without notice to him, unless its terms express or imply the necessity of giving notice. If a letter of credit prescribes the persons by whom or the mode in which the credit is to be given, or the term of credit, or limits the amount thereof, the writer is not .bound except for transactions which in these respects con- form strictly to the terms of the letter. Terms of Nor, on the other hand, can the writer discharge himself most be if money has been paid in against the issue of the note, nor charge the person on whose account the letter was issued except with payments in strict conformity to the terms of the letter (British Linen Company v. The Caledonicm Insurance Co., 4 Macquecn, H. L. C, 107). Thus a letter of credit directing the payment to be made to A. B., or directing the addressee "to honor the followed. LETTERS OF CREDIT AND CIRCULAR NOTES. Ill drafts of A.B.," is not a negotiable instrument, and is Letters only satisfied by the payment to the genuine A. B. or on ANI , his genuine order ; payment on the forged order of A. B. ^^ R is not a payment sufficient within the terms of the letter. It is the duty of the person paying on the letter to Payment pay to the right person ; the mere possession of the letter ™^ e t ° o of credit by the person demanding payment does not the ri s ht \ 1 m o r j person. necessarily impart that he is the person entitled to draw for the amount mentioned in it, and the person paying is bound for his own safety to make further inquiries (Orr v. The Union Bank of Scotland, 1 Macqueen, H. L. 0. 513, 523). Therefore, where for a sum down a banker grants a letter of credit, he must show that it has been complied with or pay back the money (Orr v. The Union Bank of Scotland, swprOj) ; and in such case the banker cannot insist on the letter of credit being brought back to him as a condition precedent to the recovery of the money. The 16 & 17 Vic. c. 59, s. 19, which absolves bankers from responsibility for the genuineness of the indorsement of a draft payable to order on demand, does not apply to a letter of credit couched in the words, "please to honor the drafts of A. B." {British Linen Company v. Caledo- nian Insurance Company, 4 Macqueen 107). Where a bank has issued a letter of credit on the terms that the bills they agree to accept are to be covered by bills of lading, suspension of payment before there has been time for the letter of credit to be used is not a breach of the contract for which, under the Companies Act 1862, the holder of the letter can claim damages ; for the court might have given permission to the liquidators to accept bills (Ex parte Tondeur. In re The Agra Bank, L. R 5 Eq. 160). A letter of credit granted in the United Kingdom authorizing; drafts to be drawn out of the United Kinti'dom 112 LETTERS OF CREDIT AND CIRCULAR NOTES. AND Circular Notes. Circular notes. Letters payable in the United Kingdom, is exempt from stamp IT duty (33 & 34 Vic. c. 97, schedule, tit. Bill of Exchange). Every letter of credit issued by a limited company under the Companies Act 1862 must contain the full name of the company (25 & 26 Vic. c. 89, s. 42). Circular notes are somewhat in the nature of letters of credit; they are requests addressed to the correspondents of the bank issuing them to pay a certain named person the sum therein named. Each request generally refers to the letter of indication, stating that the bearer of the note should present -a letter of indication in which his signature will be found. The letter of indication is a letter addressed to the bank's correspondents, with a space for the signature of the payee of the notes, and signed by some official of the bank. The circular notes are in general issued against a pay- ment of money to the amount of the notes. It is not obligatory (Conflans Quarry Co. v. Parker, L. R 3 C. P. 1) upon the holder to cash the circular notes, though he purchases a right to do so if he thinks proper ; in the event of his not requiring to use them abroad he may, after reasonable notice of his electing not to use them, require repayment at the banker's hands. But he must present or return them to the banker, for the latter cannot be called upon to return the amount so long as the notes are outstanding and in existence, so that he may be called upon to pay a correspondent who has cashed them. A correspondent who pays on a forged signature to a circular note cannot recover against the banker as upon a payment to the right person. 113 CHAPTER IX. BILLS OF EXCHANGE PAYABLE AT A BANK. The bills of exchange which concern a banker in his Bills op ° -ii Exchange trade of banker are those which are payable at his bank- Payable ing-house, whether those his customer has made payable b A nk. at his banking-house, or those which he has agreed to _ accept for his customer. For where a customer employs his banker as agent for Duty of presentment the duties and liabilities of the latter do not w h en differ from those of any other agent for a like purpose to- p^ n ^ r wards his principal. He is liable for any neglect of the ment. duty he has undertaken to perform, Thus he should at once give notice to his principal of a refusal to accept or to pay, for he will be held liable for any injury to his principal arising from his neglect (Van Wart v. Woolley> 3 B. & C. 439). His relations, then, are twofold, towards his customer and towards the presenter or holder of the bill. First, to deal with the relations between the banker Banker and his customer. A customer who makes an acceptance tomer. payable at a bank in eifect orders the bank to pay the bill to the person who is according to the law merchant capable of giving a good discharge for the bill (Robarts v. Tucker, 16 Q. B. 570, 579 ; Forster v. Clements, 2 Camp. 17) ; therefore if the bill be payable to order, it is an authority to pay the bill to any person who becomes holder by a genuine indorsement, and if the bill is origin- I 114 BILLS OF EXCHANGE PAYABLE AT A BANK. Bills of Exchange Payable at A Bank. Banker and cus- tomer. Banker under ac- ceptance for cus- tomer. Banker's duty to mark bills ae paid. ally payable to bearer, or if there is afterwards a genuine indorsement in blank, it is an authority to pay the bill to the person who seems to be the holder. It follows that the banker is responsible to his customer for the title of the person to whom he pays the bill, for he cannot charge his customers with any payment made to a person not the lawful holder, nor with the difference in amount, where the bill has been altered and a larger sum inserted than the sum for which it was made payable by the customer (Hall v. Fuller, 5 B. & C. 750). His duty is to pay the bill (Kymer v. Laurie, 18 L. J. Q .B. 218) on presentment during the hours of business out of funds belonging to the customer, if any have been in his hands a sufficient time to enable his clerks to know of their existence ( Whittaker v. Bank of England, 1 C. M. & R. 744) ; and he is bound if he has received a sum of money for the express purpose of taking up a certain bill, to apply it to that purpose only (Farley v. Turner, 26 L. J. Chan. 710) ; and if he do not so apply it, his cus- tomer may recover the deposit, or may sue for damages for breach of his mandate to the banker (Hill v. Smith, 12 M. & W. 618 ; Bell v. Carey, 8 C. B. 887). He is entitled, if he has accepted bills for the accommodation of his customer, to retain a sum of money out of the customer's account sufficient to answer the outstanding bills which are due (Morse v. K&mpson, 1 Camp. 12 ; but see Jeffryes v. Agra Bank, L. R. 2 Eq. 674), although the remedy on the bills be barred by the Statute of Limita- tions (Morse v. Williams, ?> Camp. 418). It is the duty of bankers to make some memorandum on bills and notes which have been paid ; and if they do not, the holders of such securities cannot be affected by any payment made before they are due (per Lord Ellen- borough, Burbidge v. Manners, 3 Camp. 193; Atten- borough v. Mackenzie, 25 L. J. Ex. 244). BILLS OF EXCHANGE PAYABLE AT A BANK. 115 Next, as to the relations between the banker and pre- Bills of , . , Exchange senter or holder. Payable The duty of the banker towards the presenter or holder J f rA . of a bill is (Warwick v. Rogers, 5 M. & G. .340) to take Banker's good care of the bill, and if he do not choose to pay it, to duty to return it uncancelled, unless it has been cancelled by mistake, and in that case to indicate the same by writing on the bill ; if he wrongfully omits to return or defaces the bill he becomes liable to an action on the case, if the holder has sustained injury through his breach of duty. If he pay and afterwards find out the acceptance to be a Banker's forgery, it is doubtful on authority whether he can recover whTpays the money so paid from the holder. The point has come lloltle i' of J A x forged ac- before the court in two cases (Smith v. Mercer, G Taunt. 7G ; ceptance. Cox v. Masterman, 9 B. & C. 902 ; and see Price v. Need, 3 Burr. 1354 & 1 W. Bl. 390) ; in Smith v. Mercer the majority of the court held that a banker, being bound to know his customer's signature, could not recover from the holder the money he had paid ; but the court, in Cox v. Masterman, expressly refused to give an opinion on this point. In both cases a period elapsed between the payment and the discovery of the forgery — in Smith v. Mercer of seven days, and Cox v. Masterman of one day — sufficient to enable the court to decide against the banker, on the ground that by his delay in giving notice of the forgery the remedy of the holder against the antecedent parties had been lost or impaired. But a banker does not neces- sarily, by discounting for the indorsee a bill purporting to be accepted by his customer, warrant the signature to be genuine ; he may therefore on discovering such an accept- ance to be a forgery recover the money he paid on the bill (Fuller v. Smith, 1 Car. & P. 197). On the other Banker hand, the banker may refuse to pay the presenter, either to pay. till he has more information whether the presenter is the J 2 116 BILLS OF EXCHANGE PAYABLE AT A BANK. Bills of holder or not, a course which he is justified in pursuing Payable (-Robarts v. Tucker, 16 Q. B. 578), or he may refuse un- AT A conditionally ; in this latter case no action will lie against ; — the banker by the holder, neither when the banker has lies against agreed with the acceptor to apply certain moneys to the holdero^ discharge of the bill, and has so appropriated them in the billac- books of the bank (Moore v. Bushell, 27 L. J. Ex. 4; cepted by customer; Hill v. Royds, L.R 8 Eq. 290) ; nor where the banker has cancelled the signature of a bill presented to him through the clearing house by drawing lines across it in the way customary among bankers when they intend to pay a bill or check, and returned it with the statement that it was cancelled by mistake, and that he had orders not to pay {Warwick v. Rogers, 5 M. & Of. 340) ; nor where the bankers having received funds to take up the bill called on the presenter in order to take it up at a period when the bill was not actually in the presenter's possession (Stewart v. Fry, 7 Taunton, 339). unless B u t under certain circumstances the acceptor's banker V) '-inker foe holder's may be also the holder's agent for presentment, and if present^ while he is agent for the holder the acceptor pay in a sum ment. specifically for the discharge of the bill the holder can re- cover the amount of this sum from his agent the banker (De Bemales v. Fuller, 14 East, 590, 593). Where Where a bank who have given credit in account for a and ac bill to the drawer, their customer, receive directions from ceptorhavo ^ e acce pt r, who is also a customer, to stop payment of banker. the bill at the place of payment, and do so accordingly, they are not bound to give notice of this circumstance to the drawer, but may upon non-payment look to the drawer, and are not bound to apply the money of the acceptor in their hands in discharge of the bill (Crosse v. Smith, 1 M. & S. 545). Where It sometimes happens that a banker, at whoso house a bill is payable, is himself the holder of the bill when it I. .hi! i t i- BILLS OF EXCHANGE PAYABLE AT A BANK. 117 falls due ; in such a case, to enable tlie banker to charge a Bju previous indorser, it is a sufficient demand and sufficient Payable refusal to find from his books that the customer has no ,; vr A J.>AM£. effects in his hands {Sanderson v. Judge, 2 H. Bl. 509 ; XT -tit holder, or Bailey v. Porter, 14 M. & VV . 44). Again the banker may indorser of be the indorser of the bill ; if he pay it on presentment ^'bic-'by " it is a matter of inference, from the facts of the case, him - whether he paid it as agent for the acceptor or on his own account as indorser (Pollard v. Ogden, 2 E. & B. 459 ; 22 L. J. Q. B. 439). "The Stamp Acts, 1870, 1871," affix Duties on the following - duties on — £ s. d. Bills of exchange payable at sight or on demand 001 Bills of exchange of any other kind whatsoever (except a bank note) and promissory note of any kind whatsoever (except a bank note), drawn, or expressed to be payable, or actually paid, or indorsed, or in any manner negotiated in the United Kingdom — £ s. d. Where the amount or value of the money for which the bill or note is drawn or made does not exceed £5 1 Exceeds £5 and does not exceed £10 ..002 £10 „ „ £25 . . 3 £25 „ „ £50 ..006 £50 „ „ £75 . . 9 „ £75 „ „ £100 ..010 „ £100 For every £100 and also for any fractional part of £100 of such amount or value .010 51 (1). The ad valorem duties upon bills of exchange Bills and promissory notes drawn or made out of the a b ro ^j United Kingdom are to be denoted by adhesive stamps. 118 BILLS OF EXCHANGE PAYABLE AT A BANK. P.IILS OF Exchange Payable at A Bank. Provisos for pro- tection of bond fide holders. Not to relieve any other ]i> i OD . Bills pur- porting to be drawn abroad. (2). Every person into whose hands any such bill or note comes in the United Kingdom before it is stamped, shall, before he presents for payment or indorses, transfers, or in any manner negotiates or pays such bill or note, affix thereto a proper adhe- sive stamp or proper adhesive stamps of sufficient amount, and cancel every stamp so affixed thereto. (3). Provided as follows : — (a). If at the time when any such bill or note comes into the hands of any bond fide holder thereof there is affixed thereto an adhesive stamp effec- tually obliterated, and purporting and appearing to be duly cancelled, such stamp shall, so far as relates to such holder, be deemed to be duly can- celled, although it may not appear to have been so affixed or cancelled by the proper person. (b), If at the time when any such bill or note comes into the hands of any bond fide holder thereof, there is affixed thereto an adhesive stamp not duly cancelled, it shall be competent for such holder to cancel such stamp as if he were the person by whom it was affixed, and upon his so doing such bill or note shall be deemed duly stamped, and as valid and available as if the stamp had been duly cancelled by the person by whom it was affixed. (4). But neither of the foregoing provisos is to relieve any person from any penalty incurred by him for not cancelling any adhesive stamp. 52. A bill of exchange or promissory note purporting to be drawn or made out of the United Kingdom is, for the purposes of this Act, to be deemed to have been so drawn or made, although it may in fact have been drawn or made within the United Kingdom. 53 ( I). Where a bill of exchange or promissory note BILLS OF EXCHANGE PAYABLE AT A BANK. L19 has been written Oil material bearing an impressed Bills op stamp of sufficient amount but improper denomina- p ATABLB tion, it may be stamped with the proper stamp on f T A payment of the duty, and a penalty of forty shillings if the bill or note be not then payable ^ eS according to its tenor, and of ten pounds if the cu ti° n - same be so payable. (2). Except as aforesaid, no bill of exchange or pro- missory note shall be stamped with an impressed stamp after the execution thereof. 54 (1). Every person who issues, indorses, transfers, Penalty negotiates, presents for payment, or pays any bill ^^"".j of exchange or promissory note liable to duty and bills - not being duly stamped shall forfeit the sum of ten pounds, and the person who takes or receives from any other person any such bill or note not being duly stamped either in payment or as a security, or by purchase or otherwise, shall not be entitled Bill is to recover thereon, or to make the same available for any purpose whatever. (2). Provided that if any bill of exchange for the pay- Proviso as ment of money on demand, liable only to the duty £ uiy e of one penny, is presented for payment unstamped, the person to whom it is so presented may affix thereto a proper adhesive stamp and cancel the same, as if he had been the drawer of the bill, and may, upon so doing, pay the sum in the said bill mentioned, and charge the duty in account against the person by whom the bill was drawn, or deduct such duty from the said sum, and such bill is, so far as respects the duty, to be deemed good and valid. (3). But the foregoing proviso is not to relieve any person from any penalty he may have incurred in relation to such bill. 120 BILLS OF EXCHANGE PAYABLE AT A BANK. Bills op 55. When a bill of exchange is drawn in a set according Payable to the custom of merchants, and one of the set is duly Bank s t& m ped, the other or others of the set shall, unless issued ; or in some manner negotiated apart from such duly only of a stamped bill, be exempt from duty ; and upon proof of the stamped. 6 ^ oss or destruction of a duly stamped bill forming one of a set, any other bill of the set which has not been issued, or in any manner negotiated apart from such lost or destroyed bill, may, although unstamped, be admitted in evidence to prove the contents of such lost or destroyed bill. Bills of exchange payable otherwise than at sight or on demand, purporting to be drawn in the United Kingdom, must be drawn on stamped paper (33 & 34 Vic. c. 97, s. 23). Certain But bankers with a licence, carrying on business beyond may issue three miles from the city of London, may issue unstamped unstamped j^;q s p a y a bi e to order on demand, or at any period not exceeding seven days after sight, or twenty-one days after date, provided such bills are drawn on bankers in London, Westminster, or Southwark, or are drawn at a place where the drawer is licensed to issue unstamped notes and bills (9 Geo. 4, c. 23, s. 1 ; and see ante, pp. 6, 9). With regard to bills which the banker is directed by his customer to accept, if he is directed to accept bills which A. B. will draw against bills of lading, he is not bound to ascertain the genuineness of the bills of lading before accepting or paying the bills of exchange ; and if the banker pays the bills, although the bills of lading should afterwards turn out to be forgeries, he will be entitled to recover from his customer what he may have paid in respect of the* bills of exchange {Woods v. Thiedman, 1 H. & C. 478). 121 CHAPTER X. customer's pass-book and banker's books. The state of the customer's account is communicated to Cus-^ him, in London at least, by a book formerly known as a Pass-book passage-book, and now more commonly called a pass-book, g^ju's The course of dealing between banker and customer was BoOKS - the subject of inquiry in the Court of Chancery in the year 1816, and the master's report being still so ap- plicable to present circumstances is set out below verba- tim (Devayites v. Noble, 1 Merivale, 530, 535). "A book called a passage-book, is opened by the bankers, and delivered by them to the customer, in which at the head of the first folio, and there only the bankers by the name of their firm are described as the debtors, and the customer as the creditor, in the account ; and on the debtor side, are entered all sums paid to or received by the bankers on account of the customer ; and, on the creditor side, all sums paid by them to him, or on his account ; and the said entries being summed up at the bottom of each page, the amount of each, or the balance between them, is carried over to the next folio without- further mention of the names of the parties, until, from the passage-book being full, it becomes necessary to open and deliver out to the customer a new book of the same kind. For the purpose of having the passage-book made up by the bankers from their own books of account, the customer returns it to them from 122 customer's pass-book and banker's books. Cus- time to time as he thinks fit ; and, the proper entries Pass-Took being made by them up to the day on which it is left for and ^ ±h.a,t p Ur pose, they deliver it again to the customer, who Books, thereupon examines it, and if there appears any error or omission, brings or sends it back to be rectified, or if not, his silence is regarded as an admission that the entries are correct ; but no other settlement, statement, or delivery of accounts ; or any other transaction which can be regarded as the closing of an old, or opening of a new account, or as varying, renewing, or confirming (in respect of the persons of the parties mutually dealing) the credit given on either side takes place in the ordinary course of business, unless when the name or firm of one of the parties is altered, and a new account thereupon opened in the new name or firm. The course of business is the same between such bankers and their customers resident at a distance from the metropolis, except that, to avoid the inconvenience of sending in and returning the passage- look, accounts are, from time to time, made out by the bankers, and transmitted to the customer in the country when required by him, containing the same entries as are made in the passage-books ; but with the names of the parties, debtor and creditor, at the head and with the balance struck at the foot of each account ; on receipt of which accounts, the customer, if there appears to be any error or omission, points out the same by letter to the bankers ; but, if not, his silence after the receipt of the account, is in like manner regarded as an admission of the truth of the account, and no other adjustment, statement, or allowance thereof usually takes place." The pass-book, beginning with the name of the bank- ing firm, is notice to the customer of the persons with whom he is dealing; and where dealings have taken place with a banking firm, a change in the title of that firm entered in I lie pass-book, and the entry therein of items, customer's pass-book and banker's BOOKS. 12o by which the customer is debited in account with the Cus- payment of interest on debts due by him to the old firm ; j> A is notice of the assignment to the new firm of the debts D ;\\'." , o Bankers due by him to the old firm (Cavendish v. Geavcs, 27 L. J. Books. Ch. 314). The entries in a pass-book are binding on the banker Entries in so far as they admit receipts of money by him on behalf book, of his customer ; but it is open to him to show that the entries are erroneous and have been made by mistake (The Commercial Bank of Scotland v. Bhind, 3 Mac- queen, H. L. C. 643). But he is bound by the entry where the customer has acted upon the faith of it, or altered his situation in con- sequence of it, as by drawing on his account and spending the money. And it is not competent to the banker, where this has taken place, to claim to set oif sums subsequently received against the sums which he erroneously repre- sented himself by the entries to have received on behalf of his customer (Sky ring v. Greenwood, 4 B. & C. 281 ; Shaw v. Picton, 4 B. & C. 715). The entries in a pass-book against the customer are, where the pass-book has been in custody of the customer and returned by him without remark, 'prima facie evi- dence against him (The Commercial Bank v. Rhind, 3 Macqueen, H. L. C. G43). The books of bankers, containing details from which the course of any mercantile transaction in which their customers were engaged could be followed, were fre- quently called for and produced under compulsion in legal proceedings to which the banker was no party. Much inconvenience being thereby caused to bankers and the public, " The Bankers' Books Evidence Act, 1876" (39 & 40 Vic. c. 48), was passed to remedy the general incon- venience caused by removing books from banks for the purpose of being produced in legal proceedings ; and to 124 customer's pass-book and banker's books. Cus- facilitate the proof of the transactions recorded in such TOMER'S ! •. ., ass-book books J lt enacts— , AND , Sec. 3, that the entries in the account-books of any Jankers ( J Books, bank are to be admissible in all legal proceedings as prima facie evidence of the matters therein recorded, on proof — First, that the persons carrying on the business in which the books are used are a bank, by (sec. 9) pro- ducing a copy of the return made by them under 7 & 8 Vic. c. 82, s. 21, verified by affidavit or by the production of a copy of a newspaper purporting to contain a copy of such return published therein by the Commissioners of Inland Revenue; and on proof, Secondly (sec. 3), by affidavit that the books are the ordinary books of the bank, and the entries made in the usual course of business, and the books are in the custody of the bank. By sec. 4, the originals need not be produced in any legal proceedings, but the entries may be proved by copies certified by affidavit of the person examining. But (sec. 3) the above-mentioned enactments are not to apply in any legal proceedings to which a bank, whose books may be required to be produced in evidence, is a party. Litigants (sec. 5) intending to avail themselves of this Act must give five days' notice in writing, or such other notice as may be ordered by the court of their intention. The notice must contain a copy of the entries proposed to be adduced, an expression of the intention to adduce the entries in evidence, and of permission to the opposite side to inspect the original entries. Upon the receipt of such a notice (sec. G), the other party may, under an order of court, inspect and copy any pertinent entries on giving the bank notice of tho order three days before copies are required. customer's pass-book and banker's books. 125 A judge (sec. 7) lias power to order that copies shall C!us- • -i TOMER'S not be admissible. Pass A special (sec. 8) order by a judge is necessary to b ankeb ' S compel a bank to produce their books in any lc.ual pro- BoOKS - ceedinff. 126 CHAPTER XI. APPROPRIATION OF PAYMENTS. Appro- t he appropriation of payments is governed by three of rules {Clayton's case, Mer. 585). Payments. 1. The debtor has the option at the time of making the payment to appropriate it to any of the debts due from him to the creditor. 2. If the debtor do not make this appropriation, the creditor may do so at any time before action (Mills v. Foivkes, 5 Bing. N. C. 455). 3. Where neither party makes the appropriation, the law will appropriate the payment to the earlier debt. It is this last rule which regulates ordinary banking accounts. All the sums paid in to the account form one blended fund, the parts of which have no longer any distinct existence. The presumption, therefore, is, that the sum first paid in is the sum first paid out, so that the first item of the debit side of the account is presumed to be discharged by the first item of the credit side (Clay- ton's case, 1 Mer. 008). From this rule it follows that where an account, opened between a firm of bankers and a customer, has been con- tinued through a change in the members of the firm, and the balances have been carried forward after each rest as before the change, payments made to or by the customer APPROPRIATION OF PAYMENTS. 127 without specific appropriation by or to the new firm may Appko- r _ . . PKIATION affect the old firm alone. For where a balance m favour ov of the customer has been brought forward, of which the M> earlier items are of moneys received by the old firm, pay- ments made by the new firm are applied under the above rule to those items, and discharge the debt of the old firm, leaving the new firm liable for moneys received by them since they were constituted (Clayton's case ; Brook v. Enderby, 2 Brod. & Bing. 70 ; Copland v. Toulmin, 7 CI. & F. 349 ; Bank of Scotland v. Christie, 8 CI. & F. 214 ; Hooper v. Keay, 1 Q. B. D. 178). In the same way if the balance on such an account is against the customer, a payment by him after the change of firm, being pro tanto a discharge of the earliest items of the balance against him, is a discharge of his debt to the old firm (Bodenham v. Purchas, 2 B. & Aid. 39), and not of any liabilities he may have come under to the new firm. And this rule is strictly applied even as against third parties, who have not been privy to the account, such as sureties (Williams v. Rawlinson, 3 Bing. 71). Similarly, where trust moneys have been paid into a bank by a trustee, together with his own moneys, to a general account, and checks have been drawn by him upon his account generally, the payments made by the bank will be attributed to the earlier items (Pennell v. Befell, 4 De G. M. & G. 372 ; Brown v. Adams, L. R. 4 Ch. Ap. 764). But if money has been paid in with a specific appro- priation by the payor as to meet a bill, the direction must be obeyed (Hill v. Smith, 12 M. & W. 618; Farley v. Turner, 26 L. J. Chanc. 710). So, again, if there have been a stipulation between the parties, either express (H&nniker v. Wigg, 4 Q. B. 792), or to be implied from a particular course of dealing '(Lysaght v. Walker, 3 Bligh. N. R. 1 r City Discount Coy. v. Maclean, L. B. 9 C. P. 693), 128 APPEOPRIATION OF PAYMENTS. Appro- as where within a reasonable time after a change in the pkiation p artners f a g rm ^ wo accounts, one showing the position Payments. f th e ld firm, and the other the transactions of the new firm since the change, are communicated to the customer and received by him without objection, the payments he has made will be taken to be appropriated, as shown in the accounts (Simson v. Ingham, 2 B. & C. 65) ; and the bankers will be bound by the accounts communicated to their customer, and not by the entries made in their books and not so communicated (ibid.). 129 CHAPTER XII. BANK NOTES. Bank notes are of two sorts: bank notes issued by Bank the Bank of England, and bank notes issued by other 1 banks or bankers entitled to issue them, as pointed out in Chap. I., where the statutory definitions of bank notes and the stamp duties imposed on them will be found. As has before been stated, the notes of the Bank of Le g al England are by 3 & 4 Will. 4, c. 98, s. 6, made legal tender so long as the Bank of England continue to pay on demand their notes in legal coin. Country bank notes are also a legal tender, unless at the Country time of the tender an objection is made to receiving them i ega i on the ground of their being notes, not cash. If no tender - objection is raised, country notes are treated as cash (Owenson v. Morse, 7 T. R. 64 ; Polglass v. Oliver, 2 C & J. 15). A banker's own notes are not a legal tender to himself: that is, proof of a tender to a banker of his own notes will not support a plea of tender, for a banker stands in the same position towards his own notes as any other person (Forster v. Wilson, 12 M. & W. p. 201). If after a transfer of a note the note turns out worthless by Transferor reason of the failure of the maker, though given and ^ no t e accepted in perfect good faith on either side, the trans- f ter ferer is not liable on the instrument to the transferee because the transfer has been one by mere delivery, and not by indorsement and delivery (Byles on Bills, p. 159)- K 130 BANK NOTES. Bank Nor is the transferor liable to refund the consideration. Notes. Because, in the first place, there is no guarantee implied not liable by law in the party passing a note payable on demand to consfoW bearer that the maker of the note is solvent at the time tion it was so passed (per Littledale, J., in Camidge v. All&nby, 6 B. & C. 373). Of course, if the transferee could show in the any fraud or knowledge of the insolvency of the maker fraud. by the transferor, the transferor would be liable to refund (see Anonymous, 12 Mod. 517 ; judgment of Bayley, J., in Camidge v. Alleriby). In the second place, it has long been held that on the sale of a bill or note the party purchasing takes it with all risks and without any remedy against the party selling the note (Fenn v. Harrison, 3 T. E. 759). Sale of a A sale of a note is presumed to take place where, at the time of the transaction, it is delivered without indorse- ment, by way of exchange for goods or money transferred to the party delivering the note, for the transferee elects to take the note instead of cash, and does so at his peril and without recourse to the transferor (see Camidge v. Alleriby, supra). But where a note is delivered without Note de- indorsement for a pre-existing debt, it is only a condi- Iiv6r6cl in payment of tional payment to become absolute if, upon due present- debt i8tinS ment > ' lt is P aid ( Glark v - Mindall, 1 Salk. 124 ; Ex parte Blackburne, 10 Ves. 206 ; Belshaw v. Bush, 11 C. B. 191, 22 L. J. C. P. 24). Where goods were bought at 10 am., a payment by notes for the goods at 3 p.m. on the same day was held to be a payment of an existing debt {Camidge v. Allenby, 6 B. be lawful for any person or persons whatsoever, bodies politic or no tes "o be corporate, to issue or give, or cause to be issued or given, within that issued in part of Great Britain called Scotland, any note, ticket, token, or other Sco * l <* nd > writing, for money, of the nature of a bank note, circulated, or to be culated as circulated, as specie, but such as shall be payable, on demand, in law- s P ecie > but ful money of Great Britain, and without reserving any power, or Repayable option of delaying payment thereof for any time or term whatsoever ; ° n demand ; and that from and after the said fifteenth day of May one thousand ? nd notes seven hundred and sixty-six, all notes, tickets, tokens, or other ^"ufa a d d writings, for money, of the nature of a bank note, issued previous to specie! pre- aS the said day, and circulated as specie in that part of the United vi ? us t0 the Kingdom, shall, and they are hereby declared and adjudged to be shaVblf' payable, on demand, in lawful money aforesaid ; any option, condi- payable on tion, or other clause therein contained to the contrary notwith- de £!/ n h' Standing. standing any optional Provided always, That nothing contained in this Act shall prevent contra t °- the any person or persons, bodies politic or corporate, from issuing post post bills' payable at 174 APPENDIX. s Geo. 3, c. bills, payable seven days after sight, in the same manner as they are 49- at present issued by the Bank of England. acting con- trary hereto forfeit 500/., s?gh", a And be it further enacted by the authority aforesaid, That all and excepted : every person or persons whatsoever', bodies politic or corporate, and and persons the legal administrators of such person or persons, bodies politic or corporate, who shall, after the said fifteenth day of May one thou- sand seven hundred and sixty-six, issue, or cause to be issued, any note, ticket, token, or other writing, for money, of the nature of a bank note, circulated, or to be circulated, as specie, contrary to the directions of this Act before mentioned, and to the true meaning and intent thereof, shall, for every such offence, forfeit and pay to the person or persons who shall inform and prosecute for the same, five with full hundred pounds sterling, with full costs of suit ; to be sued for and costs of suit. reC0V ered, by way of complaint, before the Court of Session, upon fifteen days' notice to the person or persons, bodies politic or cor- porate, complained of; which complaint the said Court of Session is hereby authorized and required summarily to determine, without abiding the course of any roll. ■X- * * * * And whereas a practice has of late prevailed in that part of the United Kingdom, of issuing and circulating notes as specie, of the nature of bank notes, for small sums less than twenty shillings law- ful money of Great Britain, whereby great inconveniences have arisen : for remedy whereof, be it further enacted by the authority aforesaid, That from and after the first day of June one thousand seven hundred and sixty-five, no note, accepted bill, post bill, ticket, token, or other writing, circulated, or which may be circulated, as specie, in the manner of a bank or banker's note, shall be issued, reissued, or given out, as specie, by any person or persons, bodies politic or corporate, their servants or agents, in that part of the United Kingdom, for any sum or sums of money less than twenty shillings lawful money of Great Britain ; any law, usage, or custom, to the contrary notwithstanding : and that the person or persons, bodies politic or corporate, their servants or agents, who shall, after the said first day of June, issue reissue, or give out, any note, accepted bill, post bill, ticket, token, or other writing aforesaid, for any sum less than twenty shillings, shall, for every such offence, forfeit and pay the sum of five hundred pounds sterling, with full costs of suit, to the person or persons who shall inform or prosecute for the same ; to be sued for and revovered by way of summary com- plaint, before the Court of Session ; to be proceeded in, in manner before directed. Provided always, That nothing herein contained shall be inter- pr* t'd in prevent the holders of all such notes, accepted bills, post Kills, tickets, tokens, or other writings aforesaid, for sums less than twenty shillings, from passing the same in payment until the first day of Jime one thousand seven hundred and sixty-six, or from demanding payment thereof from the person or persons, bodies politic or corporate, who issued the same, at any time. From and after 1 June, 1765, no note to be issued, and circulated as specie for a less sum than 20s. ster. , on forfeiture of 500/. with full costs of suit. Holders of notes not pre- vented y from the until 1 J/i/i, , or fro mantling if at any time. APPENDIX 175 [17 Geo. 3, c. 30.]* -\r • ■ _p r> J 7 Geo. 3' C- An Act for further restraining the Negotiation oj fro- 3 °- missory Notes and Inland Bills of Exchange, under a ~ limited sum, within that part of Great Britain railed England. i ^ Oco. i. re "Whereas by a certain Act of Parliament passed in the fifteenth ce ited. year of the reign of His present Majesty (intituled, An Act to restrain the negotiation of Promissory Notes and Inland Bills of Exchange under a limited sum, within that part of C4reat Britain called England), all negotiable promissory or other notes, bills of exchange, or draughts, or undertakings in writing, for any sum of money less than the sum of twenty shillings in the whole, and issued after trie twenty-fourth day of June one thousand seven hundred and seventy-five, were made void, and the publishing or uttering and negotiating of any such notes, bills, draughts, or under- takings, for a less sum than twenty shillings, or on which less than that sum should be due, was, by the said Act, restrained under certain penalties or forfeitures therein mentioned; and all such notes, bills of exchange, draughts, or undertakings in writing, as had issued before the said twenty-fourth day of June, were made payable upon demand, and were directed to be recovered in such manner as is therein also mentioned ; And whereas the said Act hath been attended with very salutary effects, and in case the pro- visions therein contained were extended to a further sum (but yet without prejudice to the convenience arising to the public from the negotiation of promissory notes and inland bills of exchange for the remittance of money in discharge of any balance of account or other debt), the good purposes of the said Act would be further advanced;" be it therefore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That all promissory or other ab i e n pf°mls- notes, bills of exchange, or draughts, or undertakings in writing, sory notes, being negotiable or transferable, for the payment of twenty shil- &c - > for =°*- lings, or any sum of money above that sum and less than five s /. sna ii pounds ; or on which twenty shillings, or above that sum, and less specify the than five pounds, shall remain undischarged, and which shall be "f Xe S per^' issued, within that part of Great Britain called England, at any sonstowhom time after the first day of January one thousand seven hundred and payable, seventy-eight, shall specify the names and places of abode of the persons respectively to whom, or to whose order, the same shall be made payable ; and shall bear date before or at the time of drawing or issuing thereof, and not on any day subsequent thereto ; and * Made perpetual by 27 Geo. 3, c. 16, but repealed by 26 & 27 Vict. c. 105 and by 39 & 40 Vict. e. 69, till Dec. 31, 1877. By 17 & 18 Vict c. 83, s. 9, the Act does not extend to drafts on bankers. 176 APPENDIX. 17 Geo. 3, c. shall be made payable within the space of twenty-one days next 3 °- after the day of the date thereof; and shall not be transferable or negotiable after the time thereby limited for payment thereof; and that every indorsement to be made thereon shall be made before the expiration of that time, and to bear date at or not before the time of making thereof; and shall specify the name and place of abode of the person or persons to whom, or to whose order, the money contained in every such note, bill, draught, or undertaking Signing of jg to be paid ; and that the signing of every such note, bill, draught, note^ai"* or undertaking, and also of every such indorsement, shall be attested indorsement by one subscribing witness at the least ; and which said notes, bills t0 be of exchange, or draughts, or undertakings in writing, may be made one witness. or drawn in words to the purport or effect as set out in the Schedule hereunto annexed, No. I. and II. : And that all promissory or other notes, bills of exchange, or draughts, or undertakings in writing, being negotiable or transferable, for the payment of twenty shil- lings, or any sum of money above that sum and less than five pounds ; or in which twenty shillings, or above that sum, and less than five pounds, shall remain undischarged, and which shall be issued, within that part of Great Britain called England, at any time after the said first day of January, one thousand seven hundred and seventy-eight, in any other manner than as aforesaid ; and also every indorsement on any such note, bill, draught, or undertaking, to be negotiated under this Act, other than as aforesaid, shall, and the same are hereby declared to be, absolutely void; any law, statute, usage, or custom to the contrary thereof in anywise not- withstanding. Penalty. H. And be it further enacted by the authority aforesaid, That the publishing, uttering, or negotiating, within that part of Great Britain called England, of any promissory or other note, bill of exchange, draught, or undertaking in writing, being negotiable or transferrable, for twenty shillings, or above that sum and less than five pounds, or on which twenty shillings, or above that sum and less than five pounds, shall remain undischarged, and issued or made in any other manner than notes, bills, draughts, or under- takings, hereby permitted to be published or negotiated as afore- said ; and also the negotiating of any of such last-mentioned notes, bills, draughts, or undertakings, after the time appointed for pay- ment thereof, or before that time in any other manner than as aforesaid, by any act, contrivance, or means whatsoever, from and after the said first day of January one thousand seven hundred and seventy- eight, shall be, and the same is hereby declared to be, prohibited or restrained, under the like penalties or forfeitures, and to be recovered and applied in like manner as by the said Act is directed, with respect to the uttering, or publishing, or negotiating of notes, bills of exchange, draughts, or undertakings in writing, fiii- any sum of money not less than the sum of twenty shillings, or on which less than that sum should be due. III. And be it further enacted by the authority aforesaid, That, from and immediately after the passing of this Act, all promissory n or other notes, bills of exchange, draughts, or undertakings in '! ;[, writing, for the payment of any greater sum of money than twenty shillings, ami less than the sum of five pounds, or on which twenty ArPENDIX. 177 shillings, and less than the sum of five pounds, shall remain un- 17 Geo. 3, discharged, and being negotiable or transferrable, as shall be issued c - 3° before the said first day of January one thousand seven hundred , n j~ and seventy-eight, shall be, and the same are hereby declared and 1, i 77 s, shall adjudged payable, within that part of Cheat Britain called England, be pay abl e on demand, any terms, restrictions, or conditions therein contained to the contrary thereof notwithstanding ; and shall be recoverable in such manner, or by the like means, as is or are directed in or by the said Act with respect to notes, bills of exchange, or draughts, or undertakings in writing therein mentioned to have issued previous to the said twenty-fourth day of June one thousand seven hundred and seventy-five ; and that all and every other the powers, pro- visoes, limitations, restrictions, penalties, clauses, matters and things whatsoever in the said former Act contained with respect thereto, and also with respect to all such notes, bills of exchange, draughts, or undertakings in writing, issued after the said twenty-fourth day of June one thousaud seven hundred and seventy-five, shall be, and the same are hereby declared to be in force, within that part of Great Britain called England, as to all notes, bills of exchange, or draughts, or undertakings in writing, for twenty shillings, or any greater sum and less than the sum of five pounds, or on which twenty shillings, or above that sum and less than five pounds, shall remain undischarged, issued after the said first day of January one thousand seven hundred and seventy-eight, and previous thereto respectively, and in like manner as if the same respectively had been the object of the said Act at the time of making thereof, save so far as the same or any of them are altered or varied by this present Act. IV. And be it further enacted by the authority aforesaid, That the Continuance said former, and also this present Act, shall continue in force, not f f r merAct only for the residue of the term of five years in the said former Act mentioned, and from thence to the end of the then next session of Parliament, but also for the further term of five years, and from thence to the end of the then next session of Parliament. SCHEDULE, No. I. [Place] [Day] [Month] [Year] Twenty-one days after date, I promise to pay to A, B. of [Place] or his order, the sum of for value received by Witness, E. F. C. D. And the Indorsement, toties quoties. [Day] [Month] [Year] Pay the contents to G. II. of [Place] or his order. Witness, J. K. A. B. No. II. [Place] [Day] [Month] [Year] Twenty-one days after date, pay to A, B. of [Place] or his order, the sum of value received, as advised by to E. F. of [Place] ( '. D. Witness, 6'. //. And the Indorsement, toties quoties. [Day] [Month] [Fear] Pav the contents to ./. K. of [ Place] or his order. Witness. L. M. A. II X 178 APPENDIX. [39 & 40 Geo. 3, c. 28.] 39&40G.3, An Act for establishing an Agreement with the Governor — ■ — ■ — and Company of the Bank of England, for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred. [28th March, 1800.] No other XV. And to prevent any doubts that may arise concerning the erected b" be P r i vi l e g" e or power given by former Acts of Parliament to the said Parliament governor and company of exclusive banking, and also in regard to during the fc ne erecting any other bank or banks by Parliament, or restraining ofthesaid 06 other persons from banking during the continuance of the said privilege ; privilege granted to the Governor and Company of the Bank of England as before recited ; it is hereby further enacted and declared, That it is the true intent and meaning of this Act that no other bank shall be erected, established, or allowed by Parliament ; and that it nor shall any shall not be lawful for any body politic or corporate whatsoever number of erected or to be erected, or for any other persons united or to be partnership united in covenants or partnership, exceeding the number of six exceeding persons, in that part of Great Britain called England, to borrow, allowed owe ' or t&ke U P au ^ sum or sums 0I " money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof, during the continuance of the said privilege to the said governor and company, who are hereby declared to be and remain a corporation, with the privilege of exclusive banking as Conditions of before recited, subject to redemption on the terms and conditions redemption. b e f ore mentioned ; (that is to say), on one year's notice to be given after the first day of Axigust one thousand eight hundred and thirty- three, and repayment of the said sum of three millions two hundred thousand pounds, and all arrears of the said one hundred thousand pounds per annum; and also upon repayment of the said sum of eight millions four hundred and eighty-six thousand and eight hun- dred pounds, and the interest or annuities payable thereon or in respect thereof, and all the principal and interest money that shall be owing on all such tallies, exchequer orders, exchequer bills, par- liamentary funds, or other government securities, which the said governor and company or their successors shall have remaining in their hands or he entitled to at the time of such notice to be given as aforesaid, and not otherwise ; anything in this Act or any former Act or Acts of Parliament to the contrary in anywise notwith- standing. APPENDIX. 179 [48 Geo. 3, c. 88.] * An Act to restrain the Negotiation of Promissory Notes **£&* and Inland Bills of Exchange, under a limited Sum, in England. [23rd June, 1808.] II. And be it further enacted, That all promissory or other notes, Promissory bills of exchange or drafts, or undertakings in writing, being nego- "°^ h ^ 2os tiable or transferable for the payment of any sum or sums of money, vo jd. or any orders, notes, or undertakings in writing, being negotiable or transferable for the delivery of any goods, specifying their value in money, less than the sum of twenty shillings in the whole, heretofore made or issued, or which shall hereafter be made or issued, shall from and after the first day of October one thousand eight hundred and eight, be and the same are hereby declared to be absolutely void and of no effect ; any law, statute, usage or custom, to the contrary thereof in anywise notwithstanding. III. And be it further enacted, That if any person or persons shall Persons after the first day of July one thousand eight hundred and eight, by uttering such any art, device, or means whatsoever, publish or utter any such bills for less notes, bills, drafts, or engagements as aforesaid, for a less sum than th an 20*. twenty shillings, or on which less than the sum of twenty shillings %?' "* ot ex ° r " shall be due, and which shall be in anywise negotiable or transfer- ceeding 20/. able, or shall negotiate or transfer the same, every such person shall n ° r less than forfeit and pay, for every such offence, any sum not exceeding twenty 5 pounds, nor less than five pounds, at the discretion of the justice of the peace who shall hear and determine such offence. IV. And be it further enacted, That it shall be lawful for any jus- justices em- tice or justices of the peace, acting for the county, riding, city oi'P oweredl ° place within which any offence against this Act shall be committed, determine to hear and determine the same in a summary way, at any time offences. within twenty days after such offence shall have been committed ; and such justice or justices, upon any information exhibited or com- plaint made upon oath in that behalf, shall summon the party accused, and also the witnesses on either side, and shall examine into the matter of fact, and upon due proof made thereof, either by the voluntary confession of the party or by the oath of one or more credible witness or witnesses, or otherwise (which oath such justice or justices is or are hereby authorized to administer), shall convict the offender, and adjudge the penalty for such offence. V. And be it further enacted, That if any person shall be sum- Penalty on moned as a witness to give evidence before such justice or justices, witnesses not either on the part of the prosecutor or the person accused, and shall a neglect or refuse to appear at the time or place to be for that pur- pose appointed without a reasonable excuse for such his neglect or * Ss. 1 and 11 repealed by 35 & 36 Vict. c. 97. The Act, except as to notes on demand, is repealed by 2b" & 27 Vict. c. 105, and 39 & In Vict. c. 69, till Dec. 31, 1877. The Act does not extend to drafts on bankers (23 & 24 Vict. c. Ill, s. 19). n2 180 APPENDIX. 4 8 Geo. 3, refusal, to be allowed by such justice or justices, then such person c - 88 - shall forfeit for every such offence, the sum of forty shillings, to be levied and paid in such manner and by such means as are directed for recovery of other penalties under this Act. VI. And be it further enacted, That the justice or justices before whom any offender shall be convicted as aforesaid, shall cause the said conviction to be made out, in the manner and form following ; (that is to say), Form of " Be it remembered, That on the day of conviction. iu the year of our Lord ^ B having appeared before me [or us] one [or more] of His Majesty's justices of the peace [as the case may be] for the county, riding, city or place [as the case may be], and due proof having been made upon oath by one or more credible witness or witnesses, or by confession of the party [as the case may be] is convicted of [specifying the offence]. Given under my hand and seal [or, our hands and seals] the day and year aforesaid." c .mictions Which conviction the said justice or justices shall cause to be re- to be re- turned to the then next general quarter sessions of the peace of the turned to the , ... ., P . 1 , ... L , , , quarter county, riding, city or place where such conviction was made, to be sessions. filed by the clerk of the peace, to remain and be kept among the records of such county, riding, city or place. Clerks of the VII. Provided always, and be it further enacted, That it shall be peace to give j aw f u i f or an y clerk of the peace for any county, riding, city or convictions place, and he is hereby required, upon application made to him by on payment an y person or persons for that purpose, to cause a copy or copies of any conviction or convictions tiled by him under the directions of this Act, to be forthwith delivered to such person or persons upon payment of one shilling for every such copy. How VIII. And be it further enacted, That the pecuniary penalties and penalties forfeitures hereby incurred and made payable upon any conviction levied'and against this Act, shall be forthwith paid by the person convicted, as applied. follows: One moiety of the forfeiture to the informer, and the other moiety to the poor of the parish or place where the offence shall be committed ; and in case such person shall refuse or neglect to pay the same, or to give sutlicieut security to the satisfaction of such justice or justices to prosecute any appeal against such conviction, such jusl ice or justices shall by warrant under his or their hand and seal or hands and seals, cause the same to be levied by distress and sale of the offender's goods and chattels, together with all costs and charges attending such distress and sale, returning the overplus (if any) to the owner; and which said warrant of distress the said justice or justices shall cause to be made out in the manner and form following ; (that is to say), Form of the To the constable, headborough, or tythingman of warrai t of __, , ., ,, . , » distn Where.i- I. /,. o\ in the county of is 1I1 day convicted before me [or, us] one [or more] of His Maji I ju Lice of the peace [as tlie case may be] for the APPENDIX. L81 county of [or, for the riding of the 48 Geo. 3, county of York, or for the town, liberty, or district of [as the case may be] upon the oath of or a credible witness or witnesses [or, by confession of the party, as the case may be] for that the said A. B. hath [here set forth the offence] contrary to the statute in that case made and provided, by reason whereof the said A. B. hath forfeited the sura of to be distributed as herein is mentioned, which he hath refused to pay : These are there- fore in His Majesty's name, to command you to levy the said sum of by distress of the goods and chattels of him the said A. B., and if within the space of five days next after such distress by you taken, the said sum, together with the reasonable charges of taking the same, shall not be paid, theu that you do sell the said goods and chattels so by you dis- trained, and out of the money arisiug by such sale, that you do pay one half of the said sum of to of who informed me [or, us, as the case shall be] of the said offence, and the other half of the said sum of to the overseer of the poor of the parish, township or place where the offence was committed, to be employed for the benefit of such poor, returning the overplus (if any) upon demand, to the said A. B., the reasonable charges of taking, keeping, and selling the said distress being first deducted ; and if sufficient distress cannot be found of the goods and chattels of the said A. B. whereon to levy the said sum of that then you certify the same to me [or, us, as the case shall be], together with this warrant. Given under my hand and seal [or, our hands and seals] the day of in the year of our Lord IX. And be it further enacted. That it shall be lawful for such Security may justice or justices to order such < ff'ender to be detained in safe custody a p P earance. until return may conveniently be had and made to such warrant of distress, unless the party so convicted shall give sufficient security, to the satisfaction of such justice or justices, for his appearance before the said justice or justices on such day as shall be appointed by the said justice or justices for the day of the return of the said warrant of distress (such day not exceeding five days from the taking of such security) : which security the said justice or justices is and are hereby empowered to take by way of recognizance or otherwise. X. And be it further enacted, That if upon such return no sutfi- Offenders cient distress can be had, then and in such case the said justice or m ?v becom- , ,, , ' ., , ,,. , ., J 1 muted tor. justices shall and may commit such offender to the common gaol or want f house of correction of the county, riding, division or place where the distress, offence shall be committed, for the space of three calendar months, unless the money forfeited shall be sooner paid, or unless or until such offender thinking him or herself aggrieved by such conviction, shall give notice to the informer that he or she intends to appeal to the justices of the peace at the next general quarter sessions of the peace to be holdeu for the county, riding, or place wherein the offence shall be committed, and shall euter into recognizance before some justice or justice.-;, with two sufficient sureties conditioned to try such appeal, and to abide the order of and pay such costs as shall 1S2 APPENDIX. 48 Geo. 3, be awarded by the justices at such quarter sessions (which notice of c - 88- appeal, being not less than eight days before the trial thereof, such person so aggrieved is hereby empowered to give) ; and the said justices at such sessions, upon due proof of such notice being given as aforesaid, and of the entering into such recognizance, shall hear and finally determine the causes and matters of such appeals in a summary way, and award such costs to the parties appealing or appealed against as they the said justices shall think proper ; and the determination of such quarter session shall be final, binding, and conclusive, to all intents and purposes. Convictions XII. Provided always, That no proceedings to be had, touching the not to be re- conv i c ti n or convictions of any offender or offenders against this Act, shall be quashed for want of form, or be removed by writ of certiorari or any other writ or process whatsoever, into any of His Majesty's courts of record at Westminster. General XIII. And be it further enacted, That if any action or suit shall be pleaded^ commenced against any person or persons for any thing done or acted in pursuance of this Act, then aud in every such case such action or suit shall be commenced or prosecuted within three calen- dar months after the fact committed, and not afterwards ; and the same and every such action or suit shall be brought within the county where the fact was committed, and not elsewhere ; and the defendant or defendants in every such action or suit shall and may plead the general issue, and give this Act and the special matter in evidence at any trial to be had thereupon, and that the same was done in pursuance and by the authority of this Act ; and if the same shall appear to have been so done, or if any such action or suit shall be brought after the time limited for bringing the same, or be brought or laid in any other place than as aforementioned, then the jury shall find for the defendant or defendants ; or if the plaintiff or plain- tiffs shall become nonsuit, or discontinue his, her, or their action after the defendant or defendants shall have appeared, or if upon demurrer judgment shall be given against the plaintiff or plaintiffs, the defendant or defendants shall and may recover treble costs, and have the like remedy for the recovery thereof as any defendant or defendants hath or have in any other cases by law. APPENDIX 18 3 ^[55 Geo. 3, c. 184] An Act for repealing the Stamp Duties on Deeds, Laiv ss Geo. 3 , Proceedings, and other written or printed Instruments, — . — . — and the Didies on Fire Insurances, and on Legacies and Successions to Personal Estate upon Intestacies, now payable in Great Britain; and for granting other Duties in lieu thereof. \l\th July, 1815.] XIV. And be it further enacted, That from and after the thirty- Promissory first day of August one thousand eight hundred and fifteen, it shall J°^'° be lawful for any banker or bankers, or other person or persons, demand, not who shall have made and issued any promissory notes for the pay- exceeding ment to the bearer on demand, of any sum of money not exceeding ^ sue d by C one hundred pounds each, duly stamped according to the directions the original of this Act, to reissue the same from time to time, after payment "j^ut thereof, as often as he, she, or they shall think fit, without being further liable to pay any further duty in respect thereof ; and that all pro- dut y- missory notes, so to be reissued as aforesaid, shall be good and valid, and as available in the law, to all intents and purposes, as they were upon the first issuing thereof. XXIII. And be it further enacted, That from and after the thirty- The Bank first day of August one thousand eight hundred and fifteen, it shall Banifof be lawful for the Governor and Company of the Bank of Scotland, Scotland, and the Royal Bank of Scotland, and the British Linen Company in **? d British Scotland respectively, to issue their promissory notes for the sums panyj m a™" of one pound, one guinea, two pounds, and two guineas, payable to issue small the bearer on demand, on unstamped paper, in the same manner as unstamped they were authorized to do by the aforesaid Act of the forty- eighth paper, year of His Majesty's reign ; they the said Governor and Company accounting of the Bank of Scotland, and the Royal Bank of Scotland, and British duties. Linen Company, respectively giving such security, and keeping and producing true accounts of all the notes so to be issued by them respectively, and accounting for and paying the several duties pay- able in respect of such notes, in such and the same manner, in all respects, as is and are prescribed and required by the said last- mentioned Act, with regard to the notes thereby allowed to be issued by them on unstamped paper, and also to reissue such promissory notes respectively, from time to time after the payment thereof, as often as they shall think fit. XXIV. And be it further enacted, That from and after the Reissuable tenth day of October one thousand eight hundred and fifteen, it shall "°| e t ^ be not be lawful for any banker or bankers, or other person or persons issued by (except the Governor and Company of the Bank of England), to b ^ kerso ' issue any promissory notes for money payable to the bearer on outalicence demand, hereby charged with a duty and allowed to be reissued as aforesaid, without taking out a licence yearly for that purpose ; 184 APPENDIX. 55 Geo. 3, Regulation respecting licences. No banker to take out more than four licences for any number of towns in Scotland. Several towns in England may be in- cluded in one licence, in certain cases. Persons applying for licence to deliver spei miens nob isMiin without in that behalf by the said commissioners, or the major part of them, which licence shall be granted by two or more of the said Commis- sioners of Stamps for the time being, or by some person authorized on payment of the duty charged thereon in the Schedule hereunto annexed ; and a separate and distinct licence shall be taken out, for or in respect of every town or place where any such promissory notes shall be issued by, or by any agent or agents for or on account of, anj T banker or bankers or other person or persons ; and every such licence shall specify the proper name or names and place or places of abode of the person or persons, or the proper name and description of any body corpoi'ate, to whom the same shall be granted, and also the name of the town or place where, and the name of the bank, as well as the partnership, or other name, style, or firm under which such notes are to be issued ; and where any such licence shall be granted to persons in partnership, the same shall specify and set forth the names and places of abode of all the persons concerned in the partnership, whether all their names shall appear on the pro- missory notes to be issued by them, or not ; and in default there- of such licence shall be absolutely void ; and every such licence which shall be granted between the tenth day of October and the eleventh day of November in any year, shall be dated on the eleventh day of October ; and every such licence, which shall be granted at any other time, shall be dated on the day on which the same shall be granted ; and every such licence respectively shall have effect and continue in force from the day of the date thereof until the tenth day of October following, both inclusive. XXV. Provided always, and be it further enacted, That no banker or bankers, person or persons, shall be obliged to take out more than four licences in all for any number of towns or places in Scot- land ; and in case any banker or bankers, person or persons shall issue such promissory notes as aforesaid, by themselves or their agents, at more than four different towns or places in Scotland, then after taking out three distinct licences for three of such towns or places, such banker or bankers, person or persons shall be entitled to have all the rest of such towns or places included in a fourth licence. XXVI. Provided also, and be it further enacted, That where any banker or bankers, person or persons applying for a licence under this Act, would under the said Act of the forty-eighth year of His Majesty's reign have been entitled to have two or more towns or places in England, included in one licence, if this Act had not been made, such banker or bankers, person or persons, shall have and be entitled to the like privilege under this Act. XXVII. And be it further enacted, That the banker or bankers, or other person or persons applying for any such licence as aforesaid, shall produce and leave with the proper officer, a specimen of the promissory notes proposed to be issued by him or them, to the intent that the licence may lie framed accordingly ; and if any banker or bankers, or other person or persons (except the said Governor and ( lompany of the Bank of England) shall issue or cause to be issued by any agent, any promissory note for money payable to the bearer on demand, hereby charged with a duty, and allowed to be reissued a aforesaid, without being licensed so to do in the manner aforesaid, APPENDIX. 185 or at any other town or place, or under any other name, style, or 55 Geo. 3, firm, than shall he specified in his or their licence, the banker nr c ' 4 " bankers, or other person or persons so offending, shall for every such offence forfeit the sum of one hundred pounds. XXVIII. And be it further enacted, That where any such licence Licences to as aforesaid shall be granted to any persons in partnership, the same forcc'i'i'.i "' shall continue in force for the issuing of promissory notes duly withstanding stamped, under the name, style, or firm therein specified, until the a ^rtntrshixs tenth day of October inclusive following the date thereof, notwith- standing any alteration in the partnership. SCHEDULE, Part I. LICENCE to be taken out yearly by any banker or bankers, or other person or persons who shall issue any promissory notes for money payable to V £30 the bearer on demand, and allowed to be re- issued 18G APPENDIX. [1 & 2 Geo. 4, c. 72.] i & 2 Geo. 4 , An Act to establish an Agreement with the Governor and c " 72 ' Company of the Bank of Ireland, for advancing the Sum of Five hundred thousand Pounds Irish Currency ; and to empower the said Governor and Company to enlarge the Capital Stock or Fund of the said Bank to Three Millions. [2nd July, 1821.] Persons in partnerships residing 50 miles from Dublin may borrow any sum of money on bills and notes pay- able on de- mand, with- out being liable to penalty. 21 & 22 G.3. (I.) VI. And be it further enacted, That from and after the passing of this Act, it shall and may be lawful for any number of persons in Ire- land, united or to be united in societies or partnerships, and residing and having their establishments or houses of business at any place not less than fifty miles distant from Dublin, to borrow, owe, or take up any sum or sums of money on their bills or notes payable on demand, and to make and issue such notes or bills accordingly, payable on demand, at any place in Ireland exceeding the distance of fifty miles from Dublin, all the individuals composing such societies or co- partnerships being liable and responsible for the due payment of such bills and notes; and such persons shall not be subject or liable to any penalty for the making or issuing such bills or notes ; any thing in an Act made in the Parliament of Ireland, holden in the twenty- first and twenty-second years of the reign of His late Majesty King George the Third, intituled An Act for establishing a bank by the name of the Governor and Company of the Bank of Ireland, t® the con- trary notwithstanding. No other VII. Provided always, and be it enacted, That no further or other be granted°to P ower > privilege, or authority shall, previous to the said first day of partnerships. January one thousand eight hundred and thirty-eight, nor until after payment to the said governor and company of all sum and sums of money which now are or hereafter shall or may become due to them from Government, be granted to any copartnership or society of persons whatsoever, contrary to the laws now in force for establish- ing and regulating the Bank of Ireland, save and except the power of enabling such societies and copartnerships as aforesaid, residing and carrying on their business not less than fifty miles from Dublin, to sue and lie sued in the name of a public officer, should Parliament hereafter think fit to grant such a power. APPENDIX. 187 [G Geo. 4, c. 42.] An Act for the better Regulation of Copartnerships of 6Geo. 4 , certain Bankers in Ireland. [\Qth June, 1825.] — ■ — — II. And whereas an Act was passed in the session of Parliament holden in the first and second year of His present Majesty's reign, intituled An Act to establish an Agreement with the Governor and i& 2 G. 4, c. Company of the Bank of Ireland, for advancing the Sum of Five hun- 72. aired thousand Pounds, Irish Currency, and to empower the said Governor and Company to increase the Capital Stock or Fund of the said Bank to Three Millions, and it is expedient that the said last-recited Act should be altered and amended, be it further enacted, That from Societies of and after the passing of this Act, it shall and may be lawful for any persons more number of persons, united or to be united in any society or copartner- number may ship in Ireland, consisting of more than six in number, and not be bankers in having the establishments or houses of business of such society or p ia C es fifty copartnership at any place or places less than fifty miles distant miles from from Dublin, to carry on the trade and business of bankers, in like Dublin, and manner as copartnerships of bankers, consisting of not more than six an d notes, in number, may lawfully do ; and to borrow, owe, or take up any evei r sum or sums of money on their bills or notes, payable on demand, b^mgre. or at any time after date, or after sight, and to make and issue such sponsible. notes or bills accordingly at any place in Ireland, exceeding the distance of fifty miles from Dublin all the individuals composing such societies or copai-tnerships being liable and responsible for the due payment of all such bills and notes, in manner hereinafter provided ; any thing contained in an Act made in the Parliament of Notwith- Ireland, in the twenty-first and twenty-second years of the reign sta " dln s of His late Majesty King George the Third, intituled An Act for es- c . 16 (i.)or' tablishiug a Bank, by the Name of the Governor and Company of the 1 & 2 G. 4, Bank of Ireland, or in the hereinbefore recited Act of the first and c ' 72 ' second years of His present Majesty's reign, or in any other Act or Acts, or any law, usage, or custom to the contrary in anywise notwithstanding. III. And be it further enacted, That it shall and may be lawful for Societies or any such society or copartnership, from time to time to have, employ, c°p artne «'- or appoint any agent or agents to do and transact, on behalf of any appoint such society or copartnership, all such business, matters, and things agents. as such society or copartnership may lawfully do, and as are not contrary to any Act or Acts now in force, and to the provisions of this Act. V. Provided always, and be it further enacted, That nothing Persons resi- contained in this Act or in any other Act or Acts shall extend or be B ritain G &c at construed to prevent any person or persons whatever, whether resi- maybe mem- dent in Gi-eat Britain or Ireland, from being or becoming a member bers of such or members of any such society or copartnership in Ireland as afore- ^Mp"" 6 ^ 188 APPENDIX. 6 Geo. 4 said, or from being or becoming a subscriber and contributor, or c - + 2 - subscribers and contributors, to the stock and capital of any such — society or copartnership ; and that any such society or copartnership which shall or may have been formed or begun to be formed under or by virtue of the provisions contained in the hereinbefore recited A cts of the first and second years and the fifth year of the reign of His present Majesty, and of which any person or persons shall be or shall become a member or members, or to which any such person or persons shall become a subscriber or subscribers or con- tributor or contributors as aforesaid, shall be or be deemed and taken, to all intents and purposes, to be a society or copartnership of persons united in Ireland, within the true intent and meaning of this Act ; any thing in this Act or in any other Act or Acts of Parliament, or any law, usuage, or custom to the contrary not- withstanding. Such bank- VI. And be it further enacted, That between the twenty-fifth day shfps^natr °f March in any year, and the twenty- fifth day of March following, deliver and an account or return shall be made out by the secretary or some tne'stamp 1 °ther officer of every such society or copartnership, and shall be Office in signed by such secretary or other officer, and shall be verified Dublin, an by the oath of such officer taken before any justice of the peace, the°name° of ( anc ^ which oath any justice of, the peace is hereby authorized and the firm, the empowered to administer), according to the form contained in the several pan- Scliedxilt; Number One to this Act annexed ; and in every such ners therein, in, oil n * and the account or return there shall be set forth the true name or firm of public such society or copartnership, and also the names and places of thereof. abode of all the partners concerned or engaged in such society or copartnership, as the same respectively appear on the books of such society or copartnership, and the firm and name of and every bank or banks established or to be established by such society or copart- nership, and also the names of two or more individuals of such society or partnership who shall be resident in Ireland, each and every of whom shall respectively be considered as a public officer of such society or copartnership, and the title of office or other description of every such individual respectively, in the name of any one of whom such society or copartnership shall sue and be sued, as hereinafter provided, and also the name of every town and place where any such bills or notes shall be issued by any such society or copartnership, or by any agent or agents of any such society or copartnership ; and every such account or return shall be produced at the Stamp Office in Dublin, and an entry and registry thereof shall be made in a book or books to be kept for that pur- pose at the said Stamp Office, by some person or persons to be appointed for that purpose by the Commissioners of Stamp Duties ; and if, after the passing of this Act, any such society or copartner- ship shall omit or neglect to deliver at the Stamp Office in Dublin such account and return as is by this Act required, such society or copartnership shall, for each and every week they shall so neglect to make BUCD account and return, forfeit the sum of five hundred pounds. Stamp off,. . y | j Ari d be it further enacted, That whenever any entry and re- gistry of the firm or name of any such society or copartnership shall be made at the Stamp Office, in manner aforesaid, at any time APPENDIX. 189 between the twenty-fifth day of March in any year, and the twenty- 6 Geo. 4, fifth day of March following, a certificate of such entry or registry c - * 2 - shall be granted by the said Commissioners of Stamps or by some person deputed and authorized by the said commissioners for that i n force to purpose, to the society or copartnership by or on whose behalf such 25th. Man h entry or registry shall be made, and such certificate shall be written ensuin S- on vellum, parchment, or paper, duly stamped with the stamp re- quired by law for certificates to be taken out yearly by any banker or bankers in Ireland ; and a separate and distinct certificate on a separate piece of vellum, parchment, or paper, with a separate and distinct stamp, shall be granted for and in respect of every town and place where any such bill or note shall be issued by any such society or copartnership, or by any agent or agents, for or on account of such society or copartnership ; and every such certifi- cate shall specify the proper firm, style, title, or name of such society or copartnership, under which such notes are to be issued, and also the name of the town or place, or the several towns or places where such notes are to be issued, and the Christian and surname and place of abode and title of office or other descrip- tion of the several individuals named respectively, as the public officers of such society or copartnership in the name of any one of' whom such society or copartnership shall sue and be sued ; and every certificate shall be dated on the day on which the same shall be granted, and shall have effect and continue in force from the day of the date thereof, until the twenty-fifth day of March following, both inclusive, and no longer, and shall be sufficient evidence of the appointment and authority of such public officers respec- tively. IX. Provided also, and be it enacted, That it shall and may be Account and lawful for the secretary or other officer of any such society or co- n e e w b ffic°rs partnership, as occasion may require, from time to time, in the year or members ending on the twenty-fifth day of March one thousaud eight hun- m f the course dred and twenty-six, and in any succeeding year, without obtaining mayYemade any further certificate for such year, and without payment of any without further stamp duty for such year, to make out upon oath, in manner certificate. hereinbefore directed, an account or return of the name or names of any new or additional public officer or public officers, and also the name or names of any person or persons who may have ceased to be members of such society or copartnership, and also the name or names of any person or persons who may have become a member or mem- bers of such society or copartnership, either in addition to or in the place or stead of any former member or members, in the form ex- pressed in the Schedule hereunto annexed, marked Number Two ; and such accounts or returns shall be from time to time produced and entered or registered at the Stamp Office in Dublin, in like manner as is hereinbefore required with respect to the original account or return to be made for any such year, in behalf of such society or copartnership. X. And be it further enacted, That all actions and suits, and also Societies or all petitions to found any sequestration, or any commission of bank- partnerships ruptcy, against any person or persons who may be at any time besuedln" indebted to any such society or copartnership, and all proceedings at the name of law or in equity under any sequestration or commission of bank- t ^K 1 er ^ ubhc 190 APPENDIX. 6 Geo. 4, ruptcy, and all other proceedings at law and in equity, to be com- c. 42. ' menced or instituted for or on behalf of any such society or copart- ' — nership, against any person or persons, bodies politic or corporate, or others, whereby members of such society or copartnership or otherwise, for recovering any debts or enforcing any claims or demands due to such society or copartnership, or for any other matter relating to the concerns of such society or copartnership, shall and lawfully may, from and after the passing of this Act, be com- menced or instituted and prosecuted in the name of any one of the public officers nominated as aforesaid for the time being of such society or copartnership, as the nominal plaintiff or petitioner for and on behalf of such society or copartnership : and that all actions or suits and proceedings at law or in equity, to be commenced or instituted by any person or persons, bodies politic or corporate, or others, whether members of such society or copartnership or other- wise, against such society or copartnership, shall and lawfully may be commenced, instituted, and prosecuted against any one of the public officers nominated as aforesaid for the time being of such society or copartnership, as the nominal defendant for and on behalf of such society or copartnership ; and that all indictments, informations, and prosecutions, by or on behalf of such society or copartnership, for any stealing or embezzlement of any money, goods, effects, bills, notes, securities, or other property of or belonging to such society or copartnership, or for any fraud, forgery, crime, or offence committed against or with intent to injure or defraud such society or copartnership, shall and lawfully may be had, preferred, and carried on in the name of any one of the public officers nominated as aforesaid for the time being of such society or copartnership ; and that in all indictments and informations to be had or preferred by or on behalf of such society or copartnership, against any person or persons whomsoever, notwithstanding such person or persons may happen to be a member or members of such society or copart- nership, it shall be lawful and sufficient to state the money, goods, effects, bills, notes, securities, or other property of such society or copartnership, to be the money, goods, effects, bills, notes, securities, or other property of any one of the public officers nominated as aforesaid for the time being of such society or copartnership ; and that any forgery, fraud, crime, or other offence committed against or with intent to injure or defraud such society or copartnership, shall and lawfully may in such indictment or indictments, notwithstand- ing as aforesaid, be laid or stated to have been committed against or with intent to injvfre or defraud any one of the public officers nomi- nated as aforesaid for the time being of such society or copartnership, and any offender or offenders may thereupon be lawfully convicted for any such forgery, fraiid, crime, or offence ; and that in all other allegations, indictments, informations or other proceedings of any kind whatsoever, in which it otherwise might or would have been necessary to state the names of the persons composing such society or copartnership, it shall and maybe lawful and sullicient to state the name of any one of the public officers nominated as aforesaid for the time being of such society or copartnership ; and the death, resignation, removal, or any act of such public officer shall not abate or prejudice any such action, suit, indictment, information, prosecution, or other proceeding commenced against or by or on behalf of such society or copartnership, but the same may be con- APPENDIX. 191 tinued, prosecuted, arid carried on in the name of any other of o Geo. 4, the public officers of such society or copartnership for the time c - 4 2 - being. XI. And be it further enacted, That no person or persons, or body Not more or bodies politic or corporate, having or claiming to have any ^"n for demand upon or against any such society or corporation, shall bring the recovery more than one action or suit in respect of such demand ; and the °[ a ^ n d e Ue ~ proceedings in any action or suit by or against any one of the public officers nominated as aforesaid for the time being of such society or copartnership, may be pleaded in bar of any other action or actions, suit or suits, for the same demand, by or against any other of the public officers of such society or copartner- ship. XII. And be it further enacted, That it shall and may be lawful Parties ob- for any person or persons obtaining a judgment in any of His ^e^m" g ' Majesty's courts of record in Dublin, against any such public officer Ireland may for the time being of any such society or copartnership ; and such au thonze the person or persons is and are hereby empowered, by wai*rant under men t of like hand and seal, reciting the effect of such judgment, to authorize any judgment in attorney or attorneys in Great Britain to appear for such public Britain, officer in an action of debt to be brought in any court of record in Great Britain against such public officer, at the suit of the person or persons obtaining such judgment in Ireland, and thereupon to confess judgment forthwith in such action for a sum equal to the sum for which judgment shall have been so obtained in Ireland, together with the costs of such proceeding ; and such judgment shall be thereupon entered up of record in the said court in Great Britain against such public officer, and shall have the like effect in Great Britain against the members of such society or copartnership as the original judgment so obtained in Ireland. XIII. And be it further enacted, That it shall and may be lawful And in like for any person or persons obtaining a judgment in any court of law (^""^t ?ar " in Great Britain against any such public officer for the time being of ing judg- any such society or copartnership in Ireland, and such person or ment in persons is and are hereby empowered, by warrant under hand and Britain may seal, reciting the effect of such judgment, to authorize any attorney proceed or attorneys in Ireland to ajjpear for such public officer in an action ir^n 1 m of debt, to be brought in any court of record in Ireland against such public officer, at the suit of the person or persons obtaining such judgment in Great Britain, for a sum equal to the sum for which judgment shall have been so obtained in Great Britain, together with the costs of such proceeding ; and such judgment shall be thereupon entered up of record in the said court in Ireland against such public officer, and shall have the same effect in Ireland against the members of- such society or copartnership as the original judg- ment so obtained in Great Britain. XIV. And be further enacted, That all and every decree or Decrees and decrees, order or orders, made or pronounced in any suit or proceed- °ourt S of fa ing in any court of equity, against any public officer of any such equity society or copartnership, shall have the like effect and operation a s ai , nst *<= J l r public officer 192 APPENDIX. 6 Geo. 4, c. 42. to take effect against the society or co- partnership. upon and against the property and funds of such society or copart- nership, and upon and against the persons and property of every member thereof, as if all the members of such society or copartner- ship were parties before the court to and in any such suit or pro- ceeding ; and it shall and may be lawful for any court in which such order or decree shall have been made, to cause such order and decree to be enforced against any, every, or any member of such society or copartnership, in like manner as if every member of such society or copartnership were parties before such court, to and in such suit or proceeding. shall be a party. 41 G. 3, and XV. And be it further enacted, That an Act passed in the forty- 5 G. 4, to £ rs t y ear f the reign of King George the Third, intituled An Act proceedings for the more speedy and effectual Recovery of Debts due to His Majesty, to which the JJis Heirs and Successors, in Right of the Crown of the United Kingdom P^ h ^°* cer of Great Britain and Ireland, and for the better Administration of justice within the same ; and also an Act passed in the fifth year of His present Majesty, intituled An Act to amend an Act of the Forty- first Year of the Reign of His late Majesty King George the Third, for the more speedy and effectual Recovery of Debts due to His Majesty, His Heirs and Successors, in Right of the Grown of the United Kingdom of Great Britain and Ireland, and for the better Administration of Justice within the same, shall extend to all suits, matters, and proceedings in any court of equity in England or Ireland, in which any public officer of such society or copartnership shall be a party, in like manner as if all the members of such society or copartnership were parties before the court in such suits, matters, and proceedings. Decrees, judgments, and orders to be regis- tered, and have effect in Scotland. XVI. And be it further enacted, That it shall and may be lawful for any person or persons obtaining any judgment in any court of law, or decree or order in any court of equity, against any public officer of any such society or copartnership, to produce an office copy of such judgment, decree or order, under the seal of the court in which judgment, decree, or order shall have been obtained, to one of the principal clerks in the Court of Session in Scotland, or his deputy, for registration there, and such judgment, decree, or order shall thereupon be registrable and registered there, in like manner as a bond executed according to the law of Scotland, with a clause of registration therein contained, and execution may and shall pass upon a decree to be interponed thereto, in like manner as execution passes upon a decree interponed to such bond, and shall have the like effect upon and against all and every or any of the members of such society or copartnership, as if such members had executed such bond. judgments XVII. And be it further enacted, That all and every judgment 11 '■ and judgments which shall at any time after the passing of this Act cr be had or recovered or entered up as aforesaid in any action, suit, or proceedings in law <>r equity against any public officer of any such society <«■ copartnership, shall have the like effect and operation upon and against the property of such society or copartnership, and upon ami againsl the property of every member thereof, as if such judgment or judgments had been recovered or obtained against such society . ship, such member or members shall be liable to indictment, inform- — ation, prosecution, or other proceeding, in the name of any one of the public officers nominated for the time being of such society or copartnership, for every such fraud, forgery, crime, or offence, and may thereupon be lawfully convicted, as if such person or persons had not been, or was or were not a member or members of such society or* copartnership ; any law, usuage, or custom to the con- trary notwithstanding. Act extended XXI. And be it further enacted, That this Act and the powers and to existing provisions herein contained shall extend and be at all times con- the'time ° r strued to extend to any society or copartnership for banking in being. Ireland, consisting of more than six perions in number, and to the members thereof for the time being, during the continuance of such society or copartnership, whether the same do or shall consist of all or some only of the persons who originally were, or at the time of the passing of this Act may have subscribed to, or may be members of any such society or copartnership, or of all or some only of those persons, together with some other persons, or entirely of some other persons, all of whom became or may become members of such society or copartnership, at any time after the original institution thereof, or subsequent to the passing of this Act. Members of XXII. And be it further enacted, That it shall and may be lawful societies or j or ar) y an( j ever y member of any and every such society or shipsmay copartnership, their respective executors, administrators, and as- transfer signs, to sell and transfer any share or shares, orportion or portions sucrftnfns- °f> or the entire stock or interest which any such member respec- fers shall be tively is or may be respectively entitled to or possessed of in such registered at soc i e ty or copartnership, and the property and funds thereof, subject Office; to such regulations and under such restrictions as may be required by the constitution of such society or copartnership ; and whenever any such sale and transfer shall be made, a return or account thereof, in the form set forth in the Schedule, marked Number Three, to this Act annexed, shall be made upon oath, in manner hereinbefore directed by the secretary or other officer of such society or co- partnership, and shall be from time to time produced, entered, and registered at the Stamp Office in Dublin, in the book containing the then last register of such society or copartnership ; and the person or persons to whom such transfer shall be made shall be and stand, in all respects and to all intents and purposes, in the place but not to and stead of the person or persons making such transfer : Provided affect their always, that nothing herein contained shall be deemed, taken, or whilemero- ''"nsti'ued to discharge or release any member or members making bers. any such transfer as aforesaid, of or from the being liable to or responsible for the due payment of the bills, notes, and other en- ments of such society or copartnership, existing at the time of the entry or register of such transfer, or of or from any action, suit, judgment, or execution in respect of the same, ac- cording t<> Hie provisions of this Act : Provided always, that no mil transfer as aforesaid shall take place without the consent of the directors for the time being of any such society or copartnership ; APPENDIX. 195 nor shall any transfer be valid unless signed by one or more 6 Geo. 4, of such directors, as the court of directors for the time being c - * 2 - of such society or copartnership may from time to time determine, in testimony of the court of directors having consented to such transfer. XXIII. And be it further enacted, That if any cashier or clerk of Clerks of any banker or bankers, or of any society or copartnership or be^ifng em ~ bankers, or of any merchant or merchants, or of any officer or money, &c, officers intrusted with the receipt or custody of public money felon y- in Ireland, shall without the consent of such banker or bankers, or society or copartnership, or merchant or merchants, or officer or officers, embezzle or take away money, cash, notes, or securities for money to the value of fifty pounds sterling belonging to such banker or bankers, or society or copartnership, or merchant or merchants, or intrusted to the care of such officer or officers with an intent to defraud such banker or bankers, or society or copartnership, or merchant or merchants, or officer or officers, such cashier or clerk shall, upon conviction thereof, be adjudged to be guilty of felony, and shall be transported for life or for any term of years as the court before whom such offender shall be convicted shall think fit to order and adjudge ; and every person who shall receive such money, notes, or securities for money, from such cashier or clerk, knowing them to be so taken away with intent to defraud such banker or bankers, or society or co- partnership, or merchant or merchants, or officer or officers, shall be likewise adjudged to be guilty of felony, and shall be trans- ported for life, or for any term of years as the court before whom such ofiender shall be convicted shall think fit to order and ad- judge. XXIV. And be it further enacted, That every penalty, forfeiture, Recovery of and sum of money to be forfeited under this Aot, by reason of any penalties, omission or neglect of any of the regulations hereinbefore enacted, may be sued for and recovered in any of His Majesty's courts of record at Dublin by any person, by action of debt, bill, plaint, or information, provided such action be commenced within twelve calendar months next after such offence committed, in which action there shall not be any essoign, or wager of law, nor more than one imparlance allowed ; and all sums to be recovered shall be applied, one moiety thereof to the use of the person who shall sue for the same, and the other moiety to the use of His Majesty, his heirs and successors. XXV. And be it declared and enacted, That so much of an Act Irish Act made in the Parliament of Ireland in the nineteenth and twentieth * 9 C *? years of the reign of His late Majesty King George the Third, inti- declared not tuled An Act to explain an Act, intituled 'AnActto prevent Frauds. |° ex tend - t0 committed by Bankrupts,' whereby it is enacted, that all mercantile companies or partnerships shall set forth in their several invoices, bills of pai'cels, promissory notes, and custom-house entries, the names of the several individuals of which such partnership or com- pany doth consist, doth not aud shall not be construed to extend to any society or copartnership of bankers in Ireland ; any custom or usage to the contrary in anywise notwithstanding. o2 196 APPENDIX. 6 Geo. 4, XXVI. Provided always and be it enacted, That nothing in this c - 42- Act contained shall be construed to prevent any such society or " copartnership from doing any act, matter, or thing which, but for to affect n ° the express provision of this Act, they would by law be entitled matters to do. otherwise legaL SCHEDULE, No. 2. Return or Account, to be entered at the Stamp Office in Dublin, on behalf of [name the society or copartnership], in pursuance of an Act passed in the sixth year of the reign of King George the Fourth, intituled [insert the title of this Act], viz. Names of any and every new or additional public officer of the said society or copartnership, viz. A. B. in the room of C. D. deceased or removed, [as the case may be] , [set forth every name]. Names of any' and every person who may have ceased to be a mem- ber of such society or copartnership, viz. [set forth every name]. Names of any and every person who may have become a new member of such society or copartnership [set forth every name]. A. B. of [Secretary or other officer] of the above-named society or copartnership, maketh oath and saith, That the above doth contain the name and place of abode of any and every person who hath become or been appointed a public officer of the above society or copartnership, and also the name and place of abode of any and every person who hath ceased to be a member of the said society or copartnership, and of any and every person who hath become a member of the said society or copartnership since the registry of the said society or copartnership on the day of last, as the same respectively appear on the books of the said society or copartnership, and to the best of the information, knowledge, and belief of this deponent. Sworn, &c. 7 Geo. 4 c. 6. Penalty 20/. ■ ID i iiin^', bi 1 .1. 5th April, 1829, any notes under s/. payable on demand, except nil li as are [7 Geo. to limit, and after a c. 0.] certain Period to pro- An Act hibit, the issuing of Promissory Notes under a limited Sum in England. [22nd March, 1826.] III. And be it further enacted, That if any body politic or cor- porate, or any person or persons, shall from and after the passing of this Act, and before the fifth day of April one thousand eight hundred and twenty -nine, make, sign, issue, or reissue in England any promis- sory note payable on demand to the bearer thereof, for any sum of money less than the sum of live pounds, except such promissory note or form of note as aforesaid, of any banker or bankers, or banking companies, or person or persons duly licensed in that behalf, which APPENDIX. 197 shall have been duly stamped before the fifth day of February one 7 Geo. 4, thousand eight hundred and twenty-six ; and except such promissory c - 6 - note of the Governor and Company of the Bank of England as shall a i lowed b have been or shall be made out aud bear date before the said tenth this Act ; day of October one thousand eight hundred and twenty-six ; or if any . . body politic or corporate, or person or persons, shall, after the said any note fifth day of April one thousand eight hundred and twenty-nine, whatever on make, sign, issue, or reissue in England any promissory note in [^^ m ''/ writing, payable on demand to the bearer thereof, for any sum of after 5th money less than five pounds, then and in either of such cases every A P n, » l82 9- such body politic or corporate, or person or persons, so making, signing, issuing, or reissuing any such promissory note as aforesaid, except as aforesaid, shall for every such note so made, signed, issued, or reissued, forfeit the sum of twenty pounds. IV. And be it further enacted, That if any body politic or corpo- Penalty 20/. rate, or person or persons, in England, shall, from and after the ? n utt n enn g> passing of this Act, publish, utter, or negotiate any promissory or notes pay- other note (not being a note payable to bearer on demand, as is able t0 hereinbefore mentioned), or any bill of exchange, draft, or under- of exchange S taking in writing, being negotiable or transferable for the payment under 5/. of twenty shillings, or above that sum and less than five pounds, or ( no <- payable on which twenty shillings, or above that sum, and less than five otherwise pounds, shall remain undischarged, made, drawn, or indorsed in any than accord- other manner than as is directed by the said Act passed in the defections of seventeenth year of the reign of His late Majesty ; every such body 17 G. 3, c. politic or corporate, or person or persons, so publishing, uttering, or 3 ° - negotiating any such promissory or other note (not being such note payable to bearer on demand as aforesaid), bill of exchange, draft, or undertaking in writing as aforesaid, shall forfeit and pay the sum cf twenty pounds. V. And be it further enacted, That the penalties, which shall or Penalties may be incurred under any of the provisions of this Act, and which ma >' b V c " are in lieu of the penalties imposed by the said Act of the seventeenth under the year of His late Majesty, may be sued for, recovered, levied, mitigated, Stamp Acts. and applied in such and the same manner as any other penalties imposed by any of the laws now in force relating to the duties under the management of the Commissioners of Stamps. VI. And be it further enacted, That the Governor and Company Bank of of the Bank of England shall and they are hereby required, from 5£§^Sj- ver time to time, from and after the passing of this Act, on the fifteenth to Treasury, day of each month in each and every year- preceding the fifth of monthly April one thousand eight hundred and twenty-nine (or if such days theirnotes or any of them, shall happen on a Sunday, then on the sixteenth day under 5/. in of any such month respectively), to cause a true and perfect account ^rineeach in writing to betaken and attested by the proper officer, of the total week of number of notes of the said governor and company, under the value every such of five pounds, which shall have been issued during each and every mont week of the preceding month, ending on the Saturday next preceding such days respectively, from Monday until Saturday in each and every week, both inclusive, distinguishing the respective denominations and values of such notes, and also stating the total amount actually in circulation at the close of business on every such Saturday, and 198 APPENDIX. 7 Geo. 4, c. 6. Such Ac- counts to be published in the 'Gazette, and laid before Parliament, if sitting. shall cause such account to he transmitted and delivered within three days after such fifteenth day of each and every such Saturday, and shall cause such account to be transmitted and delivered within three days after such fifteenth day of each and every such month as afore- said, to one of the secretaries of the Commissioners of His Majesty's Treasury, who shall and they are hereby required to cause the same to be published forthwith in the London Gazette, and shall also, and are hereby required to cause a copy of such account to be laid before both Houses of Parliament at each and every of the periods above mentioned, if Parliament shall at such times be sitting, or otherwise, within ten days after the next meeting of Parliament. Commission- VII. And be it further enacted, That from and after the passing shaU f not mpS °f ^ G * s ^- c *' * ne Commissioners of Stamps shall not be empowered to stamp notes provide any stamp or stamps for expressing or denoting the duty or under $i. duties payable in England upon any promissory note for the payment demand. " to the bearer on demand of any sum of money less than the sum of five pounds ; nor shall it be lawful for the said commissioners, or any of their officers, to stamp any promissory note, or the form of any promissory note, for the payment to the bearer on demand of any sum of money less than five pounds. indemnity. VIII. And whereas the said Commissioners of Stamps did, in pur- suance of directions in that behalf from the Commissioners of His Majesty's Treasury of the United Kingdom of Great Britain and Ireland, on the third day of February last past, order their officers not to stamp any more promissory notes for circulation in England of less value than five pounds ; and it is expedient that the said Com- missioners of the Treasury and the Commissioners of Stamps, and all persons acting under their authority in that behalf, should be in- demnified for having so respectively acted without the authority of Parliament ; be it therefore enacted, That the said Commissioners of His Majesty's Treasury, and the said Commissioners of Stamps respec- tively, and all persons who shall by their order, in pursuance of the said directions, have refused to stamp any such notes, or to do any matter or thing relating thereto, shall be and are and is hereby saved harmless, indemnified, and discharged in respect thereof, as well against the King's Majesty, his heirs and successors, as against all and every other persons and person ; and that all suits and proceed- ings whatsoever touching or concerning any matter discharged by this Act, shall be and the same are hereby made void and of no effect, to all intents and purposes ; any law, statute, or usage to the con- trary notwithstanding. ^■"dw IX - Provided always, and be it further enacted, That nothing orders drawn herein contained shall extend to any draft or order drawn by any person or persons on his, her, or their banker or bankers, or on any pcrsun or persons acting as such banker or bankers, for the payment of money held by such banker or bankers, person or persons, to the use of the person or persons by whom such draft or order shall be drawn. Note under x. And be it further enacted, That every promissory note payable , to bearer on demand, for any sum ofmoney under the sum of twenty pounds, which Bhall be made and issued after the fifth day of April where issued. one thousand ,. ;„•],{ hundred and twenty-nine, shall be made payable by any per- son on his banker. APPENDIX. 199 at the bank or place where the same shall be so made and issued as 7 Geo. 4, aforesaid : Provided always, that nothing herein contained shall ' extend to prevent any such promissory note from being made payable at several places, if one of such places shall be the bank or place where the same shall be so issued as aforesaid. [7 Geo. 4, c. 46.] 4, C. 46. An Act for the better regulating Copartnerships of certain 7 ^ e 4 ° Bankers in England ; and for amending so much of an Act of the Thirty-ninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled An Act for establishing an agreement with the Governor and Company of the Bank of England, for advancing the sum of three millions towards the supply for the service of the year one thousand eight hundred, as relates to the same. [26//i May, 1826.] Whereas an Act was passed in the thirty-ninth and fortieth years 39 & 40 Geo. of the reign of His late Majesty King George the Third, intituled 3. c. 28. An Act for establishing cm agreement with the Governor and Company of the Bank of England, for advancing the sum of three millions to- wards the supply for the service of the year one thousand eight hundred : And whereas it was, to prevent doubts as to the privilege of the said governor and company, enacted and declared in the said recited Act, that no other bank should be erected, established, or allowed by Parliament ; and that it should not be lawful for any body politic or corporate whatsoever, erected or to be erected, or for any other persons united or to be united in covenants or partnership, exceed- ing the number of six persons, in that part of Great Britain called England, to borrow, owe, or take up any sum or sums of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof, during the continuance of the said privilege to the said governor and company, who were thereby declared to be and remain a corporation, with the privilege of exclu- sive banking, as before recited ; but subject nevertheless to redemp- tion on the terms and conditions in the said Act specified: And whereas the Governor and Company of the Bank of England have consented to relinquish so much of their exclusive privilege as pro- hibits any body politic or corporate, or any number of persons ex- ceeding six, in England, acting in copartnership, from borrowing, owing, or taking up any sum or sums of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof ; provided that such body politic or corporate, or persons united in covenants or partnerships, exceeding the num- ber of six persons in each copartnership, shall have the whole of their banking establishments and carry on their business as bankers at any place or places in England exceeding the distance of sixty- 200 APPENDIX. 7 Geo. 4, c. 46. Copartner- ships of more than six in number may carry on business as bankers in England, 65 miles from London, pro- vided they have no establish- ment as bankers in London, and that every member shall be liable for the payment of all bills, &c. This Act not to authorize copartner- ships to issue, within the limits mentioned, any bills payable on demand ; nor to draw bills upon any partner, &c, so ree- fer less than 5o(. ; five miles from London, and that all the individuals composing such corporations or copartnerships, carrying on such business, shall be liable to and responsible for the due payment of all bills and notes issued by such corporations or copartnerships respectively : Be it therefore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Com- mons, in this present Parliament issembled, and by the authority of the same, That from and after the passing of this Act it shall and may be lawful for any bodies politic or corporate erected for the purposes of banking, or for any number of persons united in cove- nants or copartnership, although such persons so united or carrying on business together shall consist of more than six in number, to carry on the trade or business of bankers in England, in like manner as copartnerships of bankers consisting of not more than six persons in number may lawfully do ; and for such bodies politic or corporate, or such persons so united as aforesaid, to make and issue their bills or notes at any place or places in England exceeding the distance of sixty-five miles from London, payable on demand, or otherwise at some place or places specified upon such bills or notes, exceeding the distance of sixty-five miles from London, and not elsewhere, and to borrow, owe, or take up any sum or sums of money on their bills or notes so made and issued at any such place or places as aforesaid : Provided always, that such corporations or persons carrying on such trade or business of bankers in copartnership shall not have any house of business or establishment as bankers in London, or at auy place or places not exceeding the distance of sixty-five miles from London ; and that every member of any such corporation or copart- nership shall be liable to and responsible for the due payment of all bills and notes which shall be issued, and for all sums of money which shall be borrowed, owed, or taken up by the corporation or copartnership of which such person shall be a member, such person being a member at the period of the date of the bills or notes, or be- coming or being a member before or at the time of the bills or notes being payable, or being such member at the time of the borrowing, owing, or taking up of any sum or sums of money upon any bills or notes by the corporation or copartnership, or while any sum of money on any bills or notes is owing or unpaid, or at the time, the same became due from the corporation or copartnership ; any agreement, covenant, or contract to the contrary notwithstanding. II. Provided always, and be it further enacted, That nothing in this Act contained shall extend or be construed to extend to enable or authorize any such corporation, or copartnership exceeding the number of six persons, so carrying on the trade or business of bankers as aforesaid, either by any member of or person belonging to any such corporation or copartnership, or by any agent or agents, or auy other person or persons on behalf of any such corpo- ration or copartnership, to issue or reissue in London, or at any place or places not exceeding the distance of sixty-five miles from London, any bill or note of such corporation or copartnership, which shall be payable to bearer or demand, or any bank post bill ; nor to draw upon any partner or agent, or other person or persons who may be resident in l.mnlon, m- at any place or places not exceeding 1 lie distance of sixty-five miles from London, any bill of exchange which shall be payable on demand, or which shall be for a less APPENDIX. 201 amount than fifty pounds : Provided also, that it shall be lawful, 7 Geo 4> notwithstanding any thing herein or in the said recited Act con- c - 4<3, tained, for any such corporation or copartnership to draw any bill of exchange for any sum of money amounting to the sum of fifty pounds or upwards, payable either in London or elsewhere, at any period after date or after sight. III. Provided also, and be it further enacted, That nothing in this ^^J™ Act contained shall extend or be construed to extend to enable or take up or authorize any such corporation, or copartnership exceeding the j^^f number of six persons, so canning on the trade or business of contrary to bankers in England as aforesaid, or any member, agent or agents the provi- of any such corporation or copartnership, to borrow, owe, or take ^° n t s e ^ ^ up in London, or at any place or places not exceeding the distance except as of sixty-five miles from London, any sum or sums of money on any her ^ ed bill or promissory note of any such corporation or copartnership pay- pr01 able on demand, or at any less time than six months from the borrowing thereof, nor to make or issue any bill or bills of exchange or promissory note or notes of such corporation or copartnership con- trary to the provisions of the said recited Act of the thirty-ninth and fortieth year of King George the Third, save as provided by this Act in that behalf : Provided also, that nothing herein contained shall extend or be construed to extend to prevent any such corpora- tion or copartnership, by any agent or person authorized by them, from discounting in London,ov elsewhere, any bill or bills of exchange not drawn by or upon such corporation or copartnership, or by or upon any person on their behalf. IV. And be it further enacted, That before any such corporation, Such copart- or copartnership exceeding the number of six persons, in England, "haii"before shall begin to issue any bills or notes, or borrow, owe, or take up issuing any any money, on their bills or notes, an account or return shall be d eifve/at'the made out. according to the form contained in the Schedule marked stamp Office (A.) to this Act annexed, wherein shall be set forth the true names, in London title, or firm of such intended or existing corporation or copartner- coinaining ship, and also the names and places of abode of all the members of the name such corporation, or of all the partners concerned or engaged in such ^ f c the firm > copartnership, as the same respectively shall appear on the books of such corporation or copartnership, and the name or firm of every bank or banks established or to be established by such corporation or copartnership, and also the names and places of abode of two or more persons, being members of such corporation or copartnership, and being resident in England, who shall have been appointed public officers of such corporation or copartnership, together with the title of office or other description of every such public officer respectively, in the name of any one of whom such corporation shall sue and be sued as hereinafter provided, and also the name of every town and place where any of the bills or notes of such corporation or copartner- ship shall be issued by any such corporation, or by their agent or agents ; and every such amount or return shall be delivered to the Commissioners of Stamps, at the Stamp Office in London, who shall cause the same to be filed and kept in the said Stamp Office, and an entry and registry thereof to be made in a book or books to be there kept for that purpose by some person or persons to be appointed by the said commissioners in that behalf, and which book or books any 202 APPENDIX, 7 Geo. 4, person or persons shall from time to time have liberty to search and c - 46- inspect on payment of the sum of one shilling for every search. Account to V. And be it further enacted, That such account or return shall b C secreta ^e mac ^ e ou ^ ^y * ne secretary or other person, being one of the public officers appointed as aforesaid, and shall be verified by the oath of such secretary or other public officer, taken before any justice of the peace, and which oath any justice of the peace is hereby authorized and empowered to administer ; and that such account or return shall, between the twenty-eighth day of February and the twenty-fifth day of March in every year afternsuch corporation or copartnership shall be formed, be in like manner delivered by such secretary or other public officer as aforesaid, to the Commissioners of Stamps, to be filed and kept in the manner and for the purposes as hereinbefore mentioned. Certified VI. And be it further enacted, That a copy of any such account copies of or return so filed or kept and registered at the Stamp Office, as by evidence°of e this Act is directed, and which copy shall be certified to be a true the appoint- copy under the hand or hands of one or more of the Commissioners m< br ° f ffi- e °f Stamps for the time being, upon proof made that such certificate cers, &c. has been signed with the handwriting of the person or persons making the same, and whom it shall not be necessary to prove to be a commissioner or commissioners, shall in all proceedings, civil or criminal, and in all cases whatsoever, be received in evidence as proof of the appointment and authority of the public officers named in such account or return, and also of the fact that all persons named therein as members of such corporation or copartnership were mem- bers thereof at the date of such account or return. Commission- VII. And be it further enacted, That the said Commissioners of ers of stamps Stamps for the time being shall and they are hereby required, ujjon fied copies ' application made to them by any person or persons requiring a copy of affidavits, certified according to this Act, of any such account or return as of io^ yment a f° resa id, m order that the same may be produced in evidence or for any other purpose, to deliver to the person or persons so applying for the same such certified copy, he, she, or they paying for the same the sum of ten shillings and no more. Account of VIII. Provided also, and be it further enacted, That the secretai-y now officers or other officer of every such corporation or copartnership shall and in Uie'course ne i s hereby required, from time to time, as often as occasion shall of any year render it necessary, make out upon oath, in manner hereinbefore to be made, directed, and cause to be delivered to the Commissioners of Stamps as aforesaid, a further account or return according to the form con- tained in the Schedule marked (B.) to this Act annexed, of the name or names of any person or persons who shall have been nominated or appointed a new or additional public officer or public officers of sucli corporation or copartnership, and also of the name or names of any person or persons who shall have ceased to be members of such corporation or copartnership, and also of the name or names of any person or prisons who shall have become a member or members of such corporation or copartnership, either in addition to or iu the place or stead of any former member or members thereof, and of the name or names of any new or additional town or towns, place or APPENDIX. 203 places, where such bills or notes are or are intended to be issued, 7 Geo. 4, and where the same are to be made payable ; and such further c - 46. accounts or returns shall from time to time be tiled and kept, and — entered and registered at the Stamp Office in London, in like manner as is hereinbefore required with respect to the original or annual account or return hereinbefore directed to be made. IX. And be it further enacted, That all actions and suits, and also Copartner- all petitions to found any commission of bankruptcy against any ships shall person or persons, who may be at any time indebted to any such suedTn the copartnership carrying on business under the provisions of this Act, name of their and all proceedings at law or in equity under any commission of P" bllc bankruptcy, and all other proceedings at law or in equity to be com- menced or instituted for or on behalf of any such copartnership against any person or persons, bodies politic or corporate, or others, whether members of such copartnership or otherwise, for recovering any debts or enforcing any claims or demands due to such copartner- ship, or for any other matter, relating to the concerns of such copartnership, shall and lawfully may, from and after the passing of this Act, be commenced or instituted and prosecuted in the name of any one of the public officers nominated as aforesaid for the time being of such copartnership, as the nominal plaintiff or petitioner for and on behalf of such copartnership; and that all actions or suits, and proceedings at law or in equity, to be commenced or in- stituted by any person or persons, bodies politic or corporate, or others, whether members of such copartnership or otherwise, against such copartnership, shall and lawfully may be commenced, instituted, and prosecuted against any one or more of the public officers nomi- nated as aforesaid for the time being of such copartnership, as the nominal defendant for and on behalf of such copartnership ; and that all indictments, informations, and prosecutions by or on behalf of such copartnership, for any stealing or embezzlement of any money, goods, effects, bills, notes, securities, or other property of or belong- ing to such copartnership, or for any fraud, forgery, crime, or offence committed against or with intent to injure or defraud such copart- nership, shall and lawfully may be had, preferred, and carried on in the name of any one of the public officers nominated as aforesaid for the time being of such copartnership ; and that in all indictments and informations to be had or preferred by or on behalf of such copartnership against any person or persons whomsoever, notwith- standing such person or persons may happen to be a member or members of such copartnership, it shall be lawful and sufficient to state the money, goods, effects, bills, notes, securities, or other pro- perty of such copartnership, to be the money, goods, effects, bills, notes, securities, or other property of any one of the public officers nominated as aforesaid for the time being of such copartnership ; and that any forgery, fraud, crime, or other offence committed against or with intent to injure or defraud any such copartnership, shall and lawfully may in such indictment or indictments, notwithstanding as aforesaid, be laid or stated to have been committed against or with intent to injure or defraud any one of the public officers nominated as aforesaid for the time being of such copartnership ; and any offender or offenders may thereupon be lawfully convicted for any such forgery, fraud, crime, or offence ; and that in all other allega- tions, indictments, informations, or other proceedings of any kind 204) APPENDIX. 7 Geo. 4, whatsoever, in which it otherwise might or would have been neces- c - 46. sary to state the names of the persons composing such copartnership, ~ it shall and may be lawful and sufficient to state the name of any one of the public officers nominated as aforesaid for the time being of such copartnership ; and the death, resignation, removal, or any act of such public officer, shall not abate or prejudice any such action, suit, indictment, information, prosecution, or other proceeding commenced against or by or on behalf of such copartnership, but the same may be continued, prosecuted, and carried on in the name of any other of the public officers of such copartnership for the time being. Not more X. And be it further enacted, That no person or persons, or body actionfor the or bodies politic or corporate, having or claiming to have any demand recovery of upon or against any such corporation or copartnership, shall bring one demand. m ore than one action or suit, in case the merits shall have been tried in such action or suit, in respect of such demand ; and the proceed- ings in any action or suit, by or against any one of the public officers nominated as aforesaid for the time being of any such copartnership, may be pleaded in bar of any other action or actions, suit or suits, for the same demand, by or against any other of the public officers of such copartnership. Decrees of XI. And be it further enacted, That all and every decree or a court of decrees, order or orders, made or pronounced in any suit or proceed - against the ings in any court of equity against any public officer of any such public officer copartnership carrying on business under the provisions of this Act, a° afnst the ' SUa ^ nave the like effect and operation upon and against the pro- copartner- perty and funds of such copartnership, and upon and against the ship. persons and property of every or any member or members thereof, as if every or any such members of such copartnership were parties members before the court to and in any such suit or proceeding ; and that it shall and may be lawful for any court in which such order or decree shall have been made, to cause such order and decree to be enforced against every or any member of such copartnership, in like manner as if every member of such copartnership were parties before such court to and in such suit or proceeding, and although all such members are not before the court. Judgments XII. And be it further enacted, That all and every judgment and against such judgments, decree or decrees, which shall at any time after the pass- shailoperate ing of this Act be had or recovered or entered up as aforesaid, in against the any action, suit, or proceedings in law or equity against any public copartner- officer of any such copartnership, shall have the like effect and opera- tion upon and against the property of such copartnership, and upon and against the property of every such member thereof as aforesaid, as if such judgment or judgments had been recovered or obtaiued against such copartnership; and that the bankruptcy, insolvency, or Slopping payment of any such public officer for the time being of such copartnership, in his individual character or capacity, shall not be nor be construed to be the bankruptcy, insolvency, or stopping payment of such copartnership ; and that such copartnership and every member thereof, and the capital stuck and effects of such co- partnership, and the effects of every member of such copartnership, shall in all cases, notwithstanding the bankruptcy, insolvency, or APPENDIX. 205 stopping payment of any such public officer, be attached and attach- 7 Geo. 4 , able, and be in all respects liable to the lawful claims and demands c - 4 6 - of the creditor and creditors of such copartnership, or of any member or members thereof, as if no such bankruptcy, insolvency, or stopping payment of such public officer of such copartnership had happened or taken place. XIII. And be it further enacted, That execution upon any judg- Execution ment in any action obtained against any public officer for the time ^1°" ^aybe being of any such corporation or copartnership carrying on the issued business of banking under the provisions of this Act, whether as again b S g r an f y plaintiff or defendant, may be issued against any member or members the copart- for the time being of such corporation or copartnership ; and that nership. in case any such execution against any member or members for the time being of any such corporation or copartnership shall be ineffec- tual for obtaining payment and satisfaction of the amount of such judgment, it shall be lawful for the party or parties so having obtained judgment against such public officer for the time being, to issue execution against any person or persons who was or were a member or members of such corporation or copartnership at the time when the contract or contracts or engagement or engagements in which such judgment may have been obtained was or were entered into, or became a member at any time before such con- tracts or engagements were executed, or was a member at the time of the judgment obtained : Provided always, that no such execution as last mentioned shall be issued without leave first granted, on motion in open court, by the court in which such judg- ment shall have been obtained, and when motiou shall be made on notice to the person or persons sought to be charged, nor after the expiration of three years next after any such person or persons shall have ceased to be a member or members of such corporation or copartnership. XIV. Provided always, and be it further enacted, That every such Officer, &c, public officer in whose name any such suit or action shall have ! n j uch ?* ses f . iijriij indemnified. been commenced, prosecuted, or defended, and every person or persons against whom execution upon any judgment obtained or entered up as aforesaid in any such action shall be issued as afore- said, shall always be reimbursed and fully indemnified for all loss, damages, costs, and charges, without deduction, which any such officer or person may have incurred by reason of such execution, out of the funds of such copartnership, or in failure thereof, by contribution from the other members of such copartnership, as in the ordinary cases of copartnership. XV. And to prevent any doubts that might arise whether the Governor said governor and company, under and by virtue of their charter, accompany and the several Acts of I'arliament which have been made and f England passed in relation to the affairs of the said governor and company, may em- can lawfully carry on the trade or business of banking, otherwise f° ^" T y g ^ ts than under the immediate order, management, and direction of the banking court of directors of the said governor and company ; be it there- busim jss at fore enacted, That it shall and may be lawful for the said governor England? '" and company to authorize and empower any committee or com- mittees, agent or agents, to carry on the trade and business of bank- 206 APPENDIX. 4 6. 7 Geo. 4 ing, for and on behalf of the said governor and company, at any place or places in that part of the United Kingdom called England, and for that purpose to invest such committee or committees, agent or agents, with such powers of management and superintendence, and such authority to appoint cashiers and other officers and servants as may be necessary or convenient for carrying on such trade and business as aforesaid ; and for the same purpose to issue to such committee or committees, agent or agents, cashier or cashiers, or other officer or officers, servant or servants, cash, bills of exchange, bank post bills, bank notes, promissory notes, and other securities for payment of money : Provided alwayR, that all such acts of the said governor and company shall be done and exercised in such manner as may be appointed by any bye-laws, constitutions, orders, rules, and directions from time to time hereafter to be made by the general court of the said governor and company in that behalf, such bye-laws not being repugnant to the laws of that part of the United Kingdom called England ; and in all cases where such bye-laws, constitutions, orders, rules, or directions of the said general court shall be wanting, in such manner as the governor, deputy governor, and directors, or the major part of them assembled, whereof the said governor or deputy governor is always to be one, shall or may direct, such directions not being repugnant to the laws of that part of the United Kingdom called England ; any thing in the said charter or Acts of Parliament, or other law, usage, matter, or thing to the contrary thereof notwithstanding : Provided always, that in any place where the trade and business of banking shall be carried on for and on behalf of the said Governor and Company of the Bank of England, any promissory note issued on their account in such place shall be made payable in coin in such place as well as in London. Copartner- ships may issue un- stamped notes, en giving bond, XVI. And be it further enacted, That if any corporation or co- partnership carrying on the trade or business of bankers under the authority of this Act, shall be desirous of issuing and reissuing notes in the nature of bank notes, payable to the bearer on demand, without the same being stamped as by law is required, it shall be lawful for them so to do on giving security by bond to His Majesty, his heirs and successors, in which bond two of the directors, members, or partners of such corporation or copartnership shall be the obligors, together with the cashier or cashiers, or accountant or accountants employed by such corporation or copartnership, as the said Commissioners of Stamps shall require ; and such bonds shall be taken in such reasonable sums as the duties may amount unto during the period of one year, with condition to deliver to the said Commissioners of Stamps, within fourteen days after the filth day of Jomitary, the fifth day of April, the fifth day of Jul//, and the tenth day of October in every year, whilst the present stamp duties shall remain in force, a just and true account, verified upon the oaths or affirmations of two directors, members, or partners of such corporation or copartnership, and of the said cashier or cashiers, accountant or accountants, or such of them as the said Commis- sioners of Stamps shall require, such oaths or affirmations to be takes before any justice of the peace, and which oaths or affirmations any justice of the peace is hereby authorized and empowered to administer, of the amount or value of all their promissory notes in APPENDIX. 207 circulation on some given day in every week, for the space of one 7 Geo. 4, quarter of a year prior to the quarter day immediately preceding c - * 6 - the delivery of such account, together with the average amount or value thereof according to such account ; and also to pay or cause to be paid into the hands of the receivers general of stamp duties in Great Britain, as a composition for the duties which would otherwise have been payable for such promissory notes issued within the space of one year, the sum of seven shillings for every one hundred pounds, and also for the fractional part of one hundred pounds of the said average amount or value of such notes in circulation, according to the true intent and meaning of this Act ; and on due performance thereof such bond shall be void ; and it shall be lawful for the said commissioners to fix the time or times of making such payment, and to specify the same in the condition to every such bond ; and every such bond may be required to be renewed from time to time, at the discretion of the said commis- sioners or the major part of them, and as often as the same shall be forfeited, or the party or parties to the same, or any of them, shall die, become bankrupt or insolvent, or reside in parts beyond the seas. XVII. Provided always, and be it further enacted, That no such No corpora- corporation or copartnership shall be obliged to take out more than iej n t o°uke " four licences for the issiung of any promissory notes for money out more payable to the bearer on demand, allowed by law to be reissued in [. han four all for any number of towns or places in England ; and in case any such corporation or copartnership shall issue such promissory notes as aforesaid, by themselves or their agents, at more than four different towns or places in England, then after taking out three distinct licences for three of such towns or places, such corporation or copartnership shall be entitled to have all the rest of such towns or places included in a fourth licence. XVIII. And be it further enacted, That if any such corporation Penalty on or copartnership exceeding the number of six persons in England, 9°P artner " shall begin to issue any bills or notes, or to borrow, owe, or take up i ng to send any money on their bills or notes, without having caused such returns, 500?. account or return as aforesaid to be made out and delivered in the manner and form directed by this Act, or shall neglect or omit to cause such account or return to be renewed yearly and every year, between the days or times hereinbefore appointed for that purpose, such corporation or copartnership so offending shall, for each and every week they shall so neglect to make such account and return, forfeit the sum of five hundred pounds ; and if any secretary or Penalties for other officer of such corporation or copartnership shall make out or J."'*^? false sign any false account or return, or any account or return which shall not truly set forth all the several particulars by this Act required to be contained or inserted in such account or return, the corpora- tion or copartnership to which such secretary or other officer so offending shall belong shall for every such offence forfeit the sum of five hundred pounds, and the said secretary or other officer so offending shall also for every such offence forfeit the sum of one hundred pounds ; and if any such secretary or other officer making out or signing any such account or return as aforesaid, shall know- ingly and wilfully make a false oath of or concerning any of the 208 APPENDIX. 7 Geo. 4, c. 46. False oath perjury. Penalty on copartner- ship for issuing bills payable on demand ; or drawing bills of ex- change pay- able on de- mand, or for less than 50/. ; or borrowing money on bills, except as herein provided. matters to be therein specified and set forth, every such secretary or other officer so offending, and being thereof lawfully convicted, shall be subject and liable to such pains and penalties as by any law now in force persons convicted of wilful and corrupt perjury are subject and liable to. XIX. And be it further enacted, That if any such corporation or copartnership exceeding the number of six persons, so carrying on the trade or business of bankers as aforesaid, shall, either by any member of or person belonging to any such corporation or copart- nership, or by any agent or agents, or any other person or persons on behalf of any such corporation or copartnership, issue or reissue in London, or at any place or places not exceeding the distance of sixty-five miles from London, any bill or note of such corporation or copartnership which shall be payable on demand ; or shall draw upon any partner or agent, or other person or persons who may be resident in London, or at any place or places not exceeding the dis- tance of sixty-five miles from London, any bill of exchange which shall be payable on demand, or which shall be for a less amount than fifty pounds ; or if any such corporation or copartnership, exceeding the number of six persons, so carrying on the trade or business of bankers in England as aforesaid, or any member, agent or agents of any such corporation or copartnership, shall borrow, owe, or take up in London, or at any place or places not exceeding the distance of sixty-five miles from London, any sum or sums of money on any bill or promissory note of any such corporation or copartnership payable on demand, or at any less time than six months from the borrowing thereof, or shall make or issue any bill or bills of exchange or promissory note or notes of such corporation or copartnership contrary to the provisions of the said recited Act of the thirty-ninth and fortieth years of King George the Third, save as provided by this Act, such corporation or copartnership so offend- ing, or on whose account or behalf any such offence as aforesaid shall be committed, shall for every such offence forfeit the sum of fifty pounds. the ri°hSr XX * Provided also > and be it; further enacted, That nothing in this Bank of Eng- Act contained shall extend or be construed to extend to prejudice, land, except alter, or affect any of the rights, powers, or privileges of the said specially Governor and Company of the Bank of England ; except as the said altered. exclusive privilege of the said governor and company is by this Act specially altered and varied. ahercd ay be XXII. And be it further enacted, That this Act may be altered, amended, or repealed by any Act or Acts to be passed in this present session of Parliament. SCHEDULE (B). Return or account to be entered at the Stamp Office in Loudon, on behalf of [name the corporation or copartner- s/tip] in pursuance of an Act passed in the seventh year of the reign of King Oeorge the Fourth, intituled [insert the title of this Act\ viz. APPENDIX. 209 Names of any and every new or additional public officer of the said 7 ' corporation or copartnership ; viz. c ' 4J ' A. B. in the room of ('. D. deceased or removed [as the case m ty be] [set forth every name]. Names of any and ever}' person who may have ceased to be a member of such corporation or copartnership ; viz. [set forth every name]. Names of any and every person who may have become a new member of such corporation or copartnership [set forth every name]. Names of any additional towns or places where bills or notes are to be issued, and where the same are to be made payable. A. B. of secretary [or other o/ficer] of the above named corporation or copartnership, maketh oath and saith, That the above doth contain the name and place of abode of any and every person who hath become or been appointed a public officer of the above corporation or copartnership, and also the name and place of abode of an}' and every person who hath ceased to be a member of the said corporation or copartner- ship, and of any and every person who hath become a mem- ber of the said copartnership since the registry of the said corporation or copartnership on the day of last, as the same respectively appear on the books of the said corporation or copartnership, and to the best of the infor- mation, knowledge, and belief of this deponent. Sworn before me, the day of at in the county of C. D. justice of the peace in and for the said county. [7 Geo. 4.c. 67.] An Act to regulate the Mode in which certain Societies or 7 Geo. 4 , Copartnerships for Banking in Scotland may sue and — ■ — '- — be sued. [26th May, 1826.] Whereas the practice has prevailed in Scotland of instituting societies possessing joint stocks, the shares of which are either con- ditionally or unconditionally transferable, for the purpose of carrying on the business of banking ; and it is expedient that every such society or copartnership should be enabled to sue and be sued in the name of its manager, cashier, or other principal officer ; be it there- .fore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Com- mons, in this present Parliament assembled, and by the authority of the same, That it shall and may be lawful for every such joint stock Banking- co- society or copartnership, already established or that may hereafter partnerships lie established in Scotland for the purposes of banking, to sue and llL^jf^!,, be sued in the name oi the manager, cashier, or other principal be bued in 210 APPENDIX. 7 Geo. 4, c. 67. the name of their ma- nager, &c. Such so- cieties shall yearly deli- ver, at the Stamp Office in Edin- burgh, an ac- count, con- taining the name of the firm, &c. officer of such seciety or copartnership, provided that such joint stock society or copartnership shall observe the regulations pre- scribed by this Act. II. And he it further enacted, That every such joint stock society or copartnership already formed shall, between the twenty-fifth day May and the twenty-fifth day of July in this and each succeeding year, and every such joint stock society or copartnership hereafter to he formed, shall, before such joint stock society or copartnership shall begin to carry on business, and thereafter in each succeeding year, between the said twenty-fifth day of May and the twenty-fifth day of July, cause an account or return to be made out according to the form contained in the schedule marked A to this Act annexed, wherein shall he set forth the true names, title, or firm of such in- tended or existing society or copartnership, and also the names and places of abode of all the members of such society, or of all the partners concerneel or engaged in such copartnership, as the same respectively shall appear on the books of such society or copartner- ship, and the name or firm of every bank or banks established or to be established by such society or copartnership, and also the name and place of abode of the manager, cashier, or other principal officer, in the name of whom such society or copartnership shall sue and 1, as hereinafter provided, and also the name of every town and place where any of the bills or notes of such society or copartner- ship shall be issued by any such society or copartnership, or by their agent or agents ; and every such account or return shall be delivered to the head collector of stamp duties at the Stamp Office in Edin- burgh, who shall cause the same to be filed and kept in the Stamp Office there, and an entry and registry thereof to be made in a book or books to be there kept for that purpose, and which book or books any person or persons shall from time to time have liberty to search and inspect, on payment of the sum of one shilling for every search. Accounts to be verili :d on oath. III. And be it further enacted, That such account or return shall be made out by the officer named as aforesaid, and shall be verified by 1h" oath of such officer taken before any justice of the peace, and which oath any justice of the peace is hereby authorized and em- ed to administer, and that such account or return shall, between the twenty-fifth day of May and the twenty-fifth day of July in every year, be in like manner delivered by such officer as aforesaid to the said collector, to be filed and kept in the manner and for the purpose as hereinbefore mentioned. Certified I '. i- IV. And be it further enacted, That a copy of any such account or return, bo filed or kept and registered at the Stamp Office, as by directed, and which copy shall be certified to be a true under the hand of the said collector, or of the comptroller of the stamp duties at Edinburgh, shall in all proceedings, civil or 1 in :iil cases whatsoever, be received in evidence as proof of the appointment and authority of the officer named in .such ■ : 1 - return, and al 10 oi the fai I thai all personsnamed therein of . in -h society or copartnership were members thereof .-it the dati of such 1 ouni or ret urn, APPENDIX. 211 V. And be it further enacted, That the said collector or comptrollor 7 Gen. 4 . for the time being shall, and he is hereby required, upon application c - 6 7- made to him by any person or persons requiring a copy certified ~. '. according to this Act, of any such accounl or return aa aforesaid, in sionersof order that the same may be produced inevi lenc s, or for any other Stamp to purpose, to deliver to the person or persons so applying for the same copies'©? 6 ' ' sucli certified copy, he, she, or they paying for the same the sum of affii ten shillings and no more. VI. Provided also, and be it further enacted, That the manager Account of m other officer of every such society or copartnership shall, and he new officers is hereby required from time to time, as often as occas3ion shall •£ ^"course render it necessary, make out upon oath, in manner hereinbefore of any year directed, and cause to be delivered to the said collector as aforesaid, t0 bc made - a further account or return according to the form contained in the schedule marked (B) to this Act annexed, of the name of any person who shall have been nominated or appointed a new or additional officer of such society or copartnership, in whose name the same shall sue and be sued, and also of the name or names of any person or persons who shall have ceased to be members of such society or copartnership, and also of the name or names of person or persons who shall have become a member or members of such society or copartnership, either in addition to or in the place or stead of any former member or members thereof, and of the name or names of any new or additional town or towns, place or places, where such bills or notes are or are intended to be issued, and where the same are to be made payable ; and such furthur accounts or returns shall from time to time be filed and kept, and entered and registered at the Stamp Office in Edinburgh in like manner as is hereinbefore required with respect to the original or annual account or return herein- before directed to be made. VII. And be it further enacted, That all actions and suits and Copartner- also all petitions to found any sequestration in Scotland, or commis- s] " ps shi }" sion of bankruptcy in England, against any person or persons who sued in the may be at any time indebted to any such copartnership carrying on name of their business under the provisions of this Act, and all proceedings at offlcer - law or in equity under any sequestration or commission of bank- ruptcy, and all other proceedings at law or in equity to be com- menced or instituted for or on behelf of any such copartnership, against any person or persons, bodies politic or corporate, or others, whether members of such copartnership or otherwise, for recovering any debts or enforcing any claims or demands due to such copart- nership, or for any other matter relating to the concerns of such copartnership, shall and lawfully may, from and after the passing of this Act, be commenced or instituted and prosecuted in the name of the officer named as aforesaid for the time being of such copart- nership, as the nominal pursurer, plaintiff, or petitioner, for and on behalf of such copartnership, and that all actions or suits, and pro- ceedings at law or in equity, to be commenced or instituted by any person or persons, bodies politic or corporate, or others, whether members of such copartnership or otherwise, against such copart- nership, shall and lawfully may be commenced, instituted, and pro- secuted against the officer named as aforesaid for the time being of such copartnership, as the nominal defender or defendant for and on p 2 212 APPENDIX. 7 Geo. 4, behalf of such copartnership ; and that all indictments, informations, c - 6 7- and prosecutions by or on behalf of such copartnership, for any stealing or embezzlement of any money, goods, effects, bills, notes, securities, or other property of or belonging to such copartnership, or for any fraud, forgery, crime, or offence committed against or with intent to injure or defraud such copartnership, may he had, pre- ferred, and carried on in the name of the officer named as aforesaid for the time beiug of such copartnership ; and that in all indictments and informations to be had or preferred by or on behalf of such co- partnership against any person or persons whomsoever, it shall be lawful and sufficient to state the money, goods, effects, bills, notes, securities, or other property of such copartnership to be the money, goods, effects, bills, notes, securities, or other property of the officer named as aforesaid, for the time being, of such copartnership ; and that any forgery, fraud, crime, or other offence committed against or with intent to injure or defraud any such copartnership, shall and lawfully may in such indictment or indictments, notwithstanding as aforesaid, be laid or stated to have been committed against or with intend to injure or defraud the officer named as aforesaid, for the time being, of such copartnership ; and any offender or offenders may thereupon be lawfully convicted for any such forgery, fraud, crime, or offence ; and that in all other allegations, indictments, in- formations, or other proceedings of any kind whatsoever, in which it otherwise might or would have been necessary to state the names of the persons composing such copartnership, it shall and may be lawful and sufficient to state the name of the officer named as afore- said, for the time being, of such copartnership ; and the death, re- signation, removal, or any act of such officer shall not abate or pre- judice any such action, suit, indictment, information, prosecution, or other proceeding commenced against, or by or on behalf of such co- partnership, but the same maybe continued, prosecuted, and carried on in the name of any other manager, cashier, or other principal officer of such copartnership for the time being. than "one 6 VIII. And be it further enacted, That no person or persons, or action for body or bodies politic or corporate, having or claiming to have any the recovery demand upon or against any such society or copartnership, shall ni.in'if ' bring more than one action or suit, in case the merits shall have been tried in such action or suit, in respect of such demand ; and the proceedings in any action or suit by or against the officer named as aforesaid for the time being, of any such copartnership, may be pleaded in bar of any other action or actions, suit or suits, for the same demand, by or against such copartnership. Decrees of a ix. And be it further enacted, That all and every decree or de- cquity crees, order of orders, interlocutor or interlocutors, made or pro- against the nounced in any suit or proceeding in any court of law or equity uik'^effcct against the officer named as aforesaid of any such copartnership against the carrying on business under the provisions of this Act, shall have the 'i'n' ; " Ultl " hke effect and operation upon and against the property and funds of such coparl aership, and upon and against the persons and property ni' c\ i tv or any member or members thereof, as if every or any such mi ml i "i '8 of such copartnership were parlies before the court to and in any Buch suit or proceeding; and such order, interlocutor, and decree shall be enforced against every or any member of such co- APPENDIX. 2 1 3 partnership, in like manner as if every such member of such co- 7 Geo. 4, partnership was a party before such court to and in such suit or pro- c - 6 ?- ceeding. X. And be it further enacted, That all and every judgm >l and Judgments judgments, decree or decrees, in any action, suit or proceedings in officer shall law or equity against the officer named as aforesaid of any such operate copartnership, shall have the like effect and operation upon and a f a ^ ne t jjf against the property of such copartnership, and upon and against the ship. property of every such member thereof as aforesaid, as if such judg- ment or judgments had been recovered or obtained against such copartnership ; and that the bankruptcy, insolvency, or stopping payment of such officer for the time being of such copartnership, in his individual character or capacity, shall not be nor be construed to be the bankruptcy, insolvency, or stopping payment of such copart- nership ; and that such copartnership and every member thereof, and the capital stock and effects of such copartnership, and the effects of every member of such copartnership, shall in all cases, notwith- standing the bankruptcy, insolvency, or stopping payment of any such officer, be attached and attachable, and be in all respects liable to the lawful claims and demands of the creditor and creditors of such copartnership, or of any member or members thereof, as if no such bankruptcy, insolvency, or stopping payment of such officer had happened or taken place. XI. Provided always, and be it further enacted, That such officer Officer, &c. in whose name any such suit or action shall have been commenced, -"^"mnifiecf 5 prosecuted, or defended, and every person or persons against whom execution upon any judgment obtained or entered up as aforesaid in any such action shall be issued as aforesaid, shall always be reim- bursed and fully indemnified for all loss, damages, costs, and charges which such officer or person may have incurred by reason of such execution, out of the funds of such copartnership, or in failure thereof, from the funds of the other members of such copartnership, as in the ordinary cases of copartnership. XIII. Provided always, and be it further enacted, That no such Limiting the society or copartnership shall be obliged to take out more than four n umber of licences for the issuing of any promissory notes for money payable be taken out to the bearer on demand, allowed by law to be reissued, in all, for for branches. any number of towns or places in Scotland; and in case any such society or copartnership shall issue such promissoiy notes as afore- said, by themselves or their agents, at more than four different towns or places in Scotland, then after taking out three distinct licences for three of such towns or places, such society or copartnership shall be entitled to have all the rest of such towns or places included in a fourth licence. XIV. And be it further enacted, That if any such society or co- Penalty on partnership, carrying on the business of bankers under the authority shipnegiect- of this Act, shall issue any bills or notes, or to borrow or owe or take ing to send up auy money on their bills or notes, without having caused such re ^'"Jf; account or return as aforesaid to be made out and delivered in the making 1 manner and form directed by this Act, or shall neglect or omit to returns, cause such account or return to be renewed yearly and every year 214 APPENDIX. 7 Geo. 4, c. 67. between the days or times hereinbefore appointed for that purpose, such society or copartnership so otfendiug shall, for each and every week they shall so neglect to make such account and return forfeit the sum of live hundred pounds ; aud if any officer of such society or copartnership shall make out or sign any false account or return, or any account or return which shall not truly set forth all the several particulars by this Act required to be contained or inserted in such account or return, the society or copartnership to which such officer so offending shall belong, shall for every such offence forfeit the sum of five hundred pounds, and the said officer so offending shall also for every such offence forfeit the sum of one hundred pounds ; and if any such officer making out or signing any such account or return as aforesaid, shall knowingly and wilfully make a false oath of or concerning any of the matters to be therein specified and set forth, every such officer so offending, and being thereof law- fully convicted, shall be subject and liable to such pains and penalties as by any law now in force persons convicted of wilful and corrupt perjury are subject and liable to. XV. And be it further enacted, That all pecuniary penalties and forfeitures imposed by this Act shall and may be sued for and re- covered in Ilis Majesty's Court of Exchequer at Edinburgh, in the same manner as penalties incurred under any Act or Acts relating to stamp duties may be sued for and recovered in such court. Act may be XVI. And be it further enacted, That this Act may be altered, altered this amended, or repealed by any Act or Acts to be passed in this present session. • n t» l* j session 01 Parliament. Penalties, how to be recovered. SCHEDULE (B). Return or Account to be entered at the Stamp Office in Edin- burgh, on behalf of [name the society or copartnership], in pursuance of an Act passed in the seventh year of the reign of King George the Fourth, intituled [insert the title of this Act] ; vidt licet, Name of any new or additional officer of the said society or copart- nership in whose name the same shall sue and be sued ; videlicet, A. B. in the room of G. £>. deceased or removed [as the case may be]. Names of any and every person who may have ceased to be a member of such society or copartnership ; videlicet [set forth I Vt /','/ III! Ill' |. Names of any and every person who may have become a new mem- ber of such society or copartnership [set forth every name]. Names of any additional towns or places where bills or notes are to be issued, and where the same are to be made payable. A. J!, of manager [or other officer] of the above- named society or copartnership, niaketh oath and saith, That the above dotli contain Hie name and place of abode of any per "ii who hath become or been appointed an officer of the above society or copartnership, in whose name the same may sue and lie sued, and also the name and place of abode of any and every person who hath ceased to be a member of the APPENDIX. 21i said society or copartnership, and of any and every person 7 Geo. 4, who hath become a member of the said copartnership, since c - 6 7- the registry of the said society or copartnership on the day of last, as the same respective lv appear on the books of the said society or copartnership, and to the best of the information, knowledge, and belief of this deponent. Sworn before me, the day of at in the county of C. D. justice of the peace in and for the said county. [9 Geo. 4, c. 23.] An Act to enable Bankers in England to issue certain 9 Geo. 4, unstamped Promissory Notes and Bills of Exchange, c " 23 ' upon Payment of a Composition in Ilea of the Stamp Duties thereon. [19th June, 1828. Whereas it is expedient to permit all persons carrying on the business of bankers in England (except within the city of London, or within three miles thereof), to issue their promissory notes pay- able to bearer on demand, or to order within a limited period after sight, and to draw bills of exchange payable to order on demand, or within a limited period after sight or date, on unstamped paper, upon payment of a composition in lieu of the stamp duties which would otherwise be payable upon such notes and bills respectively, and subject to the regulations hereinafter mentioned ; be it therefore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That from and after the first day of July one thousand eight hundred Certain and twenty-eight, it shall be lawful for any person or persons carry- ban ing on the business of a banker or bankers in England (except ™^'™^;i within the city of London, or within three miles thereof;, having first prom duly obtained a licence for that purpose, and given security by bond in manner hereinafter mentioned, to issue, on unstamped paper, exchange, promissory notes for any sum of money amounting to five pounds subject to the or upwards, expressed to be payable to the bearer on demand, or 1^"'^°"*. to order at any period not exceeding seven days after sight ; and tioned. also to draw and issue, on unstamped paper, bills of exchange, ex- pressed to be payable to order on demand, or at any period not exceeding seven days after sight, or twenty-one days after the date thereof ; provided such bills of exchange be drawn upon a person or persons carrying on the business of a banker or bankers in L Westminster, or the borough of Southw trh, or provided such bills of exchange be drawn by any banker or bankers, at a town or pi where he or they shall be duly licensed to issue unstamped notes and bills under the authority of this Act, upon himself or themselves, or 21G APPENDIX. 9 Geo. 4, his or their copartner or copartners, payable at any other town or c - 2 3- place where such banker or bankers shall also be duly licensed to issue such notes and bills as aforesaid. Commis- H- -And be it enacted, That it shall be lawful for any two or sioners of more of the Commissioners of Stamps, to grant to all persons carrying ^mpsmay on ^ ie j 3Usmes s of bankers in England (except as aforesaid), who shall require the same, licences authorizing such persons to issue such promissory notes, and to draw and issue such bills of exchange as aforesaid, on unstamped paper ; which said licences shall be and are hereby respectively charged with a stamp duty of thirty pounds for every such licence. grant licences to issue un- stamped nottfs and bills. A separate licence to be taken for every place where such notes or bills shall be issued, but not to exceed four licences for any number of such places. III. And be it further enacted, That a separate licence shall be taken out in respect of every town or place where any such unstamped promissory notes or bills of exchange as aforesaid shall be issued or drawn : Provided always, that no person or persons shall be obliged to take out more than four licences in all for any number of towns or places in England ; and in case any person or persons shall issue or draw such unstamped notes or bills as aforesaid, at more than four different towns or places, then, after taking out three distinct licences for three of such towns or places, such person or persons shall be entitled to have all the rest of such towns or places included in a fourth licence. Regulations respecting licences. IV. And be it further enacted, That every licence granted under the authority of this Act shall specify all the particulars required by law to be specified in licences to be taken out by persons issuing promissory notes payable to bearer on demand, and allowed to be reissued ; and every such licence which shall be granted between the tenth day of October and the eleventh day of November in any year shall be dated on the eleventh day of October, and eveiy such licence which shall be granted at any other time shall be dated on the day on which the same shall be granted ; and every such licence shall (notwithstanding any alteration which may take place in any copartnership of persons to whom the same shall be granted) have effect and continue in force from the day of the date thereof until the tenth clay of October then next following, both inclusive, and no longer. Commis- i nets may cancel licences already taken out, rant licences under this Ai t in lieu V. Provided always, and be it further enacted, That where any banker or bankers shall have obtained the licence required by law for issuing promissory notes payable to bearer on demand, at any town or place in England, and during the'eontinuance of such licence shall be desirous of taking out a licence to issue at the same town or place unstamped promissory notes and bills of exchange under the provisions of this Act, it shall be lawful for the Commissioners of Stamps to cancel and allow as spoiled the stamp upon the said first- mentioned licence, and in lieu thereof to grant to such banker or banker a licence under the authority of this Act; and every such last-mentioned licence shall also authorize the issuing and reissuing of all promis ory nods papable to the bearer on demand, which such banker or bankers may by law continue to issue or reissue at the ime town or place, on paper duly Btamped. APPENDIX. 21/ VI. Provided always, and be it further enabled, That if any banker 9 Geo. 4, or bankers, who shall take out a licence under the authority of this c - 2 3- Act, shall issue, under the authority either of this or any other Act, j, , any unstamped promissory notes for payment of money to the bearer while licens- or demand, such banker or bankers shall, so lung as he or they shall = d "nder this continue licenced as aforesaid, make and issue on unstamped paper -J,, 1 ,^ for the all his or their promissory notes for payment of money to the bearer first time, on demand, of whatever amount such notes may be ; and it shall " otes c "! not be lawful for such banker or bankers, during the period aforesaid, paper. to issue for the first time any such promissory note as aforesaid on stamped paper. VII. And be it further enacted, That before any licence shall be Bankers granted to any person or persons to issue or draw any unstamped ! lcensed t0 promissory notes or bills of exchange under the authority of this stamped Act, such person or persons shall give security, by bond, to His notes or bills Majesty, his heirs and successors, with a condition, that if such secura'y'by person or persons do and shall from time to time enter or cause to bond, for the be entered in a book or books to be kept for that purpose, an account due P erf, ? rm ~ of all such unstamped promissory notes and bills of exchange as he conditions or they shall so as aforesaid issue or draw, specifying the amount or herein con- value thereof respectively, and the several dates of the issuing tained - thereof; and iu like manner, also, a similar account of all such pro- missory notes as, having been issued as aforesaid, shall have been cancelled, and the dates of the cancelling thereof, and of all such bills of exchange as, having been drawn or issued as aforesaid, shall have been paid, and the dates of the payment thereof; and do and shall from time to time, when thereunto requested, produce and show such accounts to, and permit the same to be examined and inspected by, the said Commissioners of Stamps, or any officer of stamps ap- pointed under the hands and seals of the said commissioners for that purpose ; and also do and shall deliver to the said Commissioners of Stamps half-yearly (that is to say), within fourteen clays after the first day of January and the first day of July in every year, a just and true account in writing, verified upon the oaths or affirma- tions (which any justice of the peace is hereby empowered to ad- minister), to the best of the knowledge and belief of such person or persons, and of his or their cashier, accountant, or chief clerk, or of such of them as the said commissioners shall require, of the amount or value of all unstamped promissory notes and bills of exchange, issued under the pi-ovisions of this or any former Act, in circulation within the meaning of this Act on a given day (that is to say), on Saturday in every week, for the space Of half a year prior to the half-yearly day immediately preceding the delivery of such account, together with the average amount or value of such notes and bills so in circulation, according to such account ; and also do and shall pay or cause to be paid to the Receiver General of Stamp Duties iu Great Britain, or to some other person duly authorized by the Com- missioners of Stamps to receive the same, as a composition for the duties which would otherwise have been payable for such promissory notes and bills of exchange issued or in circulation during such half year, the sum of three shillings and sixpence for every one hundred pounds, and also for the fractional part of one hundred pounds, of the said average amount or value of such notes and bills iu circula- tion, according to the true intent and meaning of this Act ; and on 218 APPENDIX. 9 Geo. 4, c. 23. due performance thereof such bond shall be void, but otherwise the same shall be and remain in full force and virtue. VIII. And be it further enacted, That every unstamped promissory period notes no * e payable to the bearer on demand, issued under the provisions and bills are of this Act, shall, for the purpose of payment of duty, be deemed to in cfrcufa med be in circulation from the day of the issuing to the day of the cau- tion, celling thereof, both days inclusive, excepting nevertheless the period dining which such note shall be in the hands of the banker or bankers who first issued the same, or by whom the same shall be expressed to be payable ; and that every unstamped promissory note payable to order, and every unstamped bill of exchange so as afore- said issued, shall for the purpose aforesaid, be deemed to be in circu- lation from the day of the issuing to the day of the payment thereof, both days inclusive : Provided always, that every such promissory note payable to order, and bill of exchange as aforesaid, which shall be paid in less than seven days from the issuing thereof, shall, for the purpose aforesaid, be included in the account of notes and bills in circulation on the Saturday next after the day of the issuing thereof as if the same were then actually in circulation. Regulations IX. And be it further enacted, That in every bond to be given th e P bondfto pursuant to the directions of this Act the person or persons intend- be given ing to issue or draw any such unstamped promissory notes and bills this AU \T t0 °^ excnau 8' e as aforesaid, or such and so many of the said persons as the Commissioners of Stamps shall require, shall be the obligors ; and every such bond shall be taken in the sum of one hundred pounds, or in such larger sum as the said Commissioners of Stamps may judge to be the probable amount of the composition or duties that will be payable from such person or persons, under or by virtue of this Act, during the period of one year ; and it shall be lawful for the said commissioners to fix the time or times of payment of the said composition or duties, and to specify the same in the condition to every such bond ; and every such bond may be required to be renewed from time to time, at the discretion of the said commis- sioners, and as often as the same shall be forfeited, or the parties to the same, or any of them, shall die, become bankrupt or insolvent, or reside in parts beyond the seas. i bonds to be given on altera- tions of of copart- nerships. X. And be it further enacted, That if any alteration shall be made in any copartnership of persons who shall have given any such security by bond as by this Act is directed, whether such alteration shall be caused by the death or retirement of one or more of the partners of the firm, or by the accession of any additional or new partner or partners, a fresh bond shall be given by the remaining I tartner or partners, or the persons composing the new copartnership, as the case may be, which bond shall be taken as a security for the duties which may be due and owing, or may become due and owing, in respect of the unstamped notes and bills which shall have been i sued by the persons composing the old copartnership, and which .shall be in circulation at the time of such alteration, as well as for duties which shall or may be or become due or owing in respect of I lie unstamped notes and bills issued or to be issued by the persons composing the new copartnership ; provided that no such fresh bond shall be rendered necessary by any such alteration as aforesaid in APPENDIX. 219 any copartnership oi' persons exceeding six in number, but that the 9 Geo. 4, l)oin Is to be idven by such last-mentioned copartnerships shall be taken as securities for all the duties they may incur so Long as they shall exist, or the persons composing the same, or any of them, shall carry on business in copartnership togeth r ; orwith any other person or persons, notwithstanding any alteration in such copartnership ; saving always the power of the said Commissioners of Stamps to re- quire a new bond in any case where they shall deem it necessary for better securing the payment of the said duties. XI. And be it further enacted, That if any person or persons Penalty on who shall have given security, by bond, to His Majesty, in the neglect! manner hereinbefore directed, shall refuse or neglect to renew renew their such bond when forfeited, and as often as the same is by this Act bonds - required to be renewed, such person or persons so offending shall for every such offence forfeit and pay the sum of one hundred pounds. XII. And be it further enacted, That if any person or persons Penalty for who shall be licensed under the provisions of this Act shall draw [^t'jfmped or issue, or cause to be drawn or issued, upon unstamped paper, notes or bills, any promissory note payable to order, or any bill of exchange which shall bear date subsequent to the day on which it shall be issued, the person or persons so offending shall, for every such note or bill so drawn or issued, forfeit the sum of one hundred pounds. XIII. Provided always, and be it further enacted, That nothing This Act not in this Act contained shall extend or be construed to extend to f° m penal- exempt or relieve from the forfeitures or penalties imposed by any ties any per- Act or Acts now in force, upon persons issuing promissory notes or U n"tani U ed g bills of exchange not duly stamped as the law requires, any person notes or bills or persons who under any colour or pretence whatsoever shall issue not in ac - any unstamped promissory note or bill of exchange, unless such herewith, person or persons shall be duly licensed to issue such note or bill under the provisions of this Act ; and such note or bill shall be drawn and issued in strict accordance with the regulations and re- strictions herein contained. XIV. And be it further enacted, That all pecuniary forfeitures and Recovery of penalties which may be incurred under any of the provisions of this P enalties - Act shall be recovered for the use of His Majesty, his heirs and successors, in His Majesty's Court of Exchequer at Westminster, by action of debt, bill, plaint, or information, in the name of His Majesty's Attorney or Solicitor General in England. XV. Provided always, and be it further enacted, That nothing in Not to affect this Act contained shall extend or be construed to extend to pre- [ h ^ ?"]•''", judice, alter, or affect any of the rights, powers, or privileges of the ot^theiiank Governor and Company of the Bank of England. of England. 220 APPENDIX. [9 Geo. 4, c. 65.] o Geo. 4 , An A ct to restrain the Negotiation, in England, of Promis- c ' 6s ' _ sory Notes and Bills under a limited Sum, issued in Scotland or Ireland. [15th July, 1828.] 7 G. 4, c. 6. After 5th April 1829, no corpora- tion or per- son shall utter in England notes or bills under 5/. which have been made or issued in Scotland or Ireland, under pe- nalty of 20?. "Whereas an Act was passed in the seventli year of His present Majesty's reign, intituled An Act to limit, and after a certain Period to prohibit, the issuing of Promissory Notes under a limited Sum in England ; and doubts may arise how far the provisions of the said Act may be effectual to restrain the circulating in England of certain notes, drafts, or undertakings made or issued in Scotland or Ireland : Beit therefore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That if any body politic or corporate, or person or persons, shall, after the fifth day of April one thousand eight hun- dred and twenty-nine, by any art, device, or means whatsoever, publish, utter, negotiate, or transfer, in any part of England, any promissory or other note, draft, engagement, or undertaking in writing, made payable on demand to the bearer thereof, and being negotiable or transferable, for the payment of any sum of money less than five pounds, or on which less than the sum of five pounds shall remain undischarged, which shall have been made or issued, or shall purport to have been made or issued, in Scotland or Ireland, or elsewhere out of England, wheresoever the same shall or may be payable, every such body politic or corporate, or person or persons, so publishing, uttering, negotiating, or transferring any such note, bill, draft, engagement, or undertaking, in any part of England, shall forfeit and pay for every such offence any sum not exceeding- twenty pounds nor less than five pounds, at the discretion of the justice of the peace who shall hear and determine such offence. Mode .-I" recovering penalties. 4 3G.3,c. II. And be it further enacted, That the penalties which may be incurred under the provisions of this Act shall and may be recovered in a summary way, by information on complaint, before a justice or justices of the peace, and shall be levied and applied in the manner directed by an Act passed in the forty-eighth year of the reign of His late Majesty King George the Third, intituled An Act to restrain the Negotiation oj Promissory Notesand Inland Bills of Exchange under a limited Sum in England, with respect to the penalties by the said Jast-inentionod Act imposed ; and all and every the clauses and pro- visions in the said last-mentioned Act contained, relating to the recovery and application of the penalties thereby imposed, shall be applied and put in execution for the recovery and application of the penalties by this Ad imposed, as fully and effectually, to all intents and purposes, as if such clauses and provisions had been herein repeated and expressly re-enacted. APPENDIX. 221 III. Provided always, and be it enacted, That it shall and may 9 Geo. 4, be lawful for the Lord High Treasurer, 01 for the ( lommissioners of c - 6 His Majesty's Treasury, or any three or more of them, to order and xheTreasury direct that the whole or any part of any penalty which shall be in- may order a curred under this Act shall and may be remitted, or mitigated or remission or abated to such amount, and in such manner and upon such condi- p^'.',' tions as to such Lord High Treasurer or Commissioners of the Treasury may seem fit and proper. IV. Provided always, and be it further enacted, That nothing Nottoex- herein contained shall extend to any draft or order drawn by any „ n hank re person or persons on his, her, or their banker or bankers, or on any for the use of person or persons acting as such banker or bankers, for the payment 'he drawer, of money held by such banker or bankers, person or persons, to the use of the person or persons by whom such draft or order shall be drawn. [9 Geo. 4, c. 80.] An Ad to enable Bankers in Ireland to issue certain 9 Geo. 4, unstamped Promissory Notes, upon Payment of a Com- 1_J position in lieu of the Stamp Duties thereon. [25th July, 1828.] Whereas it is expedient to permit all persons carrying on the busi- ness of bankers in Ireland to issue their promissory notes payable to bearer on demand on unstamped paper, upon payment of a compo- sition in lieu of the stamp duties which would otherwise be payable upon such notes, and subject to the regulations hereinafter mentioned ; be it therefore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, that from and after the first day of September one thou- sand eight hundred and twenty-eight, it shall be lawful for any Bankers in person or persons carrying on the business of a banker or bankers ^ue'clrTam in Ireland, who shall have duly registered the firm of his or their promissory house according to law, and who shall have obtained a licence and notes on given security by bond in manner hereinafter mentioned, to make paper^ and issue on unstamped paper his or their promissory notes, for pay- ment to the bearer on demand of any sum of money not exceeding the sum of one hundred pounds. II. And be it further enacted, That it shall be lawful for any two TheCommis- or more of the Commissioners of Stamps, or any officer of stamps sioneis of duly authorized by the said commissioners in that behalf, to grant their officers licences to all persons carrying on the business of bankers in Ireland may grant who shall have duly registered the firm of their house according to ! lcences to . " issue un- law, and who shall require such licences authorizing such persons to stamped issue such promissory notes as aforesaid on unstamped paper; which P r ' "'•■ said licences shall be and are hereby respectively charged with a " c stamp duty of thirty pounds for every such licence. 222 APPENDIX. 9 Geo. 4, c. 8o. Bankers to take out a separate licence for every place where un- stamped notes shall be issued, but not to take out more than four licences for any number of -such places. III. And be it further enacted, That a separate licence shall be taken out in respect of every town or place where any such un- stamped promissory notes as aforesaid shall be issued: Provided always, that no person or persons shall be obliged to take out more than four licences in all for any number of towns or places in I : and in case any person or persons shall issue such unstamped notes as aforesaid at more than four different towns or places, then after taking out three distinct licences for three of such towns or places, such person or persons shall be entitled to have all the rest of such towns or places included in a fourth licence ; and that if any person or persons, after having taken out four distinct licences under the authority of this Act, shall begin to issue such unstamped notes as aforesaid at any other town or place not named in any of the said four licences, it shall not be necessary to include such last- mentioned town or place in any licence until the twenty-fourth day of March next following the beginning to issue thereat such notes as aforesaid. Regulations IV. And be it further enacted, That every licence granted under Licence's 112 the authority of this Act shall specify all the particulars required by law to be specified in the certificates to be taken out by persons in Ireland issuing promissory notes payable to bearer on demand, and allowed to be reissued ; and every such licence which shall be granted between the twenty-fourth day of March and the twent}'- fiftli day of April in any year, shall be dated on the twenty-fifth day of March ; and every such licence which shall be granted at any other time, shall be dated on the day on which the same shall be granted ; and every such licence shall (notwithstanding any alteration which may take place in any copartnership of persons to whom the same shall be granted) have effect and continue in force from the day of the date thereof until the twenty-fourth day of March then next following, both inclusive, and no longer. V. Provided always, and be it further enacted, That where any banker or bankers shall have taken out the certificate required by law for issuing promissory notes payable to bearer on demand at any town or place in Ireland, and during the period for which such certificate shall have been granted, shall be desirous of taking out a licence to issue at the same town or place unstamped promissory notes under the provisions of this Act, it shall be lawful for the Commissioners of Stamps, or their officers, to cancel and allow as spoiled the stamp upon such certificate, and in lieu thereof to grant to such banker or bankers a licence under the authority of this Act: and every such licence shall, during its continuance in force, also authorize the reissuing of all promissory notes payable to the bearer on demand, which such banker or bankers may have pre- viously issued <>n paper duly stamped, until the twenty-fourth day of March inclu ive thin next following, pi »vided such notes may so be lawfully reissued. VI. Provided always, and be it further enacted, That if any banker or bankers who : hall take out a licence under the authority of this Acl shall issue, under the authority either of tins or any •'ii ii" pi other Act, any unstamped promissory notes for payment of money to I be I earer on demand, n bankei hall, so L Commis- sioners of Stamps to cancel < « i li- ficatcs taken out fur -: pro- missory notes pay- able to bearer on demand, and under iliis Ai i in lieu APPENDIX. 223 or they shall continue licensed as aforesaid, make and issue on 9 Geo. 4, unstamped paper all his or their promissory notes for payment of c - 8 °- money to the bearer on demand, of whatever amount or value (not , exceeding the sum of one hundred pounds) such notes may he; andmoneyto il shall not be lawful for such hanker or hankers, during the perioil aforesaid, to issue, for the first time, any such promissory note as ^ u ™ ani aforesaid on stamped paper. stamped paper. VII. And he it further enacted, That before any licence shall he Bankers granted to any person or persons to issue any unstamped promissory issuing un- notes under the authority of this Act, such person or persons shall J^',',' give security by bond to His Majesty, his heirs and successors, with security by a condition that if such person or persons do and shall from time to jj ond jjjf the time enter or cause to he entered, in a book or books to be kept for ance of the that purpose, an account of all such unstamped promissory notes as conditi< ns he or they shall so as aforesaid issue, specifying the amount or value t ^"^ co thereof respectively, and the several dates of the issuing thereof, and in like manner also a similar account of all such promissory notes as, having been issued as aforesaid, shall have been cancelled, and the dates of the cancelling thereof ; and do and shall from time to time, when thereunto requested, produce and show such accounts to and permit the same to be examined and inspected by the said Com- missioners of Stamps, or any officer of stamps appointed under the hands and seals of the said commissioners for that purpose ; and also do and shall deliver to the said Commissioners of Stamps half- yearly (that is to say), within fourteen days after the first day of January and the first day of July in every year, a just and true account in writing, verified upon the oaths or affirmation (which any justice of the peace is hereby empowered to administer), to the best of the knowledge and belief of such person or persons, and of his or their cashier, accountant, or chief cleik, or of such of them as the said commissioners shall require, of the amount or value of all un- stamped promissory notes issued under the provisions of this Act in circulation, within the meaning of this Act, on a given day, that is to say. on Saturday in every week, for the space of half a year prior to the half-yearly day immediately preceding the delivery of such account, together with the average amount or value of such promis- sory notes so in circulation according to such account ; and also do and shall pay or cause to be paid to the Receiver General of Stamp Duties in Ireland, or to some other person duly authorized by the Commissioners of Stamps to receive the same, as a composition for the duties which would otherwise have been payable for such pro- missory notes issued or in circulation during such half year, the sum of one shilling and sixpence for every one hundred pounds, and also for the fractional part of one hundred pounds of the said average amount or value of such notes in circulation, according to the true intent and meaning of this Act ; and on due performance thereof such bond shall be void, but otherwise the same shall be and remain in full force and virtue. VIII. And be it further enacted, That every unstamped promis- For what sory note issued under the provisions of this Act shall, for the pur- ^"t^be' 63 pose of payment of duty, be deemed to be in circulation from the deemed in day of the issuing to the day of the cancelling thereof, both days circulation. inclusive, excepting nevertheless the period during which such note 224 lPPENDIX, 9 Geo. 4, shall be in the hands of the banker or bankers who first issued the c. 8o. same, or by whom the same shall be expressed to be payable, or, in ease of copartnerships of more than six persons, which shall be in the hands of the public officers of such copartnership. Regulations respecting the bonds to be given pursuant to this Act. IX. And be it further enacted, That in every bond to be given pursuant to the directions of this Act, the person or persons intend- ing to issue any such unstamped promissory notes as aforesaid, or such and so many of the said persons as the Commissioners of Stamps, or their proper officer in that behalf, shall require, shall be the obligors ; and every such bond shall be taken in the sum of one hundred pounds, or in such larger sums as the said Commissioners of Stamps, or such officer as aforesaid, may judge to be the probable amount of the composition or duties that will be payable from such person or persons under or by virtue of this Act during the period of one year ; and it shall be lawful for the said commissioners, or such officer as aforesaid, to fix the time or times of payment of the said composition or duties, and to specify the same in the condition to every such bond ; and every such bond may be required to be re- newed from time to time, at the discretion of the said commissioners, or of such officer as aforesaid, and as often as the same shall be forfeited, or the parties to the same, or any of them, shall die, become bankrupt or insolvent, or reside in parts beyond the seas. Fresh bonds X. And be it further enacted, That if any alteration shall be made to be given j u an y copartnership of persons who shall have given any such tions of co- security by bond as by this Act is directed, whether such alteration partnerships, shall be caused by the death or retirement of oue or more of the partners of the firm, or by the accession of any additional or new partner or partners, a fresh bond shall, within one calendar month after any such alteration, be given by the remaining partner or partners, or the persons composing the new copartnership, as the case may be, which bond shall be taken as a security for the duties which may be due and owing or may become due and owing in respect of the unstamped promissory notes which shall have been issued by the persons composing the old copartnership, and which shall be in circulation at the time of such alteration, as well as for duties which shall or may be or become due or owing in respect of the unstamped promissory notes issued or to be issued by the persons composing the new copartnership : Provided that no such fresh bond shall be rendered necessary by any such alteration as aforesaid in any copartnership of persons exceeding six in number, but that the bonds to be given by such last-mentioned copartnerships shall be taken as securities for all the duties they may incur so long as they shall exist, or the persons composing the same or any of them shall carry on business in copartnership together, or with any other person or persons, notwithstanding any alteration in such copart- nership ; saving always the power of the said Commissioners of Stamps to require a new bond in any case where they shall deem it necessary for better securing the payment of the said duties. ! ' XI. And beit further enacted, That if any person orpersons, who , shall have given security by bond to His Majesty in the manner hereinbefore directed, shall refuse or neglect, for the sj>. ce of one calendar month, to renew such bond when forfeited, and as often as APPENDIX. 22.J (In' same is by this Act required to be renewed, such person or per- 9G1 1. sons so offending shall for every such offence forfeit and pay the sum of one hundred pounds. XII. Provided always, and be if further enacted, That nothing in This Act not this Act contained shall extend or be construed to extend to exempt to exempt or relieve, from the forfeitures or penalties imposed by any Acl or Acts now in force upon persons issuing promissory notes not duly sons issuing stamped as the law requires, any person or persons who, mid t an\ colour or pretence whatsoever, shall issue any unstamped promissory accorda note, unless such person or persons shall be duly licensed to issue herewith, such promissory note under the provisions of this Act, and such note shall be drawn and issued in strict accordance with the regulations and restrictions herein contained. XIII. And be it further enacted, That all pecuniary forfeitures and Penalties, penalties which may be incurred under any of the provisions of this ^hointo be Act, shall be recovered for the use of His Majesty, his heirs and recovered, successors, in any of His Majesty's courts of record, by action of debt, bill, plaint, or information, in the name of His Majesty's Attorney or Solicitor General in Ireland. XIV. Provided always, and be it further enacted, That nothing in N °t to affect this Act contained shall extend or be construed to extend to prejudice, ^th" Ban" alter, or affect any of the rights, powers, or privileges of the Governor of Ireland. and Company of the Bank of Ireland. XV. And whereas it may happen that bankers who may be Commis- desirous to issue unstamped promissory notes payable to bearer on | ioners ° f demand, under the provisions of this Act, may have provided them- cancef re- selves with stamps for such notes, which may not have been issued, issuable pro- and which may by this Act be rendered useless or unnecessary, and ^"7"° it is expedient to enable the Commissioners of Stamps and their rendered officers to cancel and allow such stamps in manner hereinafter men- unnecessary tioned ; be it therefore enacted, That where any banker or bankers the amount 1 ? who shall take out a licence under the authority of this Act shall have in his or their possession stamps for reissuable promissory notes payable to the bearer on demand, which shall be rendered use- less or unnecessary in consequence of such banker or bankers elect- ing to issue such notes on unstamped paper, under the provisions of this Act, it shall be lawful for the said Commissioners of Stamps or their officers, and they are hereby authorized and empowered, to cancel and allow such stamps so as aforesaid rendered useless or un- necessary, and to repay the amount or value thereof in money, deducting therefrom the sum of one pound ten shillings for everyone hundred pounds, and so in proportion for any greater or less sum than one hundred pounds of such amount or value, provided proof be made, by affidavit or affirmation, to the satisfaction of the said commissioners^ that such stamps have not been issued, and provided application be made for such allowance within six calendar months next after the passing of this Act. XVI. And whereas by an Act passed in the sixth year of the 6 G. 4, c. 4?. reign of His present Majesty, intituled An Act for the better Regula- tion of Copartnerships of certain Bankers in Ireland, any certificate Q 22G APPENDIX. 9 Geo. 4, c. 80. No society 01 copart- nership of bankers shall be obliged to take out more than four certifi- cates in one year. granted by the Commissioners of Stamps in Ireland, to any society or copartnership of bankers in Ireland exceeding six in number, of the registry of the firm and name of such society, is liable to the stamp duty payable by law on certificates to be taken out yearly by any banker or bankers in Ireland, that is to say, a stamp duty of thirty pounds : And whereas it is provided by the said recited A ct, that a separate and distinct certificate, with a separate and distinct stamp, shall be granted for and in respect of every town or place where any such bills or notes as in the said Act are mentioned shall be issued by any such society or copartnership : And whereas it is expedient that no such society or copartnership should be required to take out more than four certificates in any one year, although it should issue such notes or bills as aforesaid at more than four towns or places in Ireland; be it therefore further enacted, That no society or copartnership of bankers in Ireland exceeding six in number, and carrying on the trade or business of bankers under the authority of the said recited Act, shall be obliged to take out more than four certificates in any one year of the entry and registry of the firm or uame of such society or copartnership ; and in case any such society or copartnership shall issue such bills or notes as afore- said, by themselves or their agents, at more than four different towns or places in Ireland, then after taking out three distinct certificates for three of such towns or places, such society or co- partnership shall be entitled to have all the remainder of such towns or places included in a fourth certificate ; any thing in the said Act of the sixth year of the reign of His present Majesty to the contrary 11 ot with stan dins:. Certificates to continue in force not- XVII. And be it further enacted, That every certificate which hath been or shall at any time hereafter be taken out by any such last- ithstanding mentioned society or copartnership as aforesaid, shall continue in any fresh force, for the issuing of such bills and notes as aforesaid at the town or place or the several towns or places therein named, until the twenty-fifth day of March next following the date of such certi- ficate, notwithstanding any fresh entry or registry of the name or firm of such society or copartnership ; and that if any fresh entry or registry shall be made from any cause whatever, after any iciety or copartnership shall have taken out four such distinct cei'tificates as aforesaid, such society or copartnership shall not be required to take out any further certificate, in respect of any town or place not included in any of such four certificates until the fourth day of March next following such fresh entry or A'.t may be altered. XVII I. And l>c it further enacted, That this Act may be altered, amended, or repealed by any Act or Acts to be passed in this present session of Parliament. APPENDIX. 227 [9 Geo. 4, c. 81.] An Act for making Promissory Notes payable, is me I by ° c >^. A , Banks, Banking Companies, or Bankers, in Ireland, at ! the Place* where they are issued. [25th July, 1828.] Whereas divers banks, banking companies, and bankers, in Tr< land, have made and issued promissory notes, without making the same payable in coin of the realm at the several places respectively where such notes have been issued or reissued : And whereas it is expedient that in future all such promissory notes, and all bank post bills, issued by such banks, banking companies, or bankers, should be made payable at the places where the same shall be issued or re- issued ; be it therefore enacted by the King's most excellent Majesty, by and with the advice and consent of the Lords spiritual and tem- poral, and Commons, in this present Parliament assembled, and by the authority of the same, that from and after the first day of April No banker one thousand eight hundred and twenty-nine, no bank, banking ! n Ireland t0 o j ? o issue notes company, or banker, in Ireland, shall, by themselves, or by any agent which shall or agents, partner or partners, or other person or persons whomso- not express ever on their or his behalf, or on their or his account, make, issue, or ° t the united in i will. 4, any society or copartnership in Ireland as in and by the said Acts c - 3 2 - or either of them is mentioned or provided, con tsl ing of mon tha six in number, and not having the establishments or houses ofshipl business of such society or copartnership at any place or places less '"' ! ' than fifty miles of the late Irish measurement distant from DubUn, may pay 110 to pay in Dublin, for the purpose of withdrawing them from circu- lation in Dublin, or within fifty miles of the late Irish measure aent inDublm - thereof, by any bankers, agents, or correspondents, or any otl person or persons on behalf of such society or copartnership, whether such bankers, agents, correspondents, or other person or persons shall be members or a member of such society or copartnership, any hills and notes of such society or copartnership made payable to bearer on demand, yet so nevertheless that all such bills and notes so paid in Dublin and withdrawn from circulation as aforesaid may be reissued at the place where such bills or notes were originally issued : Provided always, that such bills or notes are and shall he originally issued and made payable at some place or places, specified in such bills or notes, exceeding the distance of fifty miles of the late Irish measurement from Dublin, and not el where, and shall not be reissued within fifty miles of the last Irish measurement of Dublin. VI. And whereas by the said recited Act passed in the sixth year Account of of the reign of His present Majesty, it was amongst other things new officers further enacted, that between the twenty-fifth day of March in any ? r p , ! ^ c ^ s - of year and the twenty-fifth day of March, following, an account or the course of return should be made out by the secretary or some other officer of any year to every such society or copartnership, and should be signed by such mac secretary or other officer, and should be verified by the oath of such officer taken before any justice of the peace (and which oath any justice of the peace was thereby authorized and empowered to ad- minister) according to the form contained in the Schedule to that Act annexed, and in every such account or return there should be set forth the true name or firm of such society or copartnership, and also the names and places of abode of all the jiartners concerned or engaged in such society or copartnership, as the same respectively appear on the books of such society or copartnership, and the firm and name of and every bank or banks established or to be esta- blished by such society or copartnership, and also the names of two or more individuals of such soeiety or copartnership who should be resident in Ireland, each and every of whom should respectively be considered as a public officer of such society or copartnership, and the title of office or other description of every such individual re- spectively in the name of any one of whom such society or copartner- ship should sue and be sued as thereinafter provided, and also the name of every town and place where any such bills or notes should be issued by any such society or copartnership, or by any agent or agents of any such society or copartnership ; and every such account or return should be produced at the Stamp Office iu Dublin, and an entry and registry thereof should be made in a book or books to be kept for that purpose at the said Stamp Office by some person or persons to be appointed for that purpose by the Commissioners of Stamp Duties ; and if, after the passing of that Act, any such si ici or copartnership should omit or neglect to deliver at the Stamp Oil ce 232 APPENDIX. i will. 4, in Dublin such account and return as was by that Act required, c - 32- such society or copartnership should, for each and every week they ~~ should so neglect to make such account and return, forfeit the sum of five hundred pounds ; and it was further enacted, that whenever any entry and registry of the firm or name of any such society or copartnership should be made at the Stamp Office, in manner afore- said, at any time between the twenty-fifth day of March in any year and the twenty-fifth day of March following, a certificate of such entry or registry should be granted by the said Commissioners of Stamps, or by some person deputed and authorized by the said commissioners for that purpose, to the society or copartnership by or on whose behalf such entry or registry should be made, and such certificate should be written on vellum, parchment, or paper duly stamped with a stamp required by law for certificates to be taken out yearly by any banker or bankers in Ireland, and a separate and distinct certificate on a separate piece of vellum, parchment, or paper, with a separate and distinct stamp, should be granted for and in respect of every town and place where any such bill or note should be issued by any such society or copartnership, or by any agent or agents for or on account of such society or copartnership, and every such certificate should specify the proper firm, style, title, or name of such society or copartnership under which such notes were to be issued, and also the name of the town or place or the several towns or places where such notes were to be issued, and the Christian and surname and place of abode and title of office or other description of the several individuals named re- spectively as the public officers of such society or copartnership, in the name of any one of whom such society or copartnership should sue and be sued ; and every certificate should be dated on the day on which the same should be granted, and should have effect and continue in force from the day of the date thereof until the twenty- fifth day of March following, both inclusive, and no longer, and should be sufficient evidence of the appointment and authority of such public officers respectively : And whereas by the said last- recited Act no provision is made for adding to the registry, between the twenty-filth day of March in any year and the twenty-fifth day of March in the succeeding year, the name or names of any additional public officer or public officers, or of any additional place or places where such societies or copartnerships may establish a bank or banks, or issue the bills or notes thereby authorized ; be it therefore further enacted, That from and after the passing of this Act it shall and may be lawful to and for such societies or copartnerships from time Id time, and at any times between the twenty-fifth day of March in any year and the twenty-fifth day of March in the succeed- ing year, to make out upon oath, and cause to be delivered to the ( lommissioners of Stamps, in manner mentioned in the said last-recited .\<-tof the sixth year of the reign of King George the Fourth, a farther account or return or further accounts or returns, according to the form contained in the Schedule of this Act annexed, of the name or names of any person or persons who shall have been nominated or appointed anew or additional public oiliccr or public officers of such aety or copartnership, or of the name of any new or additional town or towns, or place or places, where such bills or notes are or are intended to be issued, and where the same are lo be made pay- able, or of both or either of the above matters together or separately ; APPENDIX. 233 and such further accounts or returns shall from time to time be filed i Will. .), and kept and entered and registered at the Stamp Office in Dublin in like manner as is by the said Act of the sixth year of the reign of King George the Fourth required with reaped to the original or annual account or return thereby directed to be made, and that thereupon an additional certificate or additional certificates of such account and return or accounts and returns shall be granted by the persons, and in the same manner, and upon the same stamps, and containing the same particulars as in the said recited Act of the sixth year of the reign of His present Majesty particularly mentioned ; and which additional certificate or certificates shall have effect and Additional continue in force from the day of the date thereof until the twenty- certificates fifth day of March following, and no longer, and shall be sufficient g° a J n tc ,i evidence of the appointment and authority of the public officers respectively. VII. And be it further enacted, That a copy of any such account Certified or return so filed or kept and registered at the Stamp Office as by returnsto be the said recited Act of the sixth year of the reign of His present evidence of Majesty and by this Act is directed, and which copy shall be certi- theappoint- fied to be a true copy under the hand or hands of one or more of the "ublicoffi- 6 Commissioners of Stamps, or other officer or officers of the Stamp cers, &c. Office in London or Dublin for the time being, upon proof made that such certificate has been signed with the handwriting of the person or persons making the same, and whom it shall not be necessary to prove to be a commissioner or commissioners, officer or officers, shall in all proceedings, civil or criminal, and in all cases whatsoever, be received in evidence as proof of the appointment and authority of the public officers named in such account or return, and also of the fact that all persons named therein as members of such society or co- partnership were members thereof at the date of such account or return. VIII. And be it further enacted, That the said Commissioners of Commission- Stamps or other officers of the Stamp Office for the time being shall ers of Stamps and they are hereby required, upon application made to them by any fietfcopies of person or persons requiring a copy, certified according to this Act, returns, on of any such account or return as aforesaid, in order that the same Pj}>' ment may be produced in evidence, or for any other purpose, to deliver to the person or persons so applying for the same such certified copy, he, she, or they paying for the same the sunt of ten shillings, and no more. IX. And whereas doubts have arisen as to the mode and times at Explaining which the societies or copartnerships authorized by the said recited th jf>j mea '* Act of the sixth year of the reign of King George the Fourth, by the ties are to terms of the said Act, are required to make a return or accouut of make re - the sales and transfers of their shares ; be it therefore further enacted sSmpOffice. and declared, That it is and shall be the true intent and meaning of the said recited Act of the sixth year of the reign of King George the Fourth, that such societies and copartnershij^s are not and shall not be liable or obliged to make any return or account to the Stamp Office in Dublin of any sale or transfer of their shares which shall take place between the twenty-fifth day of March in any year and the twenty-fifth day of March in the succeeding year ; but the said 234 APPENDIX. i Will 4, societies or copartnerships shall only be liable and obliged to make c 32- ' an account or return to the Stamp Office in Dublin once in every year in the manner and containing the particulars in the said Act mentioned. SCHED ULE. Return or Account to be entered at the Stamp Office in Dublin, on behalf of [name society or copartnership], in pursuance of an Act passed in the year of the reign of King George the Fourth, intituled [insert the tith of this Act] ; videlicet, Names of any and every new or additional public officer of the said society or copartnership ; videlicet, A. B. in room of G. D. deceased or removed, or in addition to C. D. and E. F. [as the case may be ; set forth every name]. Names of any additional town or place or towns or places where bills or notes are to be issued, and where the same are to be made payable [Set forth the Howes]. A. B. of secretary [or other officer] of tlie above-named society or copartnership, maketh oath and saith, That the above doth contain the name and place of abode of every person who hath become or been appointed a public officer of the above society or copartnership since the registry [or last account or return] of the said society or copartnership, on the day of last, as the same respectively appear on the books of the said society or copartnership, and to the best of the information, knowledge, and belief of this deponent. Sworn before me, the day of in the county of C. D. justice of the peace in and for the said county. [3 & 4 Will. 4, c. 83.J 3 & 4 will. An Act to compel Banks issuing Promissory Notes pay* 4 - c - 83 - able to Bearer on Demand to make Returns of their Notes in Circulation, and to authorize Banks to issue Notes payable in London for less than Fifty Pounds. [28th August, 1833]. WHEREAS it is expedient that all corporations, copartnerships, and persons carrying on banking business, and making and issuing promissory notes payable to bearer on demand, should make returns of the amount of such notes in circulation: Be it therefore enacted by the King's mOBt excellenl Majesty, by and with the advice and consent of the tiorda spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, APPENDIX. 235 That all corporations and copartnerships carrying on banking busi- 3 & 4 will, ness under the provisions of an Art passed in theseventh year of the 4. c. 83. reign of Mis late Majesty King George the Fourth, intituled An .\ on 23G APPENDIX. 3 & 4 Will, or copartnership payable in London by any agent of such corpora- 4» c. 83. t[ on or copartnership in London, or to draw any bill of exchange or ~ ~ promissory note upon any such agent in London, payable on demand otherwise' or otherwise in London, and for any less amount than fifty pounds, for less than any thing in the said recited Act of the seventh year of the reign of SC *ttetaod" ^ S ^ a *' e Majesty King George the Fourth, or in any other Act, to the Act ° the contrary notwithstanding. 7 G. 4, c. 46. Act may be III. And be it further enacted, That this Act maybe amended, altered this altered, or repealed by any Act or Acts to be passed in this present session. session of Parliament. [3 & 4 Will. 4, c. 98.] 3&4WU1. An Act for giving to the Corporation of the Governor 4. c - 9 8 - and Company of the Bank of England certain Privi- leges, for a limited Period, tinder certain Conditions. [29th August, 1833.] Whereas an Act was passed in the thirty-ninth and fortieth years -g&4oGeo of the reign of His Majesty King George the Third, intituled An 3, c. 28. Act for establishing an Agreement with the Governor and Company of the Bank of England for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred : And whereas it was by the said recited Act declared and enacted, that the said governor and company should be and continue a corpora- tion, with such powers, authorities, emoluments, profits, and advan- tages, and such privileges of exclusive banking as are in the said recited Act specified, subject nevertheless to the powers and condi- tions of redemption, and on the terms in the said Act mentioned : And whereas an Act passed in the seventh year of the reign of His Geo 4 c ^ e Majesty King George the Fourth, intituled An Act for the better 46. regulating Copartnerships of certain Bankers in England, and for amending so much of an Act of the Thirty-ninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled ' An Act fur establishing an Agreement with the Governor and Company of the Bank of England for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred^ as relates to the same : And whereas it is expedient that certain privileges of exclusive banking should be continued to the said governor and company for a further limited period, upon certain conditions : And whereas the said Governor and Company of the Bank of England are willing to deduct and allow to the public, from the sums now payable to the said governor and company for the charges of manage- ment of the public unredeemed debt, the annual sum hereinafter mentioned, and for the period in this Act specified, provided the privilege of exclusive hanking specified in this Act is continued to the said governor and company i'oi the period specified in this Act : .May it therefore please your Majesty that it may be enacted ; and be it enacted by the King's most excellent Majesty, by and with the APPENDIX. 237 advice and consent of the Lords spiritual and temporal, and ( 'ora- 3& 4 Will. inons, in tins present Parliament assembled, and by the authority 4. c. 93. of the same, That the said Governor and Company of the Bank of Bank f Eat/land shall have and enjoy such exclusive privilege of backing as 1','/ is given by this Act, as a body corporate, for the period and upon en J the terms and conditions hereinafter mentioned, and subject to ter- pr&Jwe f mination of such exclusive privilege at the time and in the manner banking in this Act specified. u P on . 1 conditions. II. And be it further enacted, That during the continuance of the During such said privilege, no body politic or corporate, and no society or com- banknr'' "° pany, or persons united or to be united in covenants or partnerships, company of exceeding six persons, shall make or issue in London, or within more than sixty-five miles thereof, any bill of exchange or promissory note, or to^issue 0115 engagement for the payment of money on demand, or upon -which notes pay- any person holding the same may obtain payment on demand : nV^d" >1i* Provided always, that nothing herein or in the said recited Act of London, or the seventh year of the reign of His late Majesty King George the sixty-five Fourth contained shall be. construed to prevent any body politic or "!' CS corporate, or any society or company, or incorporated company or corporation, or copartnership, carrying on and transacting banking business at any greater distance than sixty-five miles from London, and not having any house of business or establishment as bankers in London, or within sixty-five miles thereof (except as hereinafter mentioned), to make and issue their bills and notes, payable on demand or otherwise, at the place at which the same shall be issued, being more than sixty-five miles from London, and also in London, and to have an agent or agents in London, or at any other place at which such bills or notes shall be made payable for the purpose of payment only, but no such bill or note shall be for any sum less than five pounds, or be reissued in London, or within sixty-five miles thereof. III. And whereas the intention of this Act is, that the Governor Anycom- and Company of the Bank of England should, during the period pany or part- stated in this Act (subject nevertheless to such redemption as is nership may described in this Act), continue to hold and enjoy all the exclusive busmessV privileges of banking given by the said recited Act of the thirty- bankin s i>» ninth and fortieth years of the reign of His Majesty King Geon/e withfn"' ° r the Third aforesaid, as regulated by the said recited Act of the sixty-five seventh year of His late Majesty King George the Fourth, or any "f' u s J, 1 ^- prior or subsequent Act or Acts of Parliament, but no other or terms here- 2 further exclusive privilege of banking : And whereas doubts have ™ mention- arisen as to the construction of the said Acts, and as to the extent of ed ' such exclusive privilege ; and it is expedient that all such doubts should be removed, be it therefore declared and enacted, That any body politic or corporate, or society, or company, or partnership, although consisting of more than six persons, may carry on the trade or business of banking in London, or within sixty-five miles thereof provided that such body politic or corporate, or society, or company,' or partnership do not borrow, owe, or take up in England any sum or sums of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof, durino- the continuance of the privileges granted by this Act to the said Governor and Company of the Bank of England. 238 APPENDIX. IV. Provided always, and be it further enacted, That from and after the first day of August one thousand eight hundred and thirty* four all promissory notes payable on demand of the Governor and Company of the Bank of England which shall be issued at any pi in that part of the United Kingdom called England out of to . where the trade and business of hanking- shall be carried on for and on behalf of the said Governor and Company of the Bank of England, shall be made payable at the place where such promissory notes shall be issued ; and it shall not be lawful for the said governor and company, or any committee, agent, cashier, officer, or servant of the said governor and company, to issue, at any such place out of London, any promissory note payable on demand which shall not be made payable at the place where the same shall be issued, any thing in the said recited Act of the seventh year aforesaid to the contrary notwithstanding. V. And be it further enacted, That upon one year's notice given within six months after the expiration of ten years from the first day of August one thousand eight hundred and thirty-four, and upon repayment by Parliament to the said governor and company, or their successors, of all principal money, interest, or annuities which may be due from the public to the said governor and company at the time of the expiration of such notice, in like manner as is herein- after stipulated and provided, in the event of such notice being defeired until after the first day of August one thousand eight hundred aud fifty-five, the said exclusive privileges of banking granted by this Act shall cease and determine at the expiration of such year's notice ; and any vote or resolution of the House of Commons, signified by the speaker of the said house in writing, and delivered at the public office of the said governor and company, or their successors, shall be deemed and adjudged to be a sufficient notice. VI. And be it further enacted, That from and after the first day of August one thousand eight hundred and thirty-four, unless and until Parliament shall otherwise direct, a tender of a note or notes of the Governor and Company of the Bank of England, expres ed to be payable to bearer on demand, shall be a legal tender, to the amount expressed in such note or notes, and shall be taken to be valid as a tender to such amount for all sums above five pounds on all occasions on which any tender of money may be legally made, so long as the Bank of England shall continue to pay on demand their said notes in legal coin : Provided always, that no such note or notes shall be deemed a legal tender of payment by the Governor and Company of the Bank of England, or any branch hank of the said governor and company ; bui the said governor and company are not to become liable or be required to pay and satisfy, at any branch bank of the said governor and company, any note or notes of the said governor and company not made specially payable at such branch bank ; but the said governor and company shall he liable to pay and satisfy a1 the Bank of England in London all notes ; governor and company, or of any branch thereof. VIII. A.nd be it further enacted, That an account of the amount of bullion and securities in the Dank of England belonging to the 3 & 4 Will. 4, c. 98. All notes of the Bank of England payable on demand which shall be issued out of London shall be pay- able at the place where issued, &c. Exclusive privileges hereby given to end upon one year's notice given at the end of ten years after August i334- What shall be deemed sufficient notice. Bank notes tol tender, ex- cept at the l ank and branch banks. APPENDIX. 23!) said governor and company, and of notes in circulation, and of depo- 3 & 4 Will, sits in the said hank, shall he transmitted weekly to the Chancellor 4. c. 98. of the Exchequer for the time being, and such accounts shall be con- ." 7 7 solidated at the end of every month, and an average state of the tion to be bank accounts of the preceding three months, made from such con- SL "' weekly solidated accounts as aforesaid, shall be published every month in the ceiLrof the" next succeeding London Gazette. Exchequer, &c. IX. And be it further enacted, That one fourth part of the debt Public to of fourteen million six hundred and eighty-six thousand eight hun- £™kon e dred pounds, now due from the public to the Governor and Company fourth part of the Bank of England, shall aud may be repaid to the said governor of thc aebtof -1 01 j t .-> 14,686,800/. and company. . *' ' X. And be it further enacted, That a general court of pro- Capital prietors of the said Governor and Company of the Bank of England * toc ^ o( the shall be held at some time between the passing of this Act and the bereduced. fifth day of October one thousand eight hundred and thirty-four, to determine upon the propriety of dividing and appropriating the sum of three million six hundred and thirty-eight thousand two hundred and fifty pounds, out of or by means of the sum to be repaid to the said governor and company as hereinbefore mentioned, or out of or by rneaus of the fund to be provided for that purpose, amongst the several persons, bodies politic or corporate, who may be proprietors of the capital stock of the said governor and company on the said fifth day of October one thousand eight hundred and thirty-four, and upon the manner and the time for making such division and appro- priation, not inconsistent with the provisions for that purpose herein contained ; and in case such general court, or any adjourned general court, shall determine that it will be proper to make such division, then, but not otherwise, the capital stock of the said governor and company shall be and the same is hereby declared to be reduced from the sum of fourteen million five hundred and fifty- three thousand pounds, of which the same now consists, to the sum of ten million nine hundred fourteen thousand seven hundred and fifty pounds, making a reduction or difference of three million six hundred and thirty-eight thousand two hundred and fifty pounds capital stock, and such reduction shall take place from and after the said fifth day of October one thousand eight hundred and thirty-four ; and thereupon, out of or by means of the sum to be repaid to the said governor and company as hereinbefore mentioned, or out of or by means of the fund to be provided for that purpose, the sum of three million six hundred and thirty-eight thousand two hundred and fifty pounds sterling, or such proportion of the said fund as shall represent the same, shall be appropriated and divided amongst the several persons, bodies politic or corporate, who may be proprietors of the said sum of fourteen million five hundred and fifty-three thousand pounds bank stock on the said fifth day of October one thousand eight hundred and thirty-four, at the rate of twenty-five pounds sterling for every one hundred pounds of bank stock which such persons, bodies politic and corporate, may then be proprietors of or shall have standing in their respective names in the books kept by the said governor aud company for the entry and transfer of such stock, and so in proportion for a greater or lesser sum, 240 APPENDIX. 3 & 4 Will. Governor, deputy governor, or directors not to be disqualified by reduc- tion of their share of the capital stock. Proprietors not to be disqualified. XI. Provided always, and be it enacted, That the reduction of the share of each proprietor of and in the capital stock of the said Governor and Company of the Bank of England, by the repayment of such one fourth part thereof, shall not disqualify the present governor, deputy governor, or director, or any or either of them, or auy governor, deputy governor, or director who may be chosen in the room of the present governor, deputy governor, or directors at any time before the general court of the said governor and company to be held between the twenty-fifth day of March and the twenty-fifth day of April one thousand eight hundred and thirty-five: Provided that at the said general court, and from and after the same, no governor, deputy governor, or director of the said corporation shall be capable of being chosen such governor, deputy governor, or director, or shall continue in his or their respective offices, unless he or they respectively shall at the time of such choice have, and during such his respective office continue to have, in his and their respective name, in his and their own right, and for his and their own use, the respective sums or shares of and in the capital stock of the said corporation in and by the charter of the said governor and company prescribed as the qualification of governor, deputy governor, and directors respectively. XII. Provided also/and be it enacted, That no proprietor shall be disqualified from attending and voting at any general court of the said governor and company, to be held between the said fifth day of October one thousand eight hundred and thirty-four and the twenty- fifth day of April one thousand eight hundred and thirty-five, in consequence of the share of such proprietor of and in the capital stock of the said governor and conrpany having been reduced by such repayment as aforesaid below the sum of five hundred pounds of and in the said capital stock ; provided such proprietor had in his own name the full sum of five hundred pounds of and in the said capital stock on the said fifth day of October one thousand eight hundred and thirty-four ; nor shall any proprietor be required, between the said fifth day of October one thousand eight hundred and thirty-four and the twenty-fifth day of April one thousand eight hundred and thirty-five, to take the oath of qualification in the said charter. nual sum of 120,000/. from sum allowed for "•merit of n. 1: 10 al debt. de- XIII. And be it further enacted, That from and after the said duct the an- g^ j ay of August one thousand eight hundred and thirty-four the mill cum rtf J & - . . j ,. /. ,, . ., „ said governor and company, in consideration ot the privileges of ex- clusive banking given by this Act, shall, during the continuance of such privileges, but no longer, deduct from the sums now payable to the said governor and company, for the charges of management of the public unredeemed debt, the annual sum of one hundred and twenty thousand pounds, any thing in any Act or Acts of Parlia- ment or agreement to the contrary notwithstanding : Provided always, that such deduction shall in no respect prejudice or affect the right of the said governor and company to be paid for the manage- ment of the public debt at the rate and according to the terms pro- vided in an Act passed in the forty-eighth year of His late Majesty ■ King George the Third, intituled An Act in authorize tin- advancing forth* public Service, upon certain Conditions, a Proportion of the I'.nhiiK-r ixiiiuiniiig in the Bank of England for Payment of Unclaimed APPENDIX. 241 Dividends, Annuities, and Lottery Prizes, and for regulating the Allow- 3 & 4 Will. ances to be made for the Management of the National Debt. 4| c - g8. XIV. And be it further enacted, That all the powers, authorities, Provisions of franchises, privileges, and advantages given or recognized by the Ac ' of ( . said recited Act of the thirty-ninth and fortieth years aforesaid, as 3 to remain' belonging to or enjoyed by the Governor and Company of the Bank m fori . of England, or by any subsequent Act or Acts of Parliament, shall aiten-'aly be and the same are hereby declared to be in full force and con- this Act. tinned by this Act, except so far as the same are altered by this Act, subject nevertheless to such redemption upon the terms and con- ditions following ; (that is to say,) that at any time, upon twelve months' notice to be given after the first day o{ August one thousand eight hundred and fifty-five, and upon repayment by Parliament to the said governor and company or their successors of the sum of eleven million fifteen thousand one hundred pounds, being the debt which will remain due from the public to the said governor and company after the payment of the one fourth of the debt of fourteen million six hundred and eighty-six thousand eight hundred pounds as hereinbefore provided, without any deduction, discount, or abatement whatsoever, and upon payment to the said governor and company and their successors of all arrears of the sum of one hundred thousand pounds per annum in the said Act of the thirty- ninth and fortieth years aforesaid mentioned, together with the interest or annuities payable upon the said debt or in l-espect thereof, and also upon repayment of all the principal and interest which shall be owing unto the said governor and company and their suc- cessors upon all such tallies, exchequer orders, exchequer bills, or parliamentary funds which the said governor and company or their successors shall have remaining in their hands or be entitled to at the time of such notice to be given as last aforesaid, then and in such case, and not till then (unless uuder the proviso hereinbefore contained), the said exclusive privileges of banking granted by this Act shall cease and determine at the expiration of such notice of twelve months. XV. And be it further enacted, That this Act may be altered, Act may be amended, or repealed by any Act to be passed in this session of ^"g^ton Parliament. [1 & 2 Vict. c. 90.]* An Act to amend, until the End of the next Session of Parliament, the Law relative to Legal Proceedings by certain Joint Stock Banking Companies against their own Members, and by sach Members against the Com- panies. \lAth August, 1838.] 1 & 2 Vict. Whereas by an Act passed in the seventh year of the reign of His ~" lg George the Fourth, intituled An . ' Made perpetual by 5 & G Vict. c. 85. late Majesty King George the Fourth, intituled An Act for the better 7 Geo. 4, 40. 242 APPENDIX. i & 2 Vict, regulating Copartnerships of certain Bankers in England, and for c ' g6 ' amending so much of an Act of the Tliirty-ninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled l An Act for establishing an Agreement with the Governor and Company of the Bank of England for advancing the Hum of Three Millions towards the Supply of the Service of the Year Eighteen hundred,'' as relates to the same, it was amongst other things enacted, that it should be law- ful for any bodies politic or corporate erected for the purposes of banking, or for any number of persons united in covenants or co- partnerships, although such persons so united or carrying on business together should consist of more than six in number, to carry on (subject to certain provisions therein contained) the trade or business of bankers in England, in like manner as copartnerships of bankers consisting of not more than six persons in number might lawfully do ; and it was further enacted, that all actions and suits against any persons who might be at any time indebted to any such copart- nership carrying on business under the provisions of the said Act, and all other proceedings at law and in equity to be instituted on behalf of any such copartnershijj against any persons, bodies politic or corporate, or others, whether members of such copartnership or otherwise, for recovering any debts or enforcing any claims or demands due to such copartnership, or for any other matter relating to the concerns of such copartnership, might be commenced and pro- secuted in the name of any one of the public officers for the time being of such copartnership, to be nominated as therein is mentioned, as the nominal party on behalf of such coj)artnership, and that actions or suits, and proceedings at law or in equity, to be instituted by any persons, bodies politic or corporate, or others, whether members of such copartnership or otherwise, against such copart- nership, should be commenced and prosecuted against any one or more of the public officers for the time being of such copartnership as the nominal defendant on behalf of such copartnership, and that the death, resignation, removal, or any act of such public officer should not abate or prejudice any such action, suit, or other pro- ceeding commenced against or on behalf of such coimrtnership, but that the same might be continued in the name of any other of the public officers of such copartnership for the time being : And whereas an Act was passed in the sixth year of the reign of His said 6 Geo. 4, c. i a te Majesty, intituled An Act for the better Regulation of Copartner- ships of certain Bankers in Ireland: And whereas it is expedient that the said Acts should for a limited time be amended so far as relates to the powers enabling any such copartnership, not being a body corporate, to sue any of its own members, and the powers enabling any member of any such copartnership, not being a body corporate, to sue the said copartnership : Be it therefore enacted by tlic Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That any person now being or having been or who may hereafter be < vict - c - I4 - may be entered into by certain Banking and other Copart- nerships. [ISth May, 1841.] Whereas divers associations and copartnerships consisting of more than six members or shareholders have from time to time been formed, for the purpose of being engaged in and carrying on the business of banking, and divers other trades and dealings, for gain and profit, and have accordingly for some time past been and are now engaged in carrying on the same, by means of boards of directors or managers, committees, or other officers acting on behalf of all the members or shareholders of or persons otherwise interested in such associations or copartnerships : And whereas divers spiritual persons having or holding dignities, prebends, canonries, benefices, stipen- diary curacies, or lectureships have been members or shareholders of or otherwise interested in divers of such associations and copartner- ships : And whereas it is expedient to render legal and valid all contracts entered into by such associations or copartnerships, although the same may now be void by reason of such spiritual persons being or having been such members or shareholders or otherwise interested as aforesaid ; be it therefore enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That no such association or No associa- copartnership already formed, or which may be hereafter formed, p^n^ersh" nor any contract either as between the members, partners, or share- or contract' holders composing such association or copartnership for the purposes entered into thereof, or as between such association or copartnership and other them^to be persons, heretofore entered into or which shall be entered into by illegal or any such association or copartnership already formed or hereafter 5° n d ^ \ r ot " to be formed, shall be deemed or taken to be illegal or void, or to spiritual occasion any forfeiture whatsoever, by reason only of any such spiri- P ers tual person as aforesaid being or having been a member, partner, thereof™ or shareholder of or otherwise interested in the same ; but all such associations and copartnerships shall have the same validity, and all such contracts shall and may be enforced in the same manner, to all intents and purposes, as if no such spiritual person had been or was a member, partner, or shareholder of or interested in such association or copartnership : Provided always, that it shall not No be lawful for any spiritual person holding any cathedral preferment, j^eTor'per^" benefice, cui'acy, or lectureship, or who shall be licensed or allowed forming ec- 24(3 APPENDIX. 4 Vict. c. 14. to perform the duties of any ecclesiastical office, to act as a director or managing partner, or to carry on such trade or dealing as afore- said in person. clesiastical duty to act as a director. In all ac- tions and suits by copartner- ships esta- blished since the session of 2 & 3 Vict., the defend- ant to be entitled to taxed costs, and the Court to make order for further costs. II. And be it enacted, That in all actions and suits which shall have been brought or instituted by or on behalf of any such asso- ciation or copartnership which may have been formed since the end of the session of Parliament held in the second and third years of the reign of Her present Majesty, in case any defendant therein shall, before the twenty-ninth day of March one thousand eight hundred and thirty-eight, by plea or otherwise, have insisted on the invalidity of any contract thereby sought to be enforced, by reason of any such spiritual person as aforesaid being or having been a member or shareholder in such association or copartnership, such defendant shall be entitled to the full costs of such plea or other defence, to be paid by the plaintiff, and to be taxed as the Court in which the said action or suit shall be depending, or any judge thereof, shall direct ; and in order fully to indemnify such defendant it shall be lawful for such Court or judge to order the plaintiff to pay to him such further costs (if any) of the said action or suit as the jiistice of the case may require. Act may be III. And be it enacted, That this Act may be amended or repealed amended ]w any Act to be passed in this present session of Parliament. this session. J J l 4 & 5 Vict, c. 50. 4 Will. 83. [4 & 5 Vict. c. 50.] An Act to make further Provision relative to the Returns to be made by Banks of the Amount of their Notes in Circulation. [21st June, 1841.] Whereas by an Act passed in the third and fourth years of the reign of His late Majesty King William the Fourth, intituled An Act to compel Banks issuing Promissory Notes payable to Bearer on 1 1. memd to make Returns of their Notes in Circulation, and to authorize Banks to issue Notes payable in London /or less than Fifty Pounds, all corporations and copartnerships carrying on banking business, under the provisions of a certain Act therein recited, passed in the seventh year of the reign of King George the Fourth, and all other persons carrying on banking business, and making and issuing promissory notes payable to bearer on demand, are required respectively to keep certain weekly accounts of the amount of notes in circulation, and to make up a quarterly account of the average amount of such notes in circulation, and to return and deliver such quarterly account to the ' lommissioners of Stamps, at the Stamp Office in London, at the times and in the manner by the said first-recited Act directed : And whereas it is expedient to amend the said first-recited Act, and to re- quire all such corporal Lons, copari aerships, and persons carrying on banking business in any pari of the United Kingdom to render more frequent returns of the amount of their notes in circulation : Beit APPENDIX. 247 therefore enacted by the Queen's most excellent Majesty, by and ( & 5 Vict, with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That from and after the first day of July one Bankersin thousand eight hundred and forty-one, all corporations and euparlnc-i ships carrying on banking business under the provisions of the said and Ireland, Act pissed in the seventh year of the reign of King George the Fourth, i"^^'^^' and all other persons carrying on banking business in England and missory Wales, and making and issuing promissory notes payable to bearer notes pay- on demand, and all corporations, copartnerships, and persons carrying bearc^on on such business, and making and issuing such promissory notes as demand, to aforesaid, in Scotland, and also the Governor and Company of the kee P * c ~ { Bank of Ireland, and all corporations, copartnerships, and persons the amount carrying on such business, and making and issuing such promissory in circula- notes as aforesaid, in Ireland, shall severalty keep just and true [o '^"^ accounts of the amount of notes in circulation at the close of the returns business in each week, and shall, at the end of every four weeks, make thereof . up from such weekly accounts a just and true account of the average weeks. amount of such notes in circulation during such four weeks ; and shall also, within seven days after the conclusion of such four weeks, return and deliver such last-mentioned account for the four weeks immediately preceding, and so on every successive four weeks, such accounts being always verified in the manner hereinafter directed, to the Commissioners of Stamps and Taxes, at their head office in Westminster, upon pain that any corporation, company, copartner- ship, or persons or person, who shall neglect or omit to keep, or to return and deliver, any such account in the manner directed by this Act, shall for every such neglect or omission forfeit the sum of fifty Penalty for pounds, to be recovered, with full costs of suit, in the name of Her default > 5 o/ - Majesty's Attorney or Solicitor General in England or Ireland, or of Her Majesty's Advocate General in Scotland. II. And be it enacted, That every such account so to be returned Accounts and delivered to the Commissioners of Stamps and Taxes as afore- v° r ified by said shall be verified by the affidavit or affirmation of the secretary, affidavit or accountant, cashier, or other chief clerk or officer of the corporation, afnrmaU ° n - company, or copartnership, or persons or person, so carrying on banking business and making such return ; and such affidavit or affirmation shall be made before any justice of the peace in any par!, of the United Kingdom, or before a master extraordinary in Chancery, or any person authorized to take affidavits by any of the superior courts in England or Ireland; and no such affidavit or affirmation shall be liable to any stamp duty. III. And be it enacted, That from the accounts which shall be An account rendered by the Governor and Company of the Bank of England in to be made pursuance of the Act in that behalf, and also from the accounts four^'e^k^ which shall be rendered in pursuance of this Act, there shall be made from the ac- up an account of the average aggregate amount of promissory notes rendered by payable to bearer on demand which have been in circulation in the the Bank of United Kingdom during the preceding four Aveeks, and so on every E °fjf nd » 1 successive four weeks, distinguishing those circulated by the Bank bankers°un" of England, by private banks, and by joint stock banks in England dor tin-. Act, and Wales, by the banks in Scotland, by the Bank of Ireland, and by published in all other banks in Inland, and of the average amount of the bullion the 'London 248 APPENDIX. 4 & s Vict, in the Bank of England during the preceding four weeks ; and ll such account shall be published in the London Gazette in every Gazette ' four weeks as soon as the same can conveniently be prepared for every four that purpose. weeks. [5 & 6 Vict. c. 82.] 5 & 6 Vict. c. 82. An Act to assimilate the Stamp Duties in Great Britain and Ireland, and to make Regulations for collecting and managing the same, until the Tenth Day of October One thousand eight hundred and forty-five. [5th August, 1842.] New duties On deeds, &c, the_ same as in England granted by 55 Geo. 3, old and silver plate the same as by 55 Geo. 3, c, 185. On II al in pi ite 1 he .mi' .1 . by II. And be it enacted, That (save and except for or in respect of the articles, matters, and things mentioned or specified in the Schedule to this Act annexed) there shall be granted, raised, levied, collected, and paid, in Ireland, unto and for the use of Her Majesty, her heirs and successors, in lieu of the duties and composition for duties hereby repealed, the several sums of money, and duties and composition for duties, following ; (that is to say), for and in respect of the several instruments, articles, matters, and things mentioned, enumerated, and described, mutatis mutandis, in the Schedule to an Act passed in the fifty-fifth year of the reign of King George the Third, intituled An Act for repealing the Stamp Duties on Deeds, Law Proceedings, and other written or printed Instruments, and the Duties on Fire Insurances, and on Legacies and Successions to Personal Estate upon Intestacies, now payable in Great Britain ; and for granting other Duties in lieu thereof (except those standing under the head of exemptions), or for or in respect of all instruments, articles, matters, and things of the like nature, kind, and description, respectively, in Ireland, or of the vellum, parchment, or paper upon which such instruments, articles, matters, and things, or any of them, shall be written or printed, such and the like duties as by or under the said last-mentioned Act, or 1 >y or under any subsequent Act, are now payable in England for or in respect of the said instruments, articles, matters, and things respec- tively mentioned, enumerated, and described in the said Schedule to the said Act of the fifty-fifth year of the reign of King George the Third annexed, or for or in respect of the vellum, parchment, or paper whereon such instruments, articles, matters, or things respec- tively are written or printed ; ami also for and in respect of plate of gold and silver made or wrought in Ireland, the several duties or sums of money respectively by another Act passed in the fifty -fifth year of the reign of King George the Third, intituled An A ct for repealing '/<< : Stamp <>]lice Duties on Advertisements, Almanacks, News- papers, Gold and (silver I 'late, Stage Coaches, and Licences for keeping iStage Coaches, non />l< in (Ireat Britain; and for granting new Dulii's in I if a tln-raif, granted for or in respect of plate of gold and silvi'i- respectively made or wrought in Great liritnin: and also for or in respect of licences to persons hi sell or make gold or silver plate in In - land, the several duties or sums of money respectively by an Act passed APPENDIX. 240 in the forty -tli i rd year of the reign of King George the Third, 5&6Vict. intituled An Act to repeal the Duties of Excise •payable in Great c - 82 Britain, and to grant other Duties in lieu thereof, granted for and upon ( , g e0 3 c licences to persons trading in, vending, or selling gold or silver plate ; 69. and also for and in respect of the promissory notes on unstamped On composi- paper issued by any licensed hanker in Ireland, or such notes of [inkers' such banker in circulation, the same composition as is payable by notes the hankers in England in pursuance of an Act passed in the ninth same as by year of the reign of King George the Fourth, intituled An Act to \ z enable Bankers in England to issue certain unstamped Promissory Notes and Bills of Exchange, upon Payment of a Composition in lieu of the Stamp Duties thereon ; and that the said Schedule annexed to the said first-mentioned Act passed in the fifty-fifth year of the reign of King George the Third shall, for the purposes of this Act, be read and taken and considered as if the same was annexed to and was a part of this Act, and all the instruments, articles, matters, and things (except as aforesaid) therein mentioned, enumerated, and described respectively were, mutatis mutandis, mentioned, enume- rated, and described as instruments, articles, matters, and things in or relating to Irela nd, and not in or relating to Great Britain or England; and that wherever in the said Schedule the words "United Kingdom," " United Kingdom of Great Britain and Ireland" " in Great Britam" "in England" "at Westminster" or "in Doctors' Commons," are used, the word " Ireland," or the words " in Ireland," as the case may be or require, shall be substituted and read in lieu thereof, save and except where any of such words in the said Schedule shall be consistent with the object and true intent and meaning of this Act, and shall be applicable to the purposes thereof: Provided The duties always, that the duties on policies of insurance from loss or damage on n ^ e in t " o by fire, and the yearly percentage duties for and in respect of such be charged insurances, not expressly exempted from duty, shall be charged and on policies^ paid respectively upon and for and in respect of all such policies and S^^ s J such insurances in Ireland, as shall or may be granted and made by licensed in any person licensed, or who ought to he licensed, in pursuance of Ireland, any Act of Parliament for that purpose, and upon and for and in respect of all and every policy and insurance respectively that can or may and shall he lawfully granted or made in Ireland by any cor- poration, company, or person, whether licensed or not : Provided always, that where any deed or other instrument mentioned or described in the said Schedule, or in the said Act passed in the third year of the reign of King George the Fourth, is declared to he exempt from ad valorem duty, by reason of the payment for or in respect of any other deed or instrument of any ad valorem duty specified in the said Schedule, or granted by any former Act, such exemption shall be deemed to extend in like manner to all deeds and instruments of the same description executed after the com- mencement of this Act, in all cases where any ad. valorem duty of the like kind respectively granted by the said Act passed in the lilty-sixth year of the reign of King George the Third, or any Act in that behalf therein mentioned, or this Act, shall have been paid for or in respect of any such other deed or instrument : Provided also, Exceptions that in the cases of sub-sales mentioned in the said Schedule under nol d to ) c j''"| 1 . the head "Conveyance," the sub-purchasers, and the persons inime- ornotes j diately selling to them, shall be deemed and taken to be purchasers the Bank of and sellers within the intent and meaning of the provisions and Ireland > 250 APPENDIX. 5 & 6 Vict. Where any of the duties in England have been repealed, the same not to be charged in Ireland ; and where new duties granted in lieu, the same to be payable in Ireland. Releases and convey- ances of annuities, &c, ex- empted from ad valorem duty on re- purchase. regulations of the said Act passed in the fifty-sixth year of the reign of King George the Third : Provided also, that nothing herein or in the said Schedule contained shall exempt, or be deemed to exempt, from any of the duties hereby charged, any of the bills or promis- sory notes of the Bank of Ireland, except under or by virtue of any contract or agreement authorized by the laws in force to be made between the governor and company of the said bank and the Com- missioners of Her Majesty's Treasury in that behalf: Provided also, that nothing in this Act contained shall be deemed or construed to make payable in Ireland any of the ditties or sums of monej' specified and set forth in the said Schedule annexed to the said Act of the fifty-sixth year of the reign of King George the Third, which shall have been repealed, or shall have ceased to be payable in England ; and that in all cases where any of the said duties have been re- pealed, and any reduced or other duties have been granted and are now payable in lieu thereof, under or by virtue of any subsequent Act, such last-mentioned duties shall be deemed to be and shall be the duties payable and to be paid in Ireland for and in respect of the articles, matters, and things to which the same shall respectively relate : Provided also, that the releases and other conveyances of annuities or rent-charges made in the original grant thereof subject to be redeemed or repurchased, shall on the reconveyance thereof be exempted from the ad valorem duty imposed on conveyances on the sale of property by the said Act of the fifty-fifth year of the reign of King George the Third, and the said Schedule thereto annexed, and shall be charged only with the ordinary ditty on deeds or instruments of the like kind not upon a sale. [7 & 8 Vict, c. 32.] r&svict. An Act to regulate the Issue of Bank Notes, and for givimg to the Governor and Gom/pcmy of the Bank of England certain Privileges for a limited Period. [19th July, 1844]. c. 32. 3 & 4 4. C. oi Whereas it is expedient to regulate the issue of bills or notes pay- able on demand : And whereas an Act was passed in the fourth year Will, of the reign of His late Majesty King William the Fourth, intituled An Arl for ijiriwj tn the Corporation of the Governor and Company of tin Ba/nk of 'England rcrla in /'ririleijes for a limited Period, under certain Conditions ; and it is expedient that the privileges of exclu- sive banking therein mentioned should be continued to the said Governor and Company of the Bank of England, with such altera- tions a are herein contained, upon certain conditions : May it there- lore please your Majesty that it may lie enacted ; and be it enacted by tli" Queen's most excellent Majesty, by and with the advice and consenf of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, That from and after the thirty-first day of August one thousand APPENDIX. 251 eight hundred and tori y-four the issue of promissory notes of the 7 c Governor am I Company of the Bauk of England, payable on demand, shall be separated and thenceforth kept wholly distinct from thej> an k to general banking business of the said governor and company ; and establish a the business of and relating to such issue shall be thenceforth eon- se P arate de- ducted and carried on by the said governor and company in a the issue of separate department, to be called "The Issue Department of the notes. Bank of England? subject to the rules and regulations hereinafter contained; and it shall be lawful for the court of directors of the said governor and company, if they shall think tit, to appoint a committee or committees of directors for the conduct and manage- ment of such Issue Department of the Bank of England, and from time to time to remove the members, and define, alter, and regulate the constitution and powers of such committee, as they shall think fit, subject to any bye-laws, rules, or regulations which may be made for that purpose : Provided nevertheless, that the said issue depart- ment shall always be kept separate and distinct from the banking department of the said governor and company. II. And be it enacted, That upon the thirty-first day of A Ugusi Manage- one thousand eight hundred and forty- four there shall be trans- pent of the ferred, appropriated, and set apart by the said governor anil com- g Su t \ pany to the Issue Department of the Bank of England securities to England. the value of fourteen million pounds, whereof the debt due by the public to the said governor and company shall be and be deemed a part ; and there shall also at the same time be transferred, appro- priated, ami set apart by the said governor and company to the said issue department so much of the gold coin and gold and silver bullion then held by the Bank of England as shall not be required by the banking department thereof ; and thereupon there shall be delivered out of the said issue department into the said banking department of the Bank of England such an amount of Bank of England notes as, together with the bank of England notes then in circulation, shall be equal to the aggregate amount of the securities, coin, and bullion so transferred to the said Issue Department of the Bank of England ; and the whole amount of Bauk of England notes then in circulation, including those delivered to the banking depart- ment of the Bank of England as aforesaid, shall be deemed to be issued on the credit of such securities, com, and bullion so appro- priated and set apart to the said issue department ; and from thence- forth it shall not be lawful for the said governor and company to increase the amount of securities for the time being in the said issue department, save as hereinafter is mentioned, but it shall be lawful for the said governor and company to diminish the amount of such securities, and again to increase the same to any sum not exceeding in the whole the sum of fourteen million pounds, and so from time to time as they shall see occasion ; and from and after such transfer and appropriation to the said issue department as aforesaid it shall not be lawful for the said governor and company to issue Bank of England notes, either into the banking department of the Bank of England, or to any persons or person whatsoever, save in exchange for other Bank of England notes, or for gold coin or for gold or silver bullion received or purchased for the said issue department under the provisions of this Act, or in exchange for securities acquired and taken in the issue department under the provisions 252 APPENDIX. 7&8Vict. herein contained: Provided always, that it shall he lawful for the c - 32- said governor and company in their banking department to issue all — such bank of England notes as they shall at any time receive from the said issue department or otherwise, in the same manner in all respects as such issue would be lawful to any other person or persons. Proportion III. And whereas it is necessary to limit the amount of silver buir' Iver l Duinou on which it shall be lawful for the issue department of the retained in Bank of England to issue Bank of England, notes ; be it therefore the issue enacted, That it shall not be lawful for the Bank of England to retain epartment. ^ n ^ e j ssue department of the said bank at any one time an amount of silver bullion exceeding one fourth part of the gold coin and bullion at such time held by the Bank of England in the issue department. All persons IV. And be it enacted, That from and after the thirty-first day may demand of August one thousand eight hundred and forty-four all persons de !artment sna1 ^ ^ e entitled to demand from the issue department of the Bank notes for of England Bank of England notes in exchange for gold bullion, at gold bullion. £h e ra t e f three pounds seventeen shillings and ninepence per ounce of standard gold : Provided always, that the said governor and company shall in all cases be entitled to require such gold bullion to be melted and assayed by persons approved by the said governor and company at the expense of the parties tendering such gold bullion. Power to V. Provided always, and be it enacted, That if any banker who on securities ^he Slx th day of May one thousand eight hundred and forty-four in the issue was issuing his own bank notes shall cease to issue his own bank department, no tes, it shall be lawful for Her Majesty in council at any time additional after the cessation of such issue, upon the application of the said notes. governor and company, to authorize and empower the said governor and company to iucrease the amount of securities in the said issue department beyond the total sum or value of fourteen million pounds, and thereupon to issue additional Bank of England notes to an amount not exceeding such increased amount of securities specified in such order in council, and so from time to time : Pro- vided always, that such increased amount of securities specified in such order in council shall in no ease exceed the proportion of two thirds the amount of bank notes which the banker so ceasing to issue may have been authorized to issue under the provisions of this Act ; and every such order in council shall be published in the next succeeding London Gazette. t0 VI. And be it enacted, That an account of the amount of Bank j f England notes issued by the issue department of the Bank of ol Engl i England, and of gold coin and of gold and silver bullion respec- tively, and of securities in the said issue department, and also an account of the capital stock, and the deposits, and of the money and securities belonging to the said governor and company in the I, nuking department of the Bank of England, on some day in every week Lo be fixed by the Commissioners of Stamps and Taxes, shall be transmitted by the said governor and company weekly to the said commie ionera in the form prescribed in the Schedule hereto APPENDIX. 253 annexed marked (A), and shall be published by the said commis- 7 &8Vict. sioners in the next succeeding London Gazette in which the same c - 32. may be conveniently inserted. VII. And be it enacted, That from and after the said thirty-first Bank of day of August one thousand eight hundred and forty-four the said En s land Governor and Company of the l!ank of England shall be released fr^mTtamp and discharged from the payment of any stamp duty, or composition duty upon in respect of stamp duty, upon or in respect of their promissory notes their noteSl payable to bearer on demand ; and all such notes shall thenceforth be and continue free and wholly exempt from all liability to any stamp duty whatsoever. VIII. And be it enacted, That from and after the said thirty-first Bank to day of August one thousand eight hundred and forty-four the a ' low , payment or deduction of the annual sum of one hundred and annum. pC twenty thousand pounds, made by the said governor and company under the provisions of the said Act passed in the fourth year of the reign of His late Majesty King William the Fourth, out of the sums payable to them for the charges of management of the public unredeemed debt, shall cease, and in lieu thereof the said governor and company, in consideration of the privileges of exclusive banking, an 1 the exemption from stamp duties, given to them by this Act, shall, during the continuance of such privileges and such exemption respectively, but no longer, deduct and allow to the public, from the sums now payable by law to the said governor and company for the charges of management of the public unredeemed debt, the annual sum of one hundred and eighty thousand pounds, any thing in any Act or Acts of Parliament, or in any agreement, to the con- trary notwithstanding : Provided always, that such deduction shall in no respect prejudice or affect the rights of the said governor and company to be paid for the management of the public debt at the rate and according to the terms provided in an Act passed in the forty -eighth year of the reign of His late Majesty King George the Third, intituled An Act to authorize the advancing for the Public 48 Geo. 3, c. Service, upon certain Conditions, a Proportion of the Balance remaining 4- in the Bank of England, for the Payment of Unclaimed Dividends, Annuities, and Lottery Prizes, and for regulating the Allowances to be made for the Management of the National Debt. IX. And be it enacted, That in case, under the provisions herein- Bank to before contained, the securities held in the said issue department of allow the the Bank of England shall at any time be increased beyond the total ™ fits o/in- amount of fourteen million pounds, then and in each and every creased cir- year in which the same shall happen, and so long as such increase culation. shall continue, the said governor and company shall, in addition to the said annual sum of one hundred and eighty thousand pounds, make a further payment or allowance to the public, equal in amount to the net profit derived in the said issue department during the current year from such additional securities, after deducting the amount of the expenses occasioned by the additional issue during the same period, which expenses shall include the amount of any and every composition or payment to be made by the said governor and company to any banker in consideration of the discontinuance at any time hereafter of the issue of bank notes by such banker ; 254 APPENDIX No new bank of issue. and such further payment or allowance to the public by the said governor and company shall, in every year while the public shall be entitled to receive the same, be deducted from the amount by law payable to the said governor and company for the charges of management of the unredeemed public debt, in the same manner as the said annual sum of one hundred and eighty thousand pounds is hereby directed to be deducted therefrom. X. And be it enacted, That from and after the passing of this Act no person other than a banker who on the sixth day of May one thousand eight hundred and forty-four was lawfully issuing his own bank notes shall make or issue bauk notes in any part of the United Kingdom. Restriction against issue of bank notes. XT. And be it enacted, That from and after the passing of this Act it shall not be lawful for any banker to draw, accept, make, or issue, in England or Wales, any bill of exchange or promissory note or engagement for the payment of money payable to bearer on demand, or to borrow, owe, or take up, in England or Wales, any sums or sum of money on the bills or notes of such banker payable to bearer on demand, save and except that it shall be lawful for any banker who was on the sixth day of May one thousand eight hun- dred and forty-four carrying on the business of a banker in England or Wales, and was then lawfully issuing, in England or Wales, his own bank notes, under the authority of a licence to that effect, to continue to issue such notes to the extent and under the conditions hereinafter mentioned, but not further or otherwise ; and the right of any company or partnership to continue to issue such notes shall not be in any manner prejudiced or affected by any change which may hereafter take place in the personal composition of such com- pany or partnership, either by the transfer of any shares or share therein, or by the admission of any new partner or member thereto, or by the retirement of any present partner or member therefrom : Provided always, that it shall not be lawful for any company or part- nership now consisting of only six or less than six persons to issue bank notes at any time after the number of partners therein shall exceed six in the whole. Bankers ceasing to issue notes may not resume. Existing banks of • ontinue under cer- tain lllMI- I 'I . XII. And be it enacted, That if any banker in any part of the United Kingdom who after the passing of this Act shall be entitled 1o issue bank notes shall become bankrupt, or shall cease to carry on the business of a banker, or shall discontinue the issue of bank notes, either by agreement with the Governor and Company of the Bank of England or otherwise, it shall not be lawful for such banker at any time thereafter to issue any such notes. XIII. And be it enacted, That every banker claiming under this At, to continue to issue bank notes in England or Wales shall, within one month next after the passing of this Act, give notice in writing to the Commissioners of Stamps and Taxes at their head office in London of such claim, and of the place and name and firm a1 and under which such banker has issued such notes during the twelve weeks nex! preceding the twenty-seventh day of April last; and thereupon the aid commissioners shall ascertain if such banker was "i! (he sixth day of May one thousand eight hundred and APPENDIX. 255 forty-four carrying on the business of a banker, ami lawfully issuing c & ^ Vi ' l his own bank notes in England or Wales, and if it shall so appear then the said commissioners shall proceed to ascertain the average amount of the bank notes of such banker which were in circula- tion during the said period of twelve weeks preceding the twenty- seventh day of April last, according to the returns made by such banker in pursuance of the Act passed in the fourth and fifth years of the reign of Her present Majesty, intituled An Act to 4 &s Vict. c. make further Provision relative to tht Returns to bt made by /l"id-s 5 °- of the Amount of their Notes in Circulation; and the said commis- sioners or any two of them shall certify under their hands to such banker the said average amount, when so ascertained as afore- said ; and it shall be lawful for every such banker to continue to issue his own bank notes after the passing of this Act : Provided never- theless, that such banker shall not at any time after the tenth day of October one thousand eight hundred and forty-four have in circulation upon the average of a period of four weeks, to be ascertained as hereinafter mentioned, a greater amount of notes than the amount so certified. XIV. Provided always, and be it enacted, That if it shall be made Provision for to appear to the Commissioners of Stamps and Taxes that any two \^ks or more banks have, by written contract or agreement (which con- tract or agreement shall be produced to the said commissioners), become united within the twelve weeks next preceding such twenty- seventh day of April as aforesaid, it shall be lawful for the said com- missioners to ascertain the average amount of the notes of each such bank in the manner hereinbefore directed, and to certify the average amount of the notes of the two or more banks so united as the amount which the united bank shall thereafter be authorized to issue, subject to the regulations of this Act. XV. And be it enacted, That the Commissioners of Stamps and Duplicate Taxes shall, at the time of certifying to any banker such particulars f^'^'l^ as they are hereinbefore required to certify, also publish a duplicate i n the of their certificate thereof in the next succeeding London Gazette 'Gazette.' in which the same may be conveniently inserted ; and the Gazette in which such publication shall be made shall be conclusive evidence 'Gazette' to in all courts whatsoever of the amount of bank notes which the be evidence - banker named in such certificate or duplicate is by law authorized to issue and to have in circulation as aforesaid. XVI. And be it enacted, That in case it shall be made to appear in case to the Commissioners of Stamps and Taxes, at any time hereafter, banks u ^ , that any two or more banks, each such bank consisting of not more commis- than six persons, have, by written contract or agreement (which sioners to contract or agreement shall be produced to the said commissioners), ^ount of become united subsequently to the passing of this Act, it shall be bank notes lawful to the said commissioners, upon the application of such ^? h each united bank, to certify, in manner hereinbefore mentioned, the authorized aggregate of the amount of bank notes which such separate banks t0 issue - were previously authorized to issue, and so from time to time ; and every such certificate shall be published in manner hereinbefore directed ; and from and after such publication the amount therein stated shall be and be deemed to be the limit of the amount of bank 25G APPENDIX. 7 &8Vict. notes which such united hank may have in circulation: Provided c ^ 2 - always, that it shall not be lawful for any such united hank to issue hank "notes at any time after the number of partners therein shall exceed six in the whole. Penalty on banks issu- ing in excess. XVII. And be it enacted, That if the monthly average circulation of bank notes of any banker, taken in the manner hereinafter directed, shall at any time exceed the amount which such banker is authorized to issue and to have in circulation under the provisions of this Act, such banker shall in every such case forfeit a sum equal to the amount by which the average monthly circulation, taken as aforesaid, shall have exceeded the amount which such banker was authorized to issue and to have in circulation as aforesaid. Issuing banks to render accounts. XVIII. And be it enacted, That every banker in England and Wales who, after the tenth day of October one thousand eight hundred and forty-four, shall issue bank notes shall on some one day in every week after the nineteenth day of October one thousand eight hundred and forty-four (such day to be fixed by the Commissioners of Stamps and Taxes) transmit to the said commissioners an account of the amount of the bank notes of such banker in circulation on every day during the week ending on the next jjreceding Saturday, and also an account of the average amount of the bank notes of such banker in circulation during the same week ; and on completing the first period of four weeks, and so on completing each successive period of four weeks, every such banker shall annex to such account the average amount of bank notes of such banker in circulation during the said four weeks, and also the amount of bank notes which such banker is authorized to issue under the provisions of this Act ; and every such account shall be verified by the signature of such banker or his chief cashier, or, in the case of a company or partnership, by the signature of a managing director or partner or chief cashier of such company or partnership, and shall be made in the form to this Act annexed marked (B) ; and so much of the said return as states the weekly average amount of the notes of such bank shall be published by the said commissioners in the next succeeding London Gazette in which the same may be conveniently inserted ; and if any such banker shall neglect or refuse to render any such account in the form and at the time reqiiired by this Act, or shall at any time render a false account, such banker shall forfeit the sum of one hundred pounds for every such offence. Mode of ascertaining the average amount of bank notes of each banker in during i lie . after loth ' d t. XIX. And be it enacted, That for the purpose of ascertaining the monthly average amount of bank notes of each banker in circulation the aggregate of the amount of bank notes of each such banker in circulation on every day of business during the first complete period of four weeks next after the tenth day of October one thousand eight hundred and forty-four, such period ending on a Saturday, shall be divided by the number of days of business in such four weeks, and i lie average so ascertained shall be deemed to be the average of bank notes of each su«-h banker in circulation during such period of four weeks, and so in each successive period of four weeks, and such average is not to exceed the amount certified by the Commissioners '.I' Stamp-- and Taxes as afrnvsaid. APPENDIX. 257 XX. And whereas, in order to insure the rendering of true and 7&8V«:t. faithful accounts of the amount of bank notes in circulation, as ______ directed by this Act, it, is necessary that the Commissioners of Commission- Stamps and Taxes should be empowered to cause the books of pre of Stamps bankers issuing such notes to be inspected, as hereinafter men- and Taxes tioned ; be it therefore enacted, That all and every the book and t^causethe books of any banker who shall issue bank notes under the provi- books of sions of this Act, in which shall be kept, contained, or entered any containing account, minute, or memorandum of or relating to the bank notes accounts of issued or to be issued by such banker, or of or relating to the tbeir bank amount of such notes in circulation from time to time, or any account, cu i a t; n to minute, or memorandum the sight or inspection whereof may tend be inspected, to secure the rendering of true accounts of the average amount of such notes in circulation, as directed by this Act, or to test the truth of any such account, shall be open for the inspection and examina- tion, at all seasonable times, of any officer of stamp duties authorized in that behalf by writing, signed by the Commissioners of Stamps and Taxes or any two of them ; and every such officer shall be at liberty to take copies of extracts from any such book or account as aforesaid ; and if any banker or other person keeping any such ^"^^ [ or book, or having the custody or possession thereof, or power to pro- allow such duce the same, shall, upon demand made by any such officer, show- inspection. ing (if required) his authority in that behalf, refuse to produce any such book to such officer for his inspection and examination, or to permit him to inspect and examine the same, or to take copies thereof or extracts therefrom, or of or from any such account, minute, or memorandum as aforesaid kept, contained, or entered therein, every such banker or other person so offending shall for every such offence forfeit the sum of one hundred pounds : Pro- vided always, that the said commissioners shall not exercise the powers aforesaid without the consent of the Commissioners of Her Majesty's Treasury. XXI. And be it enacted, That evei-y banker in England and AIi bankers Wales who is now carrying on or shall hereafter carry on business '"Iff" ™ rp i n . n -r • i names once as such shall on the first day of January in each year, or within a year to fifteeen days thereafter, make a return to the Commissioners of o^ Stamp Stamps and Taxes at their head office in London of his name, resi- dence, and occupation, or, in the case of a company or partnership, of the name, residence, and occupation of every person composing or being a member of such company or partnership, and also the name of the firm under which such banker, company, or partner- ship carry on the business of banking, and of every place where such business is carried on ; and if any such banker, company, or partner- ship shall omit or refuse to make such return within fifteen days after the said first day of January, or shall wilfully make other than a true return of the persons as herein required, every banker, com- pany, or partnership so offending shall forfeit and pay the sum of fifty pounds ; and the said Commissioners of Stamps and Taxes shall on or before the first day of March in every year publish in some newspaper circulating within each town or county respectively a copy of the return so made by every banker, company, or partner- ship carrying on the business of bankers within such town or county respectively, as the case may be. 258 APPENDIX. 7 & s Vict. XXII. And be it enacted, That every banker who shall be liable c - 32- by law to take out a licence from the Commissioners of Stamps and R , Taxes to authorize the issuing of notes or bills shall take out a take out a separate and distinct licence for every town or place at which he separate shall, by himself or his agent, issue any notes or bills requiring such e'ver^place licence to authorize the issuing thereof, any thing in any former Act at which contained to the contrary thereof notwithstanding : Provided always, they issue ^^ ])0 b an k er wno on or before the sixth day of May one thousand bills. eight hundred and forty four had taken out four such licences, which Proviso in on the said last-mentioned day were respectively in force, for the favour of issuing of any such notes or bills at more than four separate towns or had k four W ° pl aces > shall at any time hereafter be required to take out or to have such H- in force at one and the same time more than four such licences to cences m anthorize the issuing of such notes or bills at all or any of the same the 6th of towns or places specified in such licence in force on the said sixth May, 1844- day of May one thousand eight hundred and forty-four, and at which towns or places respectively such bankers had on or before the said last mentioned day issued such notes or bills in pursuance of such licences or any of them respectively. Compensa- XXIII. And whereas the several bankers named in the Schedule tiontocer- hereto annexed marked (C) have ceased to issue their own bank named a Ci The Dotes under certain agreements with the Governor and Company of Schedule. the Bank of England; and it is expedient that such agreements should cease and determine on the thirty-first day of December next, and that such bankers should receive by way of compensation such composition as hereafter mentioned ; and a list of such bankers, and a statement of the maximum sums in respect of which each such banker is to receive compensation, hath been delivered to the Com- missioners of Stamps and Taxes, signed by the chief cashier of the Bank of England ; be it therefore enacted, That the several agree- ments subsisting between the said governor and company and the several bankers mentioned in the Schedule hereto relating to the issue of Bank of Englandnotes shall cease and determine on the thirty- first day of December next ; and from and after that day the said governor and company shall pay and allow to the several bankers named in the Schedule hereto marked (('), so long as such bankers shall be willing to receive the same, a composition at and after the rate of one pound per centum per annum on the average amount of the Bank of England notes issued by such bankers respectively and actually remaining in circulation, to be ascertained as follows (that is to say) ; on some day in the month of April one thousand eight hundred and forty-five, to be determined by the said governor and company, an account shall be taken of the Bank of England notes delivered to such bankers respectively by the said governor and company within three months next preceding, and of such of the said Bank of England notesas shall have been returned to the Bank of England, and the balance shall be deemed to be the amount of the Bank of England notes issued by such bankers respectively and kept in circulation ; and a similar account shall be taken at intervals of three calendar months; and the average of the balances ascer- tained mi taking four such accounts shall be deemed to be the aver- age amount df Bank of England notes issued by such bankers r p itiveb and kepi in circulation dining the year one thousand tit hundred and forty-five, and on which amount such bankers APPENDIX. 2;59 are respectively to receive the aforesaid composition of one p< r ci nftwra 7 & svict. for the year one thousand eight hundred and forty-five ; and similar c - 32- accounts shall be taken in each succeeding year ; but in each year ~~ such accounts shall be taken indifferent months from thus" in which the accounts of the last preceding year were taken, and on different days of the month, such months and days to be determined by the said governor and company ; and the amount of the composition payable as aforesaid shall be paid by the said governor and com- pany out of their own funds; and incase any difference shall arise between any of such bankers and the < J-overnor and < lompany of the Bank of England in respect of the composition payable as aforesaid, the same shall be determined by the Chancellor of the Exchequer for the time being, or by some person to be named by him, and the decision of the Chancellor of the Exchequer, or his nominee, shall be final and conclusive : Provided always, that it shall be lawful for any banker named in the Schedule hereto annexed marked (C) to discontinue the receipt of such composition as aforesaid, but no such banker shall by such discontinuance as aforesaid thereby acquire any right or title to issue bank notes. XXIV. And be it enacted, That it shall be lawful for the said Bank of governor and company to agree with every banker who, under the England to provisions of this Act, shall be entitled to issue bank notes, to allow to compound to such baukera composition at the rate of one per centum p r annum with issuing on the amount of Bank of England notes which shall be issued and banks - kept in circulation by such banker, as a consideration for his re- linquishment of the privilege of issuing his own bank notes ; and all the provisions herein contained for ascertaining and determining the amouut of composition payable to the several bankers named in the Schedule hereto marked (0) shall apply to all such other bankers with whom the said governor and company are hereby authorized to agree as aforesaid ; provided that the amount of composition pay- able to such bankers as last aforesaid shall in every case in which an increase of securities in the issue department shall have been authorized by any order in council be deducted out of the amouut payable by the said governor and company to the public under the provisions herein contained : Provided always, that the total sum Limitation payable to any banker, under the provisions herein contained, by of composi- way of composition as aforesaid, in any one year, shall not exeeed, uons ' in case of the bankers mentioned in the Schedule hereto marked (C), one per centum on the several sums set against the names of such bankers respectively in the list and statement delivered to the Com- missioners of Stamps as aforesaid, and in the case of other bankers shall not exceed one per centum on the amount of bank notes which such bankers respectively would otherwise be entitled to issue under the provisions herein contained. XXV. And be it enacted, That all the compositions payable to Co osJ the several bankers mentioned in the Schedule hereto marked (C), tionstocease and such other bankers as shall agree with the said governor on ist and company to discontinue the issue of their own bank notes as itstf 11 " aforesaid, shall, if not previously determined by the Act of such banker as hereinbefore provided, cease and determine on the first day of August one thousand eight huudred and fifty six, or on s2 2(30 APPENDIX. 7 & 8 Vict, any earlier day on which Parliament may prohibit the issue of bank c - 32- notes. Banks XXVI. And be it enacted, That from and after the passing of ^ ith . in fiv this Act it shall be lawful for any society or company or any persons mUesoF in partnership, though exceeding six in number, carrying on the London may business f banking in London, or within sixty-five miles thereof, accept, &c, to draW) accept, r indorse bills of exchange, not being _ payable to bearer on demand, any thing in the hereinbefore-recited Act passed in the fourth year of the reign of His said Majesty King William the Fourth, or in any other Act, to the contrary, notwith- standing. Bank to XXVII. And be it enacted, That the said Governor and Company enjoy privi- f the Bank of England shall have and enjoy such exclusive privilege Inject of banking as is given by this Act, upon such terms and conditions toredemp- and subject to the termination thereof at such time and in such tion - manner as is by this Act provided and specified ; and all and every the powers and authorities, franchises, privileges, and advantages, given or recognized by the said recited Act passed in the fourth year of the reign of His Majesty King William the Fourth, as belonging to or enjoyed by the said Governor and Company of the Bank of England, or by any subsequent Act or Acts of Parliament, shall be and the same are hereby declared to be in full force, and continued by this Act, except so far as the same are altered by this Act ; subject nevertheless to redemption upon the terms and conditions following (that is to say); at any time upon twelve months' notice to be given after the first day of August one thousand eight hundred and fifty- five, and upon repayment by Paidiament to the said governor and company or their successors of the sum of eleven million fifteen thousand and one hundred pounds, being the debt now due from the public to the said governor and company, without any deduction, discount, or abatement whatsoever, and upon payment to the said governor and company and their successors of all arrears of the sum of one hundred thousand pounds per annum, in the last- mentioned Act mentioned, together with the interest or annuities payable upon the said debt or in respect thereof, and also upon repayment of all the principal and interest which shall be owing unto the said governor and company and their successors upon all such tallies, exchequer orders, exchequer bills, or parliamentary funds which the said governor and company or their successors shall have remaining in their bauds or be entitled to at the time of such notice to be given as last aforesaid, then and in such case, and not till then, the said exclusive privileges of banking granted by this Act shall cease and determine at the expiration of such notice of twelve months ; and any vote or resolution of the House of Commons, signified under the hand of the speaker of the said house in writing, and delivered at the public office of the said governor and company, shall be deemed and adjudged to be a suffi- cient notice. [nterpreta- XXVIII. And be it enacted, That the term "banknotes" used """ '- l; " lse i n this Ad shall extend and apply to all bills or notes for the pay- im nt of money to the bearer mi demand other than bills or notes of the Governor and Company of the Bank of England; and that APPENDIX. 261 the term "Bank of England notes " shall extend and apply to the 7&8Vict. promissory notes of the Governor and Company of the Hank of England payable to bearer on demand ; and that the term "banker" shall extend and apply to all corporations, societies, partnerships, and persons, and every individual person carrying on the business of banking, whether by the issue of bank notes or otherwise, except only the Governor and Company of the Bank of England; and that the word " person " used in this Act shall include corporations ; and that the singular number in this Act shall include the plural number, and the plural number the singular, except where there is any thing in the context repugnant to such construction ; and that the masculine gender in this Act shall include the femine, except where there is any thing in the context repugnant to such con- struction. XXIX. And be it enacted, That this Act maybe amended or ^ may be repealed by any Act to be passed in the present session of Parlia- ment. SCHEDULE (B). Name and title as set forth ) in the licence - - ) bank. Name of the firm - - firm. Insert head office, or prin- } cipal place of issue - ] place. An account pursuant to the Act 7 & 8 Vict. cap. of the notes of the said bank in circulation during the week ending Saturday the day of IS Monday ... Tuesday .... Wednesday - - - - Thursday - - Friday .... Saturday ... Average of the week [To be annexed to this account at the end of each period of four weeks.] Amount of notes authorized by law - - £ Average amount in circulation during the ) j. four weeks ending as above - - -] I, being [the banker, chief cashier, managing director, or partner of the bank, as the case may be], do hereby certify, that the above is a true account of the notes of the said bank in circulation during the week above written. (Signed) Dated the day of 18 . 262 APPENDIX. 7 & 8 Vict, c. 113. [7 & 8 Vict. c. 113.] An Act to regulate Joint Stock Banks in England. [5th September, 1844.] No joint stock bank established after6thMay last to carry on business unless by virtue of letters patent granted ac- cording to this Act ; but com- panies previously established not restrain- ed from car- rying on business until letters patent have been granted. Whereas the laws in force for the regulation of copartnerships of bankers in England need to be amended : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, that it shall not be lawful for any company of more than six persons to carry on the trade or business of bankers in England, after the passing of this Act, under any agreement or covenant of copartnership made or entered into on or after the sixth day of May last passed, unless by virtue of letters patent to be granted by Her Majesty according to the provisions of this Act ; but nothing herein contained shall be construed to restrain any such company established before the said sixth day of May, for the purpose of carrying on the said trade or business of bankers in England, from continuing to carry on the same trade and business as legally as they might have done before the passing of this Act, until letters patent shall have been granted to them severally on their application, as hereinafter provided, to be made subject to the provisions of this Act. Company to II. And be it enacted, That before beginning to exercise the said petition for trade or business every such company shall present a petition to Her Majesty in council, praying that Her Majesty will be graciously pleased to grant to them letters patent under this Act ; and every such petition shall be signed by seven at least of the said company, and shall set forth the following particulars ; (that is to say), First, the names and additions of all the partners of the com- pany, and the name of the street, square, or other place where each of the said partners reside : Second, the proposed name of the bank : Third, the name of the street, square, or other local description of the place or places where the business of the bank is to be carried on : Fourth, the proposed amount of the capital stock, not being in any case less than one hundred thousand pounds, and the means by which it is to be raised : Fifth, the amount of capital stock then paid up, and where and how invested : Sixth, the proposed number of shares in the business: Seventh, the amount of each share, not being less than one hundred pounds each. rhrirl . III. And be it enacted, That every such petition shall be referred by Her Majesty to the committee of Privy Council for Trade and Plantations, and so soon as the Lords of the said committee shall have reported to Her Majesty that the provisions of this Act have mplied with on the part of the said company, it shall APPENDIX. 263 thereupon be lawful for Her Majesty, if Her Majesty shall so think 7 ^ 8 Vict fit, with the advice of her privy council, to grant the said letters _ patent. IV. And be it enacted, That the deed of partnership of every such Det ; d of ii- 1 11 1 ii- u settlement. banking company shall be prepared arroniing to a form to be ap- proved by the Lords of the said committee, and shall in addition to any other provisions which may be contained therein, contain specific provisions for the following purposes ; (that is to say), First, for holding ordinary general meetings of the company once at least in every year, at an appointed time and place : Second, for holding extraordinary general meetings of the com- pany, upon the requisition of nine shareholders or more, having in the whole at least twenty-one shares in the part- nership business : Third, for the management of the affairs of the company, and the election and qualification of the directors : Fourth, for the retirement of at least one fourth of the directors yearly, and for preventing the re-election of the retiring directors for at least twelve calendar months : Fifth, for preventing the company from purchasing any shares or making advances of money, or securities for money, to any person on the security of a share or shares in the partner- ship business : Sixth, for the publication of the assets and liabilities of the company once at least in every calendar month : Seventh, for the yearly audit of the accounts of the company by two or more auditors chosen at a general meeting of the shareholders, and not being directors at the time : Eighth, for the yearly communication of the auditors' report, and of a balance sheet, and profit and loss account, to every shareholder : Ninth, for the appointment of a manager or other officer to per- form the duties of manager : And such deed, executed by the holders of at least one half of the shares in the said business, on which not less than ten pounds on each such share of one hundred pounds, and in proportion for every share of larger amount, shall have been then paid up, shall be annexed to the petition ; and the provisions of such deed, with such others as to Her Majesty shall seem fit, shall be set forth in the letters patent. V. Provided always, and be it enacted, That it shall not he lawful No company r 1 1 • j_-inj.ii to commence tor any such company to commence business until all the shares business till shall have been subscribed for, and until the deed of partnership deed exe- shall have been executed, personally or by some person duly autho- c " te dandall rized by warrant of attorney to execute the same on behalf of such subscribed holder or bidders, by the holders of all the shares in the said busi- {'"'' ; 1 !"' : . lt , ness, and until a sum of not less than one half of the amount of each amount paid share shall have been paid up in respect of each such share ; and it up. shall not be lawful for the company to repay any part of the sum so paid up without leave of the Lords of the said committee. VI. And be it enacted, That it shall be lawful for Her Majesty in Company to 264 APPENDIX. 7 & 8 Vict, c 113 be incor- porated. Incorpora- tion not to limit the liability of the share- holders. Actions by or against share- holders. Decree or judgment to be enforced against company and share- holders. Execution against com- pany to pre- cede execu- tion against present or fornlei share- holders; E teni ol and by such letters patent to grant that the persons by whom the - said deed of partnership shall have been executed, and all other persons who shall thereafter become shareholders in the said bank- ing business, their executors, administrators, successors, and assigns respectively, shall be one body politic and corporate, by such name as shall be given to them in and by the said letters patent, for the purpose of carrying on the said banking business, and by that name shall have perpetual succession and a common seal, and shall have power to purchase and hold lands of such annual value as shall be expressed in such letters patent ; and such letters patent shall be granted for a term of years, not exceeding twenty years, and may be made subject to such other provisions and stipulations as to Her Majesty may seem fit. VII. Provided always, and be it enacted, That notwithstanding such incorporation the several shareholders for the time being in the said banking business, and those who shall have been share- holders therein, and their several executors, administrators, succes- sors, and assigns, shall be and continue liable for all the dealings, covenants, and undertakings of the said company, subject to the provisions hereinafter contained, as fully as if the said company were not incorporated. VIII. And be it enacted, That no action or suit by or against the company shall be in anywise affected by reason of the plaintiff or defendant therein being a shareholder or former shareholder of the company ; but any such shareholder, either alone or jointly with another person as against the company, or the company as against any such shareholder, either alone or jointly with any other person, shall have the same action and remedy in respect of any cause of action or suit whatever which such shareholder or company might have had if such cause of action or suit had arisen with a stranger. IX. And be it enacted, That every judgment, decree, or order of any court of justice in any proceeding against the company may be lawfully executed against, and shall have the like effect on, the property and effects of the company, and also subject to the provi- sions hereinafter contained, upon the person, property, and effects of every shareholder and former shareholder thereof, as if eveiy in- dividual shareholder and former shareholder had been by name a party to such proceeding. X. And be it enacted, That it shall be lawful for the plaintiff to cause execution upon any judgment, decree, or order obtained by him in any such action or suit against the company to be issued against the property and effects of the company ; and if such execu- tion shall be ineffectual to obtain satisfaction of the sums sought to be recovered thereby, then it shall be lawful for him to have execu- tion in satisfaction of such judgment, decree, or order against the person, property, and effects of any shareholder, or, in default of obtaining satisfaction of such judgment, decree, or order from any shareholder, against the person, property, and effects of any person \\ ho was a shareholder of the company at the time when the cause of action against the company arose: Provided always, that no person having ceased lobe a shareholder of the company shall be APPENDIX. 265 liable for the payment of any debt for which any such judgment, 7 & 8 Vict, decree, or order shall Lave been so obtained, for which he would c " " 3- not have beeu liable as a partner in case a suit had been originally f ormers hare- brought agaiust him for the same, or for which judgment shall have holders. been obtained, after the expiration of three years from the time when he shall have ceased to be a shareholder of such company ; nor shall this Act be deemed to enable any party to a suit to recover from any individual shareholder of the company, or any other person whomsoever, any other or greater sum than might have been re- covered if this Act had not been passed. XI. And be it enacted, That every person against whom or against Reimburse- whose property or effects any such execution shall have issued shall v ;dual share- be reimbursed out of the property and effects of the company for holders. all moneys paid, and for all damages, costs, and expenses in- curred by him by reason of such execution, or of the action or suit in which the same shall have issued, or, in default of such re- imbursement, by contribution from the other shareholders of the company. XII. And be it enacted, That if any such execution be issued payj^under against any present or former shareholder of the company, and if, execution to within fourteen days next after the levying of such execution, he recover be not reimbursed, on demand, out of the property and effects of company, the company, all such moneys, damages, costs, and expenses as he shall have paid or incurred in consequence of such execution, it shall be lawful for such shareholder, or his executors or ad- ministrators, to have execution against the property and effects of the company in satisfaction of such moneys, damages, costs, and expenses ; and the amount of such moneys, damages, costs, and expenses shall be ascertained and certified by one of the masters or other officer of the court out of which such execution shall issue. XIII. And be it enacted, That in the cases provided by this Act How such for execution on any judgment, decree, or order in any action or ^ b^had ' S suit against the company, to be issued against the person or against the property and effects of any shareholder or former shareholder of such company, or against the property and effects of the company at the suit of any shareholder or former shareholder, in satisfaction of any moneys, damages, costs, and expenses paid or incurred by him as aforesaid in any action or suit against the company, such execution may be issued by leave of the court, or of a judge of the court in which such judgment, decree, or order shall have been obtained, upon motion or summons for a rule to show cause, or other motion or summons consistent with the practice of the court, without any suggestion or scire facias in that behalf, and that it shall be lawful for such court or judge to make absolute or discharge such rule, or allow or dismiss such motion (as the case may be), and to direct the costs of the application to be paid by either party, or to make such order therein as to such coux*t or judge shall seem fit ; and in such cases such form of writs of execution shall be sued out of the courts of law and equity respectively, for giving effect to the provision in that behalf aforesaid, as the judges of such courts respectively shall from time to time think fit to order, and the 266 APPENDIX. 7 & 8 Vict, execution of such writs shall be enforced in like manner as writs of c - "3- execution are now enforced ; provided that any order made by a judge as aforesaid may be discharged or varied by the court, on ap- plication made thereto by either party dissatisfied with such order ; provided also, that no such motion shall be made nor summons granted for the purpose of charging any shareholder or former share- holder until ten days' notice thereof shall have been given to the person sought to be charged thereby. Contribution XIV. And be it enacted, That if such shareholder be not by the to be reco- means aforesaid fully paid all such moneys, with interest, damages, other share- costs, and expenses, as he shall have paid or incurred by reason of holders. any such execution, it shall be lawful for him, his executors or ad- ministrators, to divide the amount thereof, or so much thereof as he shall not have been reimbursed, into as many equal parts as there shall then be shares in the capital stock of the company (not including shares then under forfeiture) ; and every shareholder for the time being of the company, and the executors or administrators of every deceased shareholder, shall, in proportion to the number of shares which they may hold in the company, pay one or more of such parts, upon demand, to the shareholder against whom such execu- tion shall have been issued, or to his executors or administrators ; and upon neglect or refusal so to pay, it shall be lawful for such shareholder, his executors or administrators, to sue for and recover the same against the shareholder, or the executors or adminis- trators of any shareholder, who shall so neglect or refuse as afore- said, in any of Her Majesty's courts of record at Westminster, or in any other court having jurisdiction in respect of such demand. Further XV. And be it enacted, That if the shareholder or former share- remedy in bolder against whom any such execution shall have issued, his ruptcy, &c, executors or administrators, shall, by reason of the bankruptcy or of company's insolvency of any shareholder, or from any other cause, but without hofders. any. neglect or wilful default on his own part, be prevented from recovering any proportion of the moneys, costs, or expenses which he shall have so paid, it shall be lawful for him, his executors or administrators, again to divide the amount of all such moneys, costs, and expenses as shall not have been recovered by him or them into as many equal parts as there shall then be shares in the capital stock of the company (not including the shares then under for- feiture), except the shares in respect of which such default shall have happened ; and every shareholder for the time being of the company, and the executoi-s or administrators of every deceased shareholder, except as aforesaid, shall rateably, according to the number of shares which they shall hold in the company, upon demand, pay one or more such last-mentioned parts to the share- holder against whom such execution shall have issued, his executors or administrators ; and in default of payment he or they shall have the sanif remedies in all respects for the recovery thereof as uuder the provisions hereinbefore mentioned are given in respect of the original proportions of such moneys, damages, costs, and expenses; and if any proportion of the said moneys, damages, costs, and expenses shall remain unpaid by reason of any such bankruptcy, insolvency, or other cause as aforesaid, such shareholder, his APPENDIX. 267 executors or administrators, shall have in like maimer, from time 7&8Vict. to time, and by way of accumulative remedy, the same powers, c - "3- according to the circumstances of the case, of again dividing and enforcing payment of the amount of such proportion, until he or they shall, in the end, if a former shareholder, be fully reimbursed the whole of the said moneys, costs, and expenses, and if then a shareholder, the whole, excepting the portions belonging to the shares held by him. XVI. And be it enacted, That within three months after the Memorial to grant of the said letters patent, and before the company shall begin te e r g^ g ' S to carry on their business as bankers, an account or memorial shall be made out, according to the form contained in the Schedule marked (A) to this Act annexed, wherein shall be set forth the true title or firm of the company, and also the names and places of abode of all the members of such company as the same respectively shall appear on the books of such company, and also the name and place of abode of every director and manager or other like officer of the company, and the name or firm of every bank or banks established or to be established by such company, and also the name of every town or place where the business of the said company shall be carried on ; and a new account or memorial of the same particulars shall be made by the said company in every year, between the twenty-eighth day of February and the twenty-fifth day of March, while they shall continue to carry on their business as bankers ; and every such memorial shall be delivered to the Com- missioners of Stamps and Taxes at the Stamp Office in Loudon, who shall cause the same to be filed and kept in the said Stamp Office, and an entry or registry thereof to be made in a book or books to be there kept tor that purpose by some person or persons to be appointed by the said commissioners in that behalf, which book or books any person or persons shall from time to time have liberty to search and inspect on payment of the sum of one shilling for every search ; and the company shall from time to time cause to be printed and kept, in a conspicuous place accessible to the public in their office or principal place of business, a list of the registered names and places of abode of all the members of such company for the time being. XVII. Provided also, and be it enacted, That the manager or one Memorials of the directors of every such company shall, from time to time °[ occasional as occasion shall require, make out in manner hereinbefore directed, and cause to be delivered to the Commissioners of Stamps and Taxes as aforesaid, a further account or memorial, according to the form contained in the Schedule marked (13) to this Act annexed, of the name and place of abode of every new director, manager, or other like officer of such company, and also of the name or names of any person or persons who shall have ceased to be members of such company, and also of the name or names of any person or persons who shall have become a member or members of such company, either in addition to or instead of any former member or members thereof, and of the name or names of any new or additional town or towns, place or places, where the business of the said company is carried on; and such further account or memorial shall from time to time be filed, and kept and entered and registered at the Stamp 2C8 Al'l'ENDIX. 7 & 8 Vict. Office in London, in like manner as is hereinbefore required with c- " 3 - respect to the original or annual account or memorial hereinbefore directed to he made. Form of memorials. 5 & 6 W. 4, c. 62. Evidence of memorials. XVIII. And be it enacted, That the several memorials as afore- said shall be signed by the manager or one of the directors of the company, and shall be verified by a declaration of such manager or director before a justice of the peace, or a master or master extra- ordinary of the High Court of Chancery, made pursuant to the provisions of an Act passed in the sixth year of His late Majesty's reign, intituled An Act to repeal an Act of the present Session of Parliament, intituled l An Act for the more effectual Abolition of Oaths and Affirmations taken and made in various Departments of the State, and to substitute Declarations in lieu thereof, and for the more entire Suppression of voluntary and extra-judicial Oaths and Affidavits,'' and to make other Provisions for the Abolition of unneces- sary Oaths ; and if any declaration so made shall be false in any material particular the person wilfully making such false declaration shall be guilty of a misdemeanor. XIX. And be it enacted, That a true copy of any such memorial, certified under the hand of one of the Commissioners of Stamps and Taxes for the time being, upon proof made that such certificate has been signed with the handwriting of the person certifying the same, whom it shall not be necessary to prove to be a Commissioner of Stamps and Taxes, shall be received in evidence as proof of the contents of such memorial, and proof shall not be required that the person by whom the memorial shall purport to be verified was, at the time of such verification, the manager or one of the directors of the company. Commis- sioners of XX. And be it enacted, That the said Commissioners of Stamps and Taxes for the time being shall, upon application made to them gi've'certified by any person or persons requiring a copy, certified according to copies on this Act, of any such account or memorial as aforesaid, in order teYSiTllines * na ^ ^ ue same ma y De produced in evidence, or for any other purpose, deliver to the person or persons so applying for the same such certified copy, he, she, or they paying for the same the sum of ten shillings and no more. Existing liabilities to < ontinue till new memo- rials. XXI. And be it enacted, That the persons whose names shall appear from time to time in the then last delivered memorial, and their legal representatives, shall be liable to all legal proceedings under this Act, as existing shareholders of the company, and shall be entitled to be reimbursed, as such existing shareholders only, out of the funds or property of the company, for all losses sustained in consequence thereof. Bills and XXII. And be it enacted, That all bills of exchange or promissory 1 notes made, accepted, or indorsed on behalf of the said company on" director mav ^ e ma de, accepted, or indorsed (as the case may be) in any manner provided by the deed of partnership, so that they be signed by one of the managers or directors of the company, and be by hiui expressed to be BO made, accepted, or indorsed by him on behalf of 1 BUCh company : Provided always, that nothing herein contained APPENDIX. '2(>0 shall be deemed to make any such manager or director liahle upon 7 , bc by any Act to be passed in this session of Parliament. SCHEDULES REFERRED TO BY THE FOREGOING ACT. SCHEDULE (A). Memorial or Account to be entered at the Stamp Office in London in pursuance of an Act passed in the eighth year of the reign of Queen Victoria, intituled [here insert the title of this Act]; viz., T 2 276 APPENDIX. 7 , as prohibits public offi- cers from being part- ners in banks. V. And whereas by an Act passed in the Parliament of Ireland in the thirty-third year of His late Majesty King George the Second, intituled An Act for repealing an Act passed in this Kingdom in the Kigh tli Year of the Reign of King George the First, intituled ' A n . I ct for the better securing the payment of Bankers' Notes, and for providmg a more effectual Remedy for the Security and Payment of Debts dm- by Bankers, 1 it was among other things enacted, that no person who by reason of any office, employment, deputation, or clerkship was then or should at any time thereafter be entrusted with the receipt, custody, or payment of public money, or any part of the public revenue of that kingdom, .should, either singly or in partnership, so long as such person should continue in such office, employment, deputation, or clerkship, follow the trade or business of a banker, or by himself, or by any person authorized by him, issue or give any note or accountable receipt as a banker or in partnership with any banker, or for profit or reward discount any promissory note, or foreign or inland bill of exchange : And whereas it is expedient to repeal the said enactmenl : be it therefore enacted, That from a ml after the passing of this Act so much of the last-mentioned Act as is herein recited shall be and the same i hereby repealed. APPENDIX. 283 VI. And whereas by an Ad passed in the third and fourth years 8tl, mulir \.["l,\.' nu \ certain Conditions, it was enacted, that from and after the first day notes not a of August one thousand eight hundred and thirty-four, unless and ? eg f 1 j eH 4 er until Parliament should otherwise direct, a tender of a note or notes of the Governor and Company of the Bank of England expressed to be payable to bearer on demand should be a legal tender to the amount expressed iu such note or notes, and should he taken to be valid as a tender to such amount for all sums above five pounds, on all occasions on which any tender of money may be legally made, so long as the Bank of England should continue to pay on demand their said notes in legal coin ; provided always, that no such note or notes should be deemed a legal tender of pay- ment by the (Governor and Company of the Bank of England, or any branch bank of the said governor and company : And whereas doubts. have arisen as to the extent of the said enactment; for removal whereof, be it enacted and declared, That nothing in the said last-recited Act contained shall extend to be construed to extend to make the tender of a note or notes of the Governor and Com- pany of the Bank of England a legal tender in Ireland: Provided Proviso, also, that nothing in this Act shall be construed to prohibit the circulation in Ireland of the notes of the Governor and Company of the Bank of England as heretofore. VII. And be it enacted, That from and after the passing of this Oaths to be Act it shall not be necessary for any governor, deputy governor, or ' J ! ken h \ director of the said bank, before acting in the said several offices or & =-i of the trusts, to make and subscribe the declaration pursuant to the Act Bank of of Parliament passed in the kingdom of Ireland, intituled An Act reland - to /'revent the further Growth of Popery, nor to take any other oaths than the oath of allegiance, the oath of qualification by possession of stock, and the oath of fidelity to the corporation prescribed in and by the charter of incorporation of the governor and company of the said bank, and that it shall not be necessary for any member of the said corporation, before voting in any general court, to make and subscribe the aforesaid declaration, nor to take any other oaths than the oaths of allegiance, the oath of qualification by the pos- session of stock, and the oath of fidelity to the said corporation provided in the said charter of incorporation : Provided always, that in case any of the persons called Quakers shall at any time be chosen governor, deputy governor, or director, or shall be or become a member of the said corporation, it shall be sufficient for such person or persons to make his or their solemn affirmation, to the purport and effect of the oaths prescribed by the said charter and by this Act to be taken by governors, deputy governors, directors, or members respectively of the said corporation. VIII. And be it enacted, That every banker claiming to be en- Rankers titled to issue bank notes in Ireland shall, within one month next claiming to after the passing of this Act, give notice in writing to the Commis- toissue' ' sionersof Stamps and Taxes, at their head office in London, of such banknotes claim, and of the place and name and firm at and under which to s ive such banker has issued such notes in Ireland during the year next Commission- 28^ APPENDIX. 8&o Vict. c 37- ers of Stamps and Taxes. Commis- sioners to certify exist- ing banks of issue and limitation of issue. 4 & S Vict, c. 50. Prohibiting issue by un- certified bankers. Provision for united banks. preceding the first day of May one thousand eight hundred and forty-five, and thereupon the said commissioners shall ascertain if such banker was on the sixth day of May one thousand eight hundred and forty-four, and from thence up to the first day of May one thousand eight hundred and forty-five, carrying on the business of a banker, and lawfully issuing his own bank notes in Ireland, and if it shall so appear, then the said commissioners shall proceed to ascertain the average amount of the bank notes of such banker which were in circulation during the said period of one year pre- ceding the first day of May one thousand eight hundred and forty- five, according to the returns made by such banker in pursuance of the Act passed in the fourth and fifth years of the reign of Her present Majesty, intituled An Act to make further Provisions relative to the Returns to be made by Banks of the Amount of their Notes in Circulation, and the said commissioners, or any two of them, shall certify under their hands to such banker the average amount, when so ascertained as aforesaid, omitting the fractions of a pound, if any ; and it shall be lawful for every such banker to continue to issue his own bank notes after the sixth day of December one thousand eight hundred and forty-five, to the extent of the amount so certified, and of the amount of the gold and silver coin held by such banker, in the proportion and manner hereinafter mentioned, but not to any further extent ; and from and after the sixth day of December one thousand eight hundred and forty-five it shall not be lawful for any banker to make or issue bank notes in Ireland, save and except only such bankers as shall have obtained such certificate from the Com- missioners of Stamps and Taxes. IX. Provided always, and be it enacted, That if it shall be made to appear to the Commissioners of Stamps and Taxes that any two or more banks have, by written contract or agreement (which con- tract or agreement shall be produced to the said commissioners), become united within the year next preceding such first day of May one thousands eight hundred and forty- five, it shall be lawful for the said commissioners to ascertain the average amount of the notes of each such bank in the manner hereinbefore directed, and to certify a sum equal to the average amount of the notes of the two or more banks so united as the amount which the united bank shall there- after be authorized to issue, subject to the regulations of this Act. Duplicate of X. And be it enacted, That the Commissioners of Stamps and certificate to Taxes shall, at the time of certifying to any banker such particulars in the bllhcd as ^hey are hereinbefore requh'ed to certify, also publish a duplicate 'Gazette.' of their certificate thereof in the next succeeding Dublin Gazette 'Gazette' to in which the same may be conveniently inserted ; and the Gazette be evidence. j n w hich such publication shall be made shall be conclusive evidence in all courts whatsoever of the amount of bank notes which the banker named in such certificate or duplicate is by law authorized to issue and to have in circulation as aforesaid, exclusive of an amount equal to the monthly average amount of the gold and silver coin held by such banker as herein provided. banki XL And be it enacted, That iii ease it shall be made to appear to I he ( 'oinniissioners of Stamps and Taxes at any time hereafter that era to any two or moro banks have, by written contract or agreement APPENDIX. 285 (which contract or agreement shall be produced to the said com- S&oVict. missioners), become united subsequently to the passing of this Act, it shall be lawful to the said commissioners, upon the application of cert if y the such united bank, to certify, in manner hereinbefore mentioned, the amount of aggregate of the amount of bank notes which such separate banks ^cifea i, were previously authorized to issue under the: separate certificates bank was previously delivered to them, and so from time to time ; and every authorizedto such certificate shall be published in manner hereinbefore directed ; and from and after such publication the amount therein stated shall be and be deemed to be the limit of the amount of bank notes which such united bank may have in circulation, exclusive of an amount equal to the monthly average amount of the gold and silver coin held by such banker as herein provided. XII. And be it enacted, That it shall be lawful for any banker Banks en- in Ireland who under the provisions of this Act is entitled to issue tided to the bank notes to contract and agree with the Governor and Company issuing notes of the Bank of Ireland, by an agreement in writing, for the relin- may relin- quishment of the privilege of issuing such notes in favour of the said ^^ e } e governor and company, and in each such case a copy of such agreement shall be transmitted to the Commissioners of Stamps and Taxes ; and the said commissioners shall thereupon certify, in manner hereinbefore mentioned, the aggregate of the amount of bank notes which the Bank of Ireland and the banker with whom such agreement shall have been made were previously authorized to issue under the separate certificates previously delivered to them ; and every such certificate shall be published in manner hereinbefore directed ; and from and after such publication the amount therein stated shall be the limit of the amount of bank notes which the Governor and Company of the Bank of Ireland may have in circulation, exclusive of an amount equal to the amount of the gold and silver coin held by the Bank of Ireland as herein provided. XIII. And be it enacted, That it shall not be lawful for any banker but not who shall have so agreed to relinquish the privilege of issuing bank f esume the o . t. i issue. notes at any time thereafter to issue any such notes. XIV. And be it enacted, That from and after the sixth day of Limitationof December one thousand eight hundred and forty-five it shall not be banknotes lawful for any banker iu Ireland to have in circulation, upon the tion. average of a period of four weeks, to be ascertained as hereinafter mentioned, a greater amount of notes than an amount composed of the sums certified by the Commissioners of Stamps and Taxes as aforesaid, and the monthly average amount of gold and silver coin held by such banker during the same period of four weeks, to be ascertained in manner hereinafter mentioned. XV. And be it enacted, That all bank notes to be issued or re- issue of issued in Ireland after the sixth day of December one thousand " ote * for . eight hundred and forty-five shall be expressed to be for payment parts of a of a sum in pounds sterling, without any fractional parts of a pound pro- pound ; and if any banker in Ireland shall from and after that " ltc ' day make, sigu, issue, or reissue any bank note for the fractional part of a pound sterling, or for any sum together with the frac- 28G Al'i'KNDIX. Issuing banks to render accounts weekly. What shall he deemed I" be hank notes in circulation. tional part of a pound, sterling, every such banker so making, signing, issuing, or reissuing any such note as aforesaid shall for each note so made, signed, issued, or reissued forfeit or pay the sum of twenty pounds. XVI. And be it enacted, That every banker who after the sixth day of December one thousand eight hundred and forty-five shall issue bank notes in Ireland shall, on some one day in every week after the thirteenth day of December one thousand eight hundred and forty-five (such day to be fixed by the Commissioners of Stamps and 'faxes), transmit to the said commissioners a just and true account of the amount of bank notes of such banker in circulation at the close of the business on the next preceding Saturday, distinguishing the notes of five pounds and upwards, and the notes below five pounds, and also an account of the total amount of gold and silver coin held by such banker at each of the head offices or principal places of issue in Ireland of such banker at the close of business on each day of the week ending on that Saturday, and also an account of the total amount of gold and silver coin in Ireland held by such banker at the close of business on that day ; and on completing the first period of four weeks, and so on completing each successive period of four weeks, every such banker shall annex to such account the average amount of bank notes of such banker in circulation during the said four weeks, distinguishing the bank notes of five pounds and upwards, and the notes below five pounds, and the average amount of gold and silver coin respectively held by such banker at each of the head offices or principal places of issue in Ireland of such banker during the said four weeks, and also the amount of banknotes which such banker is, by the certificate published as aforesaid, authorized to issue under the provisions of this Act ; and every such account shall be verified by the signature of such banker or his chief cashier, or in the case of a company or partnership by the signature of the chief cashier or other officer duly authorized by the directors of such company or partnership, and shall be made in the form to tins Act annexed marked (A) ; and if any such banker shall neglect or refuse to render any such account iu the form and at the time required by this Act, or shall at any time render a false account, such banker shall forfeit the sum of one hundred pounds for every .such offence. XVII. And be it enacted, That all bank notes shall be deemed to be in circulation from the time the same shall have been issued by any banker, or any servant or agent of such banker, until the same shall have been actually returned to such banker, or some servant or airent of such banker. ;y be made and issued, there shall be included only the gold and silver an er coin held by such banker at the several head offices or principal places of issue in Ireland of such hanker, such head offices or principal places of issue not exceeding four in number, of which not more than two shall be situated in the same province ; and every banker shall give notice in writing to the said commissioners, on or before the sixth day of December next, of such head offices or principal places of issue at which the account of gold aud silver coin held by him is to be taken as aforesaid ; aud no amount of Silver coin silver coin exceeding one fourth part of the gold coin held by not to exceed such banker as aforesaid shall be taken into account, nor shall any tion ofone banker be authorized to make and issue hank notes in Ireland on quarter of any amount of silver coin held by such banker exceeding the pro- gold " portion of one fourth part of the gold coin held by such banker as aforesaid. XXI. And whereas in order to ensure the rendering of true and Commission- faithful accounts of the amount of hank notes in circulation, and wdTaxes^ the amount of gold and silver coin held by each banker, as directed empowered by this Act, it is necessary that the Commissioners of Stamps aud ,° c £ use the Taxes should be empowered to cause the books of bankers issuing bankers, 288 APPENDIX. 8 & 9 Vict. c- 37- containing accounts of their bank notes in cir- culation, and of gold coin, to be inspected. Penalty for refusing to allow such inspection. such notes, and the amount of gold and silver coin held by such bankers as aforesaid, to be inspected as hereinafter mentioned ; be it therefore enacted, That all and every the book and books of any banker who shall issue bank notes under the provisions of this Act, in which shall be kept, contained, or entered any account, minute, or memorandum of or relating to the bank notes issued or to be issued by such bank, of or relating to the amount of such notes in circulation from time to time, or of or relating to the gold or silver coin held by such banker from time to time, or any account, minute, or memorandum the sight or inspection whereof may tend to secure the rendering of true accounts of the average amount of such notes in circulation and gold or silver coin held as directed by this Act, or to test the truth of any such account, shall be open for the inspection and examination at all seasonable times of any officer of stamp duties authorized in that behalf by writing signed by the Commissioners of Stamps and Taxes, or any two of them ; and every such officer shall be at liberty to take copies of or extracts from any such book or account as aforesaid, and to inspect and ascertain the amount of any gold or silver coin held by such banker ; and if any banker or other person keeping any such book, or having the custody or possession thereof or power to produce the same, shall, upon demand made by any such officer showing (if required) his authority in that behalf, refuse to produce any such book to such officer for his inspection and examination, or to permit him to inspect and examine the same, or to take copies thereof or extracts therefrom, or of or from any such account, minute, or memorandum as aforesaid, kept, contained, or entered therein, or if any banker or other person having the custody or possession of any coin belonging to such banker shall refuse to permit or prevent the inspection of such gold and silver coin as aforesaid, every such banker or other person so offending shall for every such offence forfeit the sum of one hundred pounds : Provided always, that the said commissioners shall not exercise the powers aforesaid without the consent of the Commissioners of Her Majesty's Treasury. All bankers XXII. And be it enacted, That every banker in Ireland, other their names than the Bank of Ireland, who is now carrying on or shall hereafter om e a year, carry on business as such, shall, on the first day of January in each office Stamp year, or within fifteen days thereafter, make a return to the Com- missioners of Stamps and Taxes, at their office in Dublin, of his name, residence, and occupation, or in the case of a company or partnership, of the name, residence, and occupation of every person composing or being a member of such company or partnership, and also the name of the firm under Avhich such banker, company, or partnership carry on the business of banking, and of every place where such business is carried on ; and if any such banker shall omit or refuse to make such return within fifteen days after the said hist day of JctMAta/ry, or shall wilfully make other than a true return of the persons as herein required, every banker so offending shall forfeit it pay the stun of fifty pounds ; and the said Commissioners of Stamps and Taxes shall on or before the first day of March in every year publish in the Dublin Gazette a copy of the return so made by every banker, APPENDIX. 280 XXIII. Ami bo it enacted, That if the monthly average cireula- 8&9Vict tion of bank notes of any banker, taken in the manner herein directed, shall at any time exceed the amount which such banker is Penalty on authorized to issue and to have in circulation under the provisions banks issu- of this Act, such banker shall in every such case forfeit a sum equal ingin to the amount by which the average monthly circulation, taken as aforesaid, shall have exceeded the amount which such banker was authorized to issue and to have in circulation as aforesaid. XXIV. And be it enacted, That all promissory or other notes, Notesforless bills of exchange, or drafts, or undertakings in writing, being negoti- than r ?- n ' Jt able or transferable, for the payment of any sum or sums of money, inland. C or any orders, notes, or undertakings in writing, being negotiable or transferable, for the delivery of any goods, specifying their value in money less than the sum of twenty shillings in the whole, heretofore made or issued, or which hereafter shall be made or issued in Ireland, shall, from and after the first day of January one thousand eight hundred and forty-six, be and the same are hereby declared to be absolutely void and of no effect, any law, statute, usage, or custom to the contrary thereof in anywise notwithstanding ; and that if any person or persons shall, after the first day of January one thousand eight hundred and forty-six, by any art, device, or means whatso- ever, publish or utter in Ireland any such notes, bills, drafts, or engagements as aforesaid, for a less sum than twenty shillings, or on which less than the sum of twenty shillings shall be due, and which shall be in anywise negotiable or transferable, or shall negotiate or transfer the same in Ireland, every such person shall forfeit and pay for every such offence any sum not exceeding- twenty pounds nor less than five pounds, at the discretion of the justice of the peace who shall hear and determine such offence. XXV. And be it enacted, That all promissory or other notes, bills Notes for of exchange, or drafts, or undertakings in writing, being negotiable above"and or transferable, for the payment of twenty shillings, or any sum of less than 5 /., money above that sum and less than five pounds, or on which *° be dr . awn twenty shillings, or above that sum and less than five pounds, shall f orm , remain undischarged, and which shall be issued within Ireland at any time after the first day of January one thousand eight hundred and forty-six, shall specify the names and places of abode of the persons respectively to whom or to whose order the same shall be made payable, and shall bear date before or at the time of drawing or issuing thereof, and not on any day subsequent thereto, and shall be made payable within the space of twenty-one days next after the date thereof, and shall not be transferable or negotiable after the time hereby limited for payment thereof, and that every indorse- ment to be made thereon shall be made before the expiration of that time, and to bear date at or not before the time of making thereof, and shall specify the name and place of abode of the person or per- sons to whom or to whose order the money contained in every such note, bill, draft, or undertaking is to be paid ; and that the signing of every such note, bill, draft, or undertaking, and also of every such indorsement, shall be attested by one subscribing witness at the least ; and which said notes, bills of exchange, or drafts, or undertakings in writing, may be made or drawn in words to the purport or effect as set out in the Schedules to tliis Act annexed U ■200 APPENDIX. 8 & 9 Vict, marked (D) and (E) ; and that all promissory or other notes, bills c - 37- of exchange, or drafts, or undertakings in writing, being negotiable ~~ or transferable, for the payment of twenty shillings, or any sum of money above that sum and less than five pounds, or in which twenty shillings, or above that sum and less than five pounds, shall remain undischarged, and which shall be issued in Ireland at any time after the said first day of January one thousand eight hundred and forty-six, in any other manner than as aforesaid, and also every indorsement on any such note, bill, draft, or other undertaking to be negotiated under this Act, other than as aforesaid, shall and the same are hereby declared to be absolutely void, any law, statute, usage, or custom to the contrary thereof in anywise notwithstand- ing ; provided that nothing in this clause contained shall be con- strued to extend to any such bank notes as shall be lawfully issued by any banker in Ireland authorized by this Act to continue the issue of bank notes. Penalty for persons other than bankers hereby authorized issuing notes payable on demand for less than 5/. XXVI. And be it enacted, That if anybody politic or corporate or any person or persons shall, from and after the said first day of January one thousand eight hundred and forty-six, make, sign, issue, or reissue in Ireland any promissory note payable on demand to the bearer thereof for any sum of money less than the sum of five pounds, except the bank notes of such bankers as are hereby autho- rized to continue to issue bank notes as aforesaid, then and in either of such cases every such body politic or corporate or person or persons so making, signing, issuing, or reissuing any such pro- missory note as aforesaid, except as aforesaid, shall for every such note so made, signed, issued, or reissued forfeit the sum of twenty pounds. Penalty for persons other than bankers hereby au- thorized littering or negotiating n tes, hills O "O to H .2 ^ •+» a ti cS 0> > tion 3db ate. Cj N U *—i .rH CH 3 ^ a3 o o *= .a -3 oj o a o cj 0) o J2 dOffi or pal P Issue ^ *CJ cm & s> ,3 4» a t-i a) .a a ^ rt fc ^ ^ „; •— » a> ,^ ^ u H -B g ,— 00 O tH »fH ame an as set 1 the L fc ' a T2 -3 a a ^ t>» 0) t3 ^ ri a "0 "o P a <*< a S c - 37- a a 5 3 . rt Vl rrt cu rt o * .2 > rt a r. (B ■i cs .a ~- « £ O OS fl °-> a; >-v ; ,fi a — rt M rt t, 296 APPENDIX. 8 & 9 vict. SCHEDULE (D). c 37- [Place] [Day] [Month] [Year] Twenty-one days after date, I promise to pay to A. B. of [Place], or his order, the sum of for value received by Witness, E. F. C. D. And the Indorsement, toties quoties. [Bay] [Month] [Year] Pay the contents to G. II. of [Place], or his order. Witness, J. K. A. B. SCHEDULE (E). [Place] [Bay] [Month] [Year] Twenty-one days after date, pay to A. B. of [Place], or his order, the sum of value received, as advised by to E. F. of [Place]. C. B. Witness, G. II. And the Indorsement, toties quoties. [Bay] [Month] [Year] Pay the contents to J. K. of [Place], or his order. Witness, L. M. A. B. [8 & 9 Vict, c. 38.] 8 & 9 vict. An Act to regulate the Issue of Bank Notes in Scotland. C,3S - [21st July, 1845.] Whereas by an Act made and passed in the eighth year of the 7 & 8 Vict, reign of Her Majesty, intituled An Act to regulate the Issue of Bank c. 32, s. 10. Notes, and for giving to the Governor and Company of the Ban k of England certain Privileges for a limited Period, it was enacted, that from and after the passing of that Act no person, other than a banker who on the sixth day of May one thousand eight hundred and forty-four was lawfully issuing his own bank notes, should make or issue bank notes in any part of the United Kingdom : And whereas it is expedient to regulate the issue of bank notes by such bankers as are now by law authorized to issue the same in Scotland: Be it therefore enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, ill this present Parliament assembled, and by the Bankers authority of the same, That every banker claiming to be entitled to claiming to j^. slie bank notes in Scotland shall, within one mouth next after the tjani, passing of this Act, give notice in writing to the Commissioners of give Stamps and Taxes, at their head office in Loiuln/i, of such claim, and of the place and name and firm at and under which such banker has APPENDIX. -1\)~ issued such note* in Scotland during the year next preceding the 8 undertaking in writing, being negotiable or transferable, for the negotiating payment of twenty shillings, or above that sum and less than notes ' bi,ls five pounds, or on which twenty shillings, or above that sum and ^^trans?*' less than five pounds, shall remain undischarged, made, drawn, or fera'ble, for indorsed in any other manner than as is hereinbefore directed, every payment of such body politic or corporate or person or persons so publishing, than™/. 65 uttering, or negotiating any such promissory or other note (not being- such bank note as aforesaid), bill of exchange, draft, or under- taking in writing as aforesaid, shall forfeit and pay the sum of twenty pounds. XX. Provided always, and be it enacted, That nothing herein Not to pro- contained shall extend to prohibit any draft or order drawn by any ,lil,it checks person on his banker, or on any person acting as such banker, for " n bankers - the payment of money held by such banker or person to the use of the person by whom such draft or order shall be drawn. (a) Repealed until December 31, 1877, by 26 & 27 Vict. c. 10." and 39 & 10 Vict. c. 69, 304 A1TENDIX. 8 & o Vict. c. 38. Mode of re- covering penalties. Interpreta- tion of Act. XXI. And be it enacted, That all pecuniary penalties under this Act may be sued or prosecuted for and recovered for the use of Her Majesty, in the name of Her Majesty's Advocate General or Solicitor General in Scotland, or of the Solicitor of Stamps and Taxes in Scot- land, or of any person authorized to sue or prosecute for the same, by writing under the hands of the Commissioners of Stamps and Taxes, or in the name of any officer of stamp duties, by action of debt, bill, plaint, or information iu the Court of Exchequer in Scotland, or, in respect of any penalty not exceeding twenty pounds, by informa- tion or complaint before one or more justice or justices of the peace in Scotland, iu such and the same manner as any other penalties imposed by any of the laws now in force relating to the duties under the management of the Commissioners of Stamps ; and it shall be lawful in all cases for the Commissioners of Stamps and Taxes, either before or after any proceedings commenced for recovery of any such penalty, to mitigate or compound any such penalty, as the said commissioners shall think fit, and to stay any such proceedings after the same shall have been commenced, and whether judgment may have been obtained for such penalty or not, on payment of part only of such penalty, with or without costs, or on payment only of the costs incurred in such proceedings, or of any part thereof, or on such other terms as such commissioners shall judge reasonable : Provided always, that in no such proceeding aforesaid shall any essoign, protection, wager of law, nor more than one imparlance be allowed ; and all pecuniary penalties imposed by or incurred under this Act, by whom or in whose name soever the same shall be sued or prosecuted for or recovered, shall go and be applied to the use of Her Majesty, and shall be deemed to be and shall be accounted for as part of Her Majesty's revenue arising from stamp duties, any- thing in any Act contained, or any law or usuage, to the contrary in anywise notwithstanding : Provided always, that it shall be lawful for the Commissioners of Stamps and Taxes, at their discretion, to give all or any part of such penalties as rewards to any person or persons who shall have detected the offenders, or given information which may have led to their prosecution and conviction. XXIT. And be it enacted, That the term "bank notes" used in this Act shall extend aud apply to all bills or notes for the payment of money to the bearer on demand, other than bills and notes of the Governor and Company of the Bank of England ; and that the term " banker" shall extend and apply to all corporations, societies, partnerships, and persons, and every individual person carrying on the business of banking, whether by the issue of bank notes or otherwise ; and that the word "person" used in this Act shall in- clude corporations ; and that the word " coin " shall mean the coin of this realm ; and that the singular number in this Act shall in- clude the plural, and the plural number the singular, except where there is anything in the context repugnant to such construction ; aud that the masculine gender in this Act shall include the feminine, except where there is anything in the context repugnant to such construction. Alteration ol XXIII. And be it enacted, That this Act may be amended Acl - or repealed by any Act to be passed iu the present session of Parliament. A1TENDIX. 305 A verage Total Amount of Coin held by the Bank during Four Weeks ending > to 2 O o Account of Coin held by the Banker at the Head Office or principal Place of Issue, on the Day of 92 =rt Q — ho 2^ 8 § bo 6 O «d Monday - - Tuesday - - Wednesday Thursday - - Friday - - - Saturday - - '"'Average of Four Weeks of all Notes. a« «1 Notes in Circulation during the Week ending Day of Amount of Circulation authorized by Certificate. Head Office, or principal Place of Issue. o S o .3 | fa * 1 Name and Title, as set forth in Licence. 3s B a fi a : a ~ ■H 2 o +j r H pi * — m re o '-; - ~. 3 a tJ O rt Average Total Amount of Coin held during Four Weeks ending p io 3 "o O d 3 If o a a t3 b a -j OfeO fc'T >> "o SO a a) a j 8 so -s).g 1-5 > .a -j H O H 3 5 a Amount of Circulation authorized by Certilicate. Head Office, or principal Place of Issue. o a a S £ 5 Name and Title us set forth in Licence. S3 C "- ,a ■S 3 rn O _. —' a .a -a ■d — CO _ "3 rt N t>» 35 o o u 5 '3 ot3 fig ■ ■n 3 £ a u 8 s~ ~ o -a ^^ ?.a i>g * t^aS fi-S o >>*=■< 2 £ o^a -a +» io M 3-3 X 306 APPENDIX. s;& 9 vict: SCHEDULE (C). — — — [Place] [Day] [Month] [Yon-] Twenty-one days after date I promise to pay to A.B. of [Place], or his order, the sum for value received by C, D. Witness, E. F. And th Indorsement, toties quoties. [Day] [Month] [Year] Pay the contents to G. II. of [Place], or his order. Witness, ./. K. A. B. SCHEDULE (D). [Place] [Day] [Month] [Year] Twenty-one days after date pay to A.B. of [Place], or his order, the sum of value received, as advised by E.IK * To E.F. of [Place]. Witness, G. H. And the Indorsement, toties quoties. [Day] [Month] [Year] Pay the contests to J.K. of [Place], or his order. Witness, Z. M. A.B. [8 & 9 Vict. c. 7C] 8&9Vict. An Act to increase the Stamp Duty on Licences to Ap^ c ' ?6 ' praisers ; to reduce the Stamp Duties on Registry Searches in Ireland; to amend the Law relating to the Duties on Legacies ; and also to amend an Act of the last Session of Parliament, for regulating the Issue of Bank Notes in England. [4/h August, 1845.] V. And whereas an Act was passed in the last session of Pari ia- "' ment, intituled An Act to regulate the Issue of Bank Notes, and for ofpenaltii . giving iii Hi' Governor mid Uompany of the Bank of England certain Privileges for a limited Period, and certain penalties are thereby imposed for oll'cni es against the provisions of the same Act, and it is expedient to provide for the recovery and application of such penalties ; bo it therefore enacted, That from and after the passing of lliis Act all pecuniary penalties imposed by or incurred under the said last-recited Act may be sued or prosecuted for and recovered, for the use of Eer Majesty, in the name of Her Majesty's Attorney - General or Solicitor-General, or of any person authorized to sue or APPENDIX. 307 prosecute for the game, by writing under the hands of the Commis- 8& 9 Vict, sioners of Stamps and Taxes, or in the name of any officer of stamp _ duties, hy action of debt, bill, plaint, or information in the Court of *~ Exchequer at Westrmnster, in sucli and the same manner as any penalties imposed by any of the laws now in force relating to the duties under the management of the said commissioners ; and it shall be lawful in all cases for the said commissioners, either before or after any proceedings commenced for recovery of any such penalty, I mitigate or compound any such penalty as they shall think fit, and to stay any such proceedings after the same shall have been com- menced, and whether judgment may have been obtained for such penalty or not, on payment of part only of any such penalty, with or without costs, or on payment only of the costs incurred in such pro- ceedings, or of any part thereof, or on such other terms as such commissioners shall judge reasonable : Provided always, that in no such proceeding as aforesaid shall any essoign, protection, wager of law, or more than one imparlance, be allowed ; and all pecuniary penalties imposed by or incurred under the said last-recited Act, by whom or in whose name soever the same shall be sued or prosecuted for or recovered, shall go aud be applied to the use of Her Majesty, and shall be deemed to be and shall be accounted for as part of Her Majesty's revenue arising from stamp duties, any thing in any Act contained, or any law or usage, to the contrary in anywise notwith- standing : Provided always, that it shall be lawful for the said com- missioners, at their discretion, to give all or any part of such penalties as rewards to any person or persons who shall have detected the offenders, or given information which may have led to their prose- cution and conviction. [16 & 17 Vict. c. 59.] An Act to repeal certain Stamp Duties, and to grant l6 & c ^ s J ict - others in lieu thereof, to amend the Laws relating to - Stamp Duties, and to make perpetual certain Stamp Duties in Ireland. [Mh August, 1853.] XIX. Provided always, That any draft or order drawn upon a Drafts on banker for a sum of money payable to order on demand which shall, bankers when presented for payment, purport to be indorsed by the person order on '° to whom the same shall be drawn payable, shall be a sufficient demand authority to such hanker to pay the amount of such draft or order ^utlorhy for to the bearer thereof ; and it shall not be incumbent 011 such banker payment to prove that such indorsement, or any subsequent indorsement, was without made by or under the direction or authority of the person to whom f n dorse- the said draft or order was or is made payable either by the drawer mem. or any indorser thereof. XX. And whereas by an Act passed in the session of Parliament held in the fifth and sixth years of Her Majesty's reign, chapter x 2 308 APPENDIX. 17 & 18 Vict, c. 59, Stamp duties in Ireland granted by 5 & 6 Vict, c. 82, and continued by 8 f ; : , such promissory notes, or for securing the said stamp duties and liabl composition respectively, or for preventing or punishing frauds or evasions in relation thereto, shall respectively be deemed to apply to all such bills, drafts, and notes as aforesaid, and to the stamp duties and composition payable upon or iu respect thereof, anything in tliis Act, or any other Act or Acts, to the contrary notwithstanding. [19 Vict, c. 3.] An Act to extend the Period for ivhich Her Majesty may lovict. c. 3 . grant Letters Patent of Incorporation to Joint Stock Banks in Scotland existing before the Act of One thou- sand eight hundred and forty-six. [7th 31 arch, 185G.] Whereas, under the provisions of the Act of the ninth and tenth years of Her present Majesty, chapter seventy-five (whereby the Act of the seventh and eighth years of Her Majesty, chapter one hun- dred and thirteen, was extended to joint stock banks in Scotland), Her Majesty, with the advice of her privy council, is enrpowered to grant letters patent of incorporation to any company of more than six persons who were carrying on the business of bankers in Scotland on or before the ninth day of A ugust one thousand eight hundred and forty-five, upon the terms and in manner in the said Act men- tioned or referred to, but only for a term of years not exceeding twenty years : And whereas it is expedient that Her Majesty should be empowered in certain cases to grant such letters patent of incor- poration L for a longer period : Now be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parlia- ment assembled, and by the authority of the same, as follows : I. That, notwithstanding anything in the said Acts contained, it Extending shall be lawful for Her Majesty to grant letters 2)atent of incorpora- p v !] r - 10 . d l? r tion under the said Acts to any company of more than six persons in Majesty may Scotland who were carrying on the business of bankers before the g'' ant letters said ninth day of August one thousand eight hundred and forty-five, fncorpora- either for a term of years or in perpetuity, but so that the same tion to shall be liable to be dealt with by or under the provisions of any cert ?'V J ' nt future Acts of Parliament in every respect as if this Act had not \ n Scotland been passed. !12 APPENDIX, [19 Vict. c. 20.] igVict.c.20. An Act to continue certain Compositions payable to Bankers who have ceased to issue Bank Notes. [5th June, 1856.] 7 & 8 Vict. Whereas under sections twenty-three and twenty-four of the Act of c. 32. the session holden in the seventh and eighth years of Her Majesty, chapter thirty-two, certain compositions are made payable by the Governor and Company of the Bank of England to bankers who have discontinued the issue of their own bank notes ; and by section twenty-five of the said Act it is provided that all such compositions shall, if not previously determined by the act of such banker as thereinbefore provided, cease and determine on the first day of August one thousand eight hundred and fifty-six, or on any earlier day on which Parliament may prohibit the issue of bank notes : And whereas it is expedient to provide for the further continuance of such compositions : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and tem- poral, and Commons, in this present Parliament assembled, and by the authority of the same, as follows : Section 25 I. Section twenty-five of the said Act shall be repealed. of the said c repea e . jj ^ ^ compositions payable under the said Act as amended comumed 0nS °v this Act to bankers who have discontinued, or who shall agree with the said governor and company to discontinue, the issue of their own bank notes, shall, if not previously determined by the act of such bankers as by the said Act provided, and unless Parliament shall otherwise provide, continue in force and be payable until Par- liament shall prohibit the issue of bank notes as defined by section twenty-eight of the said recited Act, or until the exclusive privi- leges of the said governor and company mentioned in section twenty-seven of the said Act shall be determined in pursuance of such section, or otherwise be determined or altered by authority of Parliament. [19 & 20 Vict; c. 100.] 19 c.?oT ct ' An Act to amend the Law with respect to the Election of Directors of Joint Stock Banks in England. [29th July, 1856.] I i , 1, WHEREAS by tho Act of the seventh and eighth years of the Queen, 1 "j chapter one hundred and thirteen, it is enacted, that the deed of APPENDIX. 313 partnership of every banking company to be established under that 19 & 20 Vict. Act shall contain a specific provision for the retirement of at least c - IO °- one fourth of the directors yearly, and for preventing the re-election of the retiring directors for at least twelve calendar months: And whereas it is expedient that so much of the said enactment as re- lates to the re-election of such retiring directors should be rep< aled : Be it therefore enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows ; that is to say, I. It shall not be necessary in the deed of partnership of any Retiring banking company established alter the passing of this Act to insert directors in . • l P J . 1 • « • • t banking any provision tor preventing the re-election 01 retiring directors, companies either absolutelv or for any limited period. eligible for " ' * re-election. II. In every banking company already established under the pro- Provision for visions of the said recited Act, and whose deed of partnership or ^J^j°| settlement contains a provision in accordance with the enactment companies hereinbefore repealed, the directors retiring at any general meeting established after the passing of this Act shall and may, if duly qualified in other ched^Act. respects, be immediately eligible for re-election, anything in the deed of partnership of such company contained to the contrary not- withstanding. [20 & 21 Vict. c. 49.] An Act to amend iltc Law relating to Banking Companies. 20&21 via. [17th August, 1857.] c ' 49 ' Whereas it is expedient to amend the law relating to copartnerships and companies carrying on the business of banking, and hereinafter included under the term banking companies : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this pre- sent Parliament assembled, and by the authority of the same, as follows : Preliminary. I. This Act may be cited for all purposes as " The Joint Stock Short title. Banking Companies Act, 1857." II. The Joint Stock Companies Acts, 1856, 1857, shall be deemed Joint Stock to be incorporated with and to form part of this Act. A^tobe incorporated Registration of existing Banking Companies. Act. III. The second section of the Joint Stock Companies Act, 1856, Sect. 2, of shall be repealed so far as relates to persons associated together for 2 9 & 20 Vict. the purpose of banking, subject to this proviso, that no existing pealed'. 6 " or future banking company shall be registered as a limited com- pany. 314 APPENDIX. 20 & 2i Vict c. 49. Banking companies required to register under this Act. Penally on negiect to register. IV. Every banking company consisting of seven or more persons, and formed under the Acts following, or either of them, that is to say, (1.) An Act passed in the eighth year of the reign of Her pre- sent Majesty, chapter one hundred and thirteen, and intituled An Act to regulate Joint Stock Banks in England, (2.) An Act passed in the tenth year of the reign of Her present Majesty, chapter seventy-five, and intituled An Act to regulate Joint Stock Banks in Scotland and Ireland, shall, on or before the first day of January one thousand eight hun- dred and fifty-eight, register itself as a company under this Act. V. If any banking company hereby required- to register under this Act makes default in registering on or before the said first day of January one thousand eight hundred and fifty-eight, then, from and after such day, until the day on which such company is regis- tered under this Act, the following consequences shall ensue ; (that is to say), (1.) The company shall be incapable of suing either at law or in equity, but shall not be incapable of being made a defend- ant to a suit either at law or in equity : (2.) No dividend shall be payable to any shareholder in such company : (3.) Each director or manager of the company shall for each day during which the company is in default incur a penalty of five pounds, and such penalty may be recovered by any person, whether a shareholder or not in the company, and be applied by him to his own use : Nevertheless such default shall not render the company so being in default illegal, nor subject it to any penalty or disability, other than as specified in this section. VI. Any banking company, consisting of seven or more persons, permitted to having a capital of fixed amount and divided into shares also of fixed amount, legalty carrying on the business of banking previously to the passing of this Act, and not being a company hereby required to be registered, may at any time hereafter, with the assent of a majority of such of its shareholders as may have been present in person, or in cases where proxies are allowed by the regulations of the company, by proxy, at some general meeting summoned for the purpose, register itself as a company other than a limited com- pany under this Act, and when so registered all such provisions contained in any Act <>f Parliament, letters patent, or deed of settle- ment constituting or regulating the company, as are inconsistent with the Joint Stock Companies Acts, bs, r )(;, 1857, or with this Act, shall no longer apply to the company so registered ; but such regis- tration shall not take away or affect any powers previously enjoyed by such company of banking, issuing notes payable on demand, or of doing any other thing. register under this Act. Existing ( panic VII. No fees shall be payable in respect of the registration under APPENDIX. 315 this Act of any banking company existing at the time of the passing 2 o 8 of tli is Act. c. 49. VIII. The registration under this Act of any banking company " e ° tt0 pay existing at Ihe time of the passing of this Act, and hereby required . or authorized to be registered, shall nut ;dfect or prejudice the u ,fder this " liability of such company to have enforced against it or its right Act not to to enforce any debt or obligation incurred, or any contract entered ^ligations into by, to, with, or on account of such company, previously to such incurred registration, and all such debts, obligations, ami contracts shall P r(JV be binding on the company when so registered, and the other parties reglstr thereto, to the same extent as if such registration had not taken place. IX. Every person who at or previously to the date of the regis- Saving of tration under this Act of any banking company hereby required li;il,illlics I,f or authorized to be registered may have held shares in such com- mg^shares pauy shall, in the event of the same being wound up by the court before regis- or voluntarily, lie liable to contribute to the assets of the company Ration under the same amount that he would if this Act had not been passed have been liable to pay to the company, or for or on account of any debt of the company in pursxiance of any action, suit, judg- ment, or other legal proceeding that might, if this Act had not been passed, have been instituted or enforced against himself or the company. X. All such actions, suits, and other legal proceedings as may Continua- at the time of the registration under this Act of any company ' lon of exist_ hereby required or authorized to be registered have been commenced and suits, by or against such company or the public officer thereof may be continued in the same manner as if such registration had not taken place ; nevertheless execution shall not issue against the effects of any individual shareholder in or member of such company upon any judgment, decree, or order obtained against such company in any action, suit, or proceeding so commenced as aforesaid ; but, in the event of the property and effects of the company being insufficient to satisfy such judgment, decree, or order, an order may be obtained for winding up the company in manner directed by the Joint Stock Companies Acts, 1856, 1857. Winding up of the Banking Companies, X 1. The following Acts, that is to say, Certain Acts (1.) The Act of the eleventh year of the reigu of Her present " ot C o? n p^' y Majesty, chapter forty-five, nies regis- (2.) The Act of the thirteenth year of the reign of Her present 'ered under Majesty, chapter one hundred and eight, Acts inco£ (3.) The Act of the eighth year of the reign of Her present porated Majesty, chapter one hundred and eleven, herewith. (4.) The Act of the ninth year of the reign of Her present Majesty, chapter ninety-eight, shall not apply to companies registered under this Act or under the Acts incorporated herewith or either of them ; and all companies so registered shall be wound up in manner directed by the said incorporated Acts. 316 APPENDIX. 20 & 21 Vict, c. 49. 7 & 8 Vict. c. 113, and 9 & 10 Vict. c 75, re- pealed. Repeal. XII. The above-mentioned Acts, that is to say, The said Act passed in the eighth year of the reign of Her present Majesty, chapter one hundred and thirteen, and The said Act passed in the tenth year of the reign of Her present Majesty, chapter seventy-five, shall forthwith be repealed as respects any banking company to be formed hereafter, and shall, from and alter such time as any com- pany formed in pursuance of such Acts or either of them may have registered as a company under this Act, but not before, be repealed as respects the company so registered ; and the Articles of Table I! in the Schedule annexed to the Joint Stock Companies Act, 1856, relating to u shares," to "transmission of shares," and to "for- feiture of shares," and numbered from one to nineteen, both inclusive, shall, from and after such time as last aforesaid, but subject to the power of alteration conferred by the Joint Stock Companies Acts, 1858, 1857, be deemed to be regulations of any company formed in pursuance of the said Acts passed in the eighth and tenth years of Her present Majesty ; nevertheless such repeal shall not affect any penalty, forfeiture, or other punishment incurred or to be incurred in respect of any offence against any Acts hereby repealed committed before such repeal comes into operation ; and notwithstanding anything contained in the said Act of the eighth year of the reign of Her present Majesty, chapter one hundred and thirteen, or in any other Act, it shall be lawful for any number of persons, not exceeding ten, to carry on in partnership the business of banking in the same manner and upon the same conditions in all respects as any company, if not more than six persons, could before the passing of this Act have carried on such business. Formation of new Banking Companies. New XIII. Seven or more persons associated for the purpose of banking banking may register themselves under this Act as a company other companies. ^ iau a limited company, subject to this condition, that the shares into which the capital of the company is divided shall not be of less amount than one hundred pounds each ; but not more than ten persona shall after the passing of this Act, unless registered as a company under this Act, form themselves into a partnership for the purpose of banking, or if so formed carry on the business of banking. Examination of Affairs in Company. One third XIV. No appointment of inspectors to examine into the affairs of '!,"„'. of any banking company shall be made by the Board of Trade, in pur- suance of the Joint Stock Companies Act, 1856, except upon the application of one third at the least in number and value of the shareholders in such company. 1 ,. '>f Nineteenth Section of Join' Stock Companies Act not to apply. XV. The nineteenth Bection of the Joint Stock Companies Act, APPENDIX. ol i 1856, shall not apply to any banking company in Scotland registered 20 & 21 Vict, under this Act. c - 49- Transfer of Trust Property. c 47, noi applicable to XVI. All such estate or interest in real and personal property in companies England and Ireland, and in property, heritable and movable, in Scotland, and all such deeds, bonds, obligations, and rights as may ^^0. belong to or be vested in any person or persons in trust for any perty to banking company at the date of its registration under this Act, or in com P an y- trust for any other company at the date of its registration under the Joint Stock Companies Acts, 1856, 1857, shall immediately on registration vest in such banking or other company ; but no merger shall take place of any estates by reason of their uniting in the company under this section, without the express consent of the com- pany, certified by some instrument under their common seal. Banking Companies not registered as such. XVII. If, through inadvertence or otherwise, a company that is Liability of in fact a banking company has, previously to the passing of this banking Act, been registered as a limited company under the Joint Stock that P is n not Companies Act, 1856, or if, through inadvertence or otherwise, a registered company that is in fact a banking company is hereafter registered as such - under the said Joint Stock Companies Acts, 1856, 1857, as a limited company, any company so registered shall not be illegal, nor shall the registration thereof be invalid, but it shall be subject to the following liabilities ; that is to say, (1.) Any creditor or member of the company may petition the court to have it wound up, and the fact of its being regis- tered as a limited company shall of itself be a sufficient circumstance on which an order shall be made for winding up the same : (2.) In the event of such company being wound uj) the contri- butories shall, whether the company is or not registered as a limited company, be liable to contribute to the assets of the company to an amount sufficient to pay its debts, and the costs, charges, and expenses of winding up the same. Saving Clauses. XVIII. The Joint Stock Companies Acts, 1856, 1857, shall not Exemption apply to any banking company legally carrying on the business of of certain banking previously to the passing of this Act, and not hereby Da ridnf required to be registered, until such time as such company registers companies itself under this Act, in pursuance of the power hereby given in fr0 ™ J° int j.1 j. 1 1 ix- stock com- that behalf. panies Acts> XIX. Nothing herein contained shall affect an Act passed in the Not to affect eighth year of the reign of Her present Majesty, and intituled An pr 2 v | s j?" s of Act to regulate the Issue of Bank Notes, and for giving t> the Governor I. 32 , and' and Company of the Bank of England certain Privileges for a limited 3 & 9 Vict. Pi riod, or an Act passed in the ninth year of the reign of Her c ' s8- present Majesty, chapter thirty-eight, intituled An Act to regulate the hme of Bank Notes in Scotland, or any other Act relating to the issue or circulation of bank notes. 318 APPENDIX. [21 & 22 Vict, c. 91.] 2i &22 Vict. ,j J? , Act to enable Joint Stuck Banking Companies to he formed on the Principle of Limited Liability. [2nd An. (just, 1858.] Whereas it is expedient to enable banting companies to be formed on the principle of limited liability : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parlia- ment assembled, and by the authority of the same, as follows : So much of I. So much of the Joint Stock Banking Companies Act, 1857, as 20 & 21 Vict, prohibits a banking company from being formed under that Act prohibits with limited liability, or prohibits an existing banking company banking from being registered under that Act with limited liability, shall from P bein S ^ e re P ea ^ e( lj subject to the following proviso, that no banking corn- registered pany claiming to issue notes in the United Kingdom shall be with limited entitled to limited liability in respect of such issue, but shall repealed. continue subject to unlimited liability in respect thereof, and that, p rov i so as t0 if necessaiy, the assets shall be marshalled for the benefit of tlie bankers general creditors, and the shareholders shall be liable for the whole issuing amount of the issue, in addition to the sum for which they wouh I be liable as shareholders of a limited company. Registration II. The registration of a banking company under the Joint Stock of banking p, au ki U g Companies Act, 1857, or under any other Act, shall not no^topre- prejudice the right of such company to register itself again as a judice re- limited company under the said Joint Stock Banking Companies SUmited? Act > 1857 > aud tlie Acts incorporated therewith. Onreregjs- III. Provided, That every company so registering itself again as tntionwith a limited company, and every existiug banking company which lXy "notice shall register itself as a limited banking company, shall, at least tobegivenj thirty day previous to obtaining a certificate of registration with tocustomers. ]| m j te j liability, give notice that it is intended so to register the same to every person and partnership firm who"shall have a banking account with the company, and such notice shall be given either by delivering the same to such person or firm, or leaving the same or patting the same into the post addressed to him or them at such address aa shall have been last communicated or otherwise become 1 known as his or their address to or by the company ; and in case . i'"" the company shall omit to give any stuh notice as is hereinbefore liability to required to be given, then as between the company and the person c-ntinueas nr p ers0Ils on] v who arc for the time being interested in the account iii respect of which such notice ought to have been given, and so far as respects such account and all variations thereof down to the lime at which such notice shall be given, but not further or other- wise, the certificate of registration with limited liability shall have no operat ion. APPENDIX. 319 IV. Every limited joint stock banking company shall, before it 21 & 22 Vict commences business, or, if a banking company at the time carrying c - 9 1 - on business with unlimited liability, before it avails itself of the ~ ~~ provisions of this Act, and also on the first day of February and company to first day of August in every year during which it carries on business, annex a make a statement in the form contained in the Schedule hereto, or '^ as near thereto as circumstances will admit, and a copy of such randum oi statement shall be put up in a conspicuous place in the registered association, office of the company, and in every branch office or place where the banking business of the company is carried on ; and if default is made in due compliance with the provisions of this section, each director shall be liable to a penalty not exceeding five pounds for every day during which such default continues, and such penalties shall be recovered in a summary manner. V. Limited joint stock banking companies shall be wound up in How limited the same manner and under the same jurisdiction as that in and ba " kin » under which joint stock baukiug companies other than limited are to be are required to be wound up by the Joint Stock Banking Companies wound up. Act, 1n.">7. S( 'MEDULE referred to in the foregoing Act. Form of Statement to be published by a Limited Joint Stock Banking < 'ompany. The liability of the shareholders is limited. The capital of the company is one million, divided into ten thousand shares of one hundred pounds each. The number of shares issued is ten thousand. ( 'alls to the amount of twenty pounds per share have been made, under which the sum of one hundred and eighty thousand pounds has been received. The liabilities of the company on the first day of January (or July) were, £ s. d. Notes issued ..... Deposits not bearing interest . Deposits bearing interest Seven day and other bills Total The assets of the company on that day were, Government securities .... Bills of exchange .... Loans on mortgage .... Other loans ..... . Bank pi-emises ..... Other securities, exclusive of unpaid calls on shares ..... Total Dated the first day of February or August one thousand eight hundred and fifty-nine. 120 APPENDIX. [23 & 24 Vict. c. 111.] it 24 Vict. c. III. An Act for granting to Her Majesty certain Duties of Stamps, and to amend the Laics relating to the Stani]> Ditties. [2Sf/i August, I860.] Sect. iS of s=; Geo. 3, c. 184, prohibiting the issuing of bankers' notes with printed dates, re- pealed. Drafts on bankers for less than 20s. to be lawful XIX. Whereas by the eighteenth section of the Act passed in the fifty-fifth year of the reign of King George the Third, chapter one hundred and eighty-four, the issuing of promissory notes payable to bearar on demand with printed dates therein is prohibited, and such prohibition is an unnecessary restriction : Be it enacted, That the said section of the said last-mentioned Act shall be and is hereby repealed : Provided always, that, notwithstanding anything in any Act of Parliament contained to the contrary, it shall be lawful for any person to draw upon his banker, who shall bona fide hold money to or for his use, any draft or order for the payment, to the bearer or to order on demand^ of any sum of money less than twenty shillings. [24 & 25 Vict. c. 91.] o 4 & 25 vici. -d- n Act to amend the Laws relating to the Inland c- 9 1 - Revenue. [6th August, 1861.] Licences to joint stock banks not required to specify the names of more than six persons. XXXV. Whereas the licences and certificates granted to bankers and persons acting as bankers in Great Britain and Ireland re- spectively, by or under the authority of the Commissioners of Inland Revenue, are required by law to specify, amongst other things, the names and places of abode of all the persons composing the respective companies or partnerships to whom they are granted : Be it enacted, That in any case where a company or copartnership of bankers consists of more than six persons it shall be sufficient to specify in any such licence or certificate the names and places of abode of any six or more of such persons who may be presented to the commissioners or their officer, or whom they or he may select for the purpose, and to grant the licence or certificate to them as and for the whole of the company or copartnership, or otherwise to specify only the name or style of the company or copartnership, and to grant the licence or certificate to such company or copartnership in and by the said name or style, as the commissioners or their officer shall think fit; and every such licence and certificate re- pectively shall be as good, valid, and available as if the names and places of abode of all the members of the company or copartnership bad been specified therein, and the licence had been granted to (hi in, anything in any Act of Parliament to the contrary notwith- standing ; but this shall not in any way alter or affect the provisions of any Act of Parliament whereby any banking company or co- APPENDIX. 321 partnership is required to make any account or return of the name 248c 25 Vict and places of abode of all the members or partners of such com- pany or copartnership, and any other particulars relating thereto. [25 & 2G Vict, c. 89.] An Act for ih a Incorporation, Regulation, and Winding- 2 s & 2 | Vict. up of Trading Companies and other Associations. [7th August, 1862.] II. This Act, with the exception of such temporary enactment as Commence- is hereinafter declared to come into operation immediately, shall not ment of Act ' come into operation until the second day of November one thousand eight hundred and sixty-two, and the time at which it so comes into 1 peration is hereinafter referred to as the commencement of this Act. IV. No company, association, or partnership consisting of more Prohibition than ten persons shall be formed, after the commencement of this s£ipsexceed Act, for the purpose of carrying on the business of banking, unless ing certain it is registered as a company under this Act, or is formed in pur- " u mber. suance of some other Act of Parliament, or of letters patent ; and no company, association, or partnership consisting of more than twenty persons shall be formed, after the commencement of this Act, for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association, or partnership, or by the individual members, thereof unless it is registered as a icompany under this Act, or is formed in pursuance of some other Act of Parliament, or of letters patent, or is a company engaged in working mines within and subject to the jurisdiction of the Stannaries. XLIV. Every limited banking company and every insurance com- Certain pany, and deposit, provident or benefit society under this Act shall, to^SbFish before it commences business, and also on the first Monday in statement February and the first Monday in August in every year during which | n jf"j d j™ it carries on business, make a statement in the form marked D in the First Schedule hereto, or as near thereto as circumstances will admit, and a copy of such statement shall be put up in a conspicious place in the registered office of the company, and in every branch office or place where the business of the compauy is carried on, and if default is made in compliance with the provisions of this section the company shall be liable to a penalty not exceeding five pounds for every day during which such default continues, and every director and manager of the company who shall knowingly and wilfully au- thorize to permit such default shall incur the like penalt3 r . Every member and every creditor of any company mentioned in this section shall be entitled to a copy of the above-mentioned state- ment on payment of a sum not exceeding sixpence. Part IX. Eepeal of Acts and temporary Provisions. CCV. After the commencement of this Act there shall be repealed Repeal of the several Acts specified in the First Part of the Third Schedule here- Acts - to, with this qualification, that so much of the said Acts as is set forth in the Second Part of the said Third Schedule shall be hereby re-enacted and continue in force as if unrepealed. Al'PKNDIX. 25 & 26 Vict. THIRD SCHEDULE. First Part. Date and Chapter of Act. 21 & 22 Geo. 3, c.46 (Parlmt. of Ireland), 7 & 8 Vict. c. 110 - 7 & 8 Vict. c. Ill - 7& 8 Vict. c. 113- 8 & 9 Vict. c. 98 - 9 - XLIX. (1.) The term " promissory note" means and includes any ■ 'prom! "•'.','-• document or writing (except a bank note) containing a promise to pay any sum of money. (2.) A note promising the payment ot any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this Act a promissory jiute for the said sum of money. APPENDIX. 331 L. The fixed iluty of one pinny on a bill of exchange for the 33 & 3* Vict payment of money on demand may he denoted by an adhesive stamp, which is to he cancelled by the person by whom the bill is signed The fixed before he delivers it ont of his hands, custody, or power. denoted l> ' "' adhesive LI. (1.) The ad valorem duties upon bills of exchange and pro- stam P- missory notes drawn or made out of the United Kingdom are to be ^/f^ ™ denoted by adhesive stamps. denoted in (2.) Every person into whose hands any such bill or note comes certain in the United Kingdom before it is stamped shall, before he presents s ' t ^ uil for payment, or indorses, transfers, or in any manner negotiates, or pays such bill or note, affix thereto a proper adhesive stamp or proper adhesive stamps of sufficient amount, and cancel every stamp so affixed thereto. (3.) Provided as follows : Provisoes for (a.) If at the time when any such bill or note comes into the t ioVo7bona hands of any bona fide holder thereof there is affixed fide holders ; thereto an adhesive stamp effectually obliterated, and purporting and appearing to be duly cancelled, such stamp shall, so far as relates to such holder, be deemed to be duly cancelled, although it may not appear to have been so affixed or cancelled by the proper person. (h.) If at the time when any such bill or note comes into the hands of any bona tide holder thereof there is affixed thereto an adhesive stamp not duly cancelled, it shall be competent for such holder to cancel such stamp as if he were the person by whom it was affixed, and upon his so doing such bill or note shall be deemed duly stamped, and as valid and available as if the stamp had been duly cancelled by the person by whom it was affixed. (4.) But neither of the foregoing provisoes is to relieve any person not to from any penalty incurred by him for not cancelling any adhesive ^jj 6 ^ e -^ stamp. LII. A bill of exchange or promissory note purporting to be Bills and drawn or made out of the United Kingdom is, for the purposes n0 £ s pur " , of this Act, to be deemed to have been so drawn or made, drawnf &°., e although it may in fact have been drawn or made within the abroad to be United Kingdom. Ken so drawn, &c. LIII. (1.) Where a bill of exchange or promissory note has been Terms upon written on material bearing an impressed stamp of sufficient amount which bills but of improper denomination, it may be stamped with the proper '™ a d n b ° tes stamp on payment of the duty, and a penalty of forty shillings if the stamped bill or note be not then payable according to its tenor, and of ten a . fterexe cu- pounds if the same be so payable. (2.) Except as aforesaid, no bill of exchange or promissory note shall be stamped with an impressed stamp after the execution thereof. LIV. (1.) Every person who issues, indorses, transfers, negotiates, Penalty for presents for payment, or pays any bill of exchange or promissory ^"ufl &c "' note liable to duty and not being duly stamped shall forfeit the sum stamped 332 APPENDIX. 33 & 34 Vict, of ten pounds, and the person who takes or receives from any other c. 97. person any such bill or note not being duly stamped either in pay- biu or ment or as a security, or by purchase or otherwise, shall not be note°io/.; entitled to recover thereon, or to make the same available for any and bill or purpose whatever. unavailable. (2.) Provided that if any' bill of exchange for the payment of money on demand, liable only to the duty of one penny, is pre- Proviso as to sented for payment unstamped, the person to whom it is so the fixed presented may affix thereto a proper adhesive stamp, and cancel the same, as if he had been the drawer of the bill, and may, upon so doing, pay the sum in the said bill mentioned, and charge the duty in account against the person by whom the bill was drawn, or deduct such duty from the said sum, and such bill is, so far as respects the duty, to be deemed good and valid. not to relieve (3) jj u t the foregoing proviso is not to relieve any person from from penalty. an y penalty he may have incurred in relation to such bill. One bill only LV. When a bill of exchange is drawn in a set according to the out of a set cus tom of merchants, and one of the set is duly stamped, the other stamped. or others of the set shall, unless issued or in some manner negotiated apart from such duly stamped bill, be exempt from duty ; and upon proof of the loss or destruction of a duly stamped bill forming one of a set, any other bill of the set which has not been issued or in any manner negotiated apart from such lost or destroyed bill may, although unstamped, be admitted in evidence to prove the contents of such lost or destroyed bill. As to Notarial Acts. Duty may be CXVI. The duty upon a notarial act, and upon the protest by a denoted by no tary public of a bill of exchange or promissory note, may be denoted by an adhesive stamp, which is to be cancelled by the notary. stamp. As to Receipts. Interpret- CXX. The term "receipt" means and includes any note, memo- tion of term. ran( i um) or writing whatsoever whereby any money amounting to two pounds or upwards, or any bill of exchange or promissory note for'money amounting to two pounds or upwards, is acknowledged or expressed to have been received or deposited or paid, or whereby any debt or demand, or any part of a debt or demand, of the amount of two pounds or upwards, is acknowledged to have been settled, satisfied, or discharged, or which signilies or imports any such acknowledgment, and whether the same is or is not signed with the name of any person. Duty maybe CXXI. The duty upon a receipt may be denoted by an adhesive °y stamp, which is to be cancelled by the person by whom the receipt 1 " ',',',',' p ive is given before he delivers it out of his hands. Penaltyfor CXXIII. If any person — (1.) Gives any receipt liable to duty and not duly .stamped ; APPENDIX. :;:;:; (2.) In any case where a receipt would be liable to duty refuses to give a receipt duly stamped ; (3.) Upon a payment to the amount of two pounds or upwards gives a receipt for a sum not amounting to two pounds, or separates or divides the amount paid with intent to evade the duty ; he shall forfeit the sum of ten pounds. 13 & 34 Vict, c. 97. SCHEDULE. BILL OF EXCHANGE— Payable on damand BILL OF EXCHANGE of any other kind whatsoever {except a bank note) and PROMISSORY NOTE of any kind wdiatsoever {except a bank note) — drawn, or expressed to be payable, or actually paid, or indorsed, or in any manner negotiated in the United Kingdom. Where the amount or value of the money for which the bill or note is drawn or made does not exceed 57. . Exceeds 51. and does not exceed 10?. . „ 102. „ 251. . . . „ 25!. „ 501. . „ 501. „ 75L . „ 751. „ 100/. . „ 100?. for every 100/., and also for any fractional part of 100/., of such amount or value Exemptions. (1.) Bill or note issued by the Governor and Com- pany of the Bank of England or Bank of Ireland. (2.) Draft or order drawn by any banker in the United Kingdom upon any other banker in the United Kingdom, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such bankers. (3.) Letter written by a banker in the United Kingdom to any other banker in the United Kingdom, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or de- livered to the person to whom payment is to be made, or to any person on his behalf. (4.) Letter of credit granted in the United Kingdom authorizing drafts to be drawn out of the United Kingdom payable in the United Kingdom. (5.) Draft or order drawn by the Accountant General of the Court of Chancery in England or Ireland. (6.) Warrant or order for the payment of any annuity granted by the Commissioners for the Reduction £ s. d. O O 1 1 (1 2 O 6 !) 1 10 334 APPENDIX. 33 & 34 Vict. £ g. d. c - 97- of the National Debt, or for the payment of any dividend or interest on any share in the Govern- ment or Parliamentary stocks or funds. (7.1 Bill drawn by the Lords Commissioners of the Admiralty, or by any person under their authority, under the authority of any Act of Parliament upon and payable by the Accountant General of the Navy. (8.) Bill drawn (according to a form prescribed by Her Majesty's orders by any person duly authorized to draw the same) upon and payable out of any public account for any pay or allow- ance of the army or other expenditure con- nected therewith. (9.) Coupon or warrant for interest attached to and issued with any security. And see sections 48, 49, 50, 51, 52, 53, 54, and 55. PEOTEST of any bill of exchange or promissory note : ( The same Where the duty on the bill or note does not exceed Is. ] duty as the (.bill or note. In any other case . . . . . .010 And .see section 116. EECEIPT given for, or upon the payment of, money amounting to 21. or upwards 1 Exemptions. (1.) Receipt given for money deposited in any bank, or with any banker, to be accounted for and ex- pressed to be received of the person to whom the same is to be accounted for. (2.) Acknowledgment by any banker of the receipt of any bill of exchange or promissory note for the purpose of being presented for acceptance or payment. (3.) Receipt given for or upon the payment of any parliamentary taxes or duties, or of money to or for the use of Her Majesty. (4.) Receipt given by the Accountant-General of the Navy for any money received by him for the service of the navy. (5.) Receipt given byanyagenl for money imprested to him on Seconal of the pay of the army. (6). Receipt .niven by any officer, seaman, marine or soldier, or his representatives, for or on account of any wages, paj or pension, due from the Ad- miralty or Army Pay Office. (7.) Receipt given for the consideration money for the purcaa te of any share in any of the ( J-overnment or Parliamentary storks or funds, or in stock of the Easl India Company, or in the stocks and funds of the Secretary of State in Council of APPENDIX. 335 £ 8. d. 33 & 34 Vict. India, or of the Governor and Company of the c - °7- Bank of England, or of the Bank of Ireland, or for any dividend paid on any share of the said stocks or funds respectively. (8.) Eeceipt given for any principal money or interest due on an exchequer bill. (9.) Eeceipt written upon a hill of exchange or pro- missory note duly stamped. (10.) Eeceipt given upon any bill or note of the Governor and Company of the Bank of England or the Bank of Ireland. (11.) Eeceipt indorsed or otherwise written upon or contained in any instrument liable to stamp duty, and duly stamped, acknowledging the receipt of the consideration money therein expressed, or the receipt of any principal money, interest, or an- nuity thereby secured or therein mentioned. (12.) Eeceipt given for drawback or bounty upon the exportation of any goods or merchandise from the United Kingdom. (13.) Eeceipt given for the return of any duties of customs upon certificates of over entry. (14.) Eeceipt indorsed upon any bill drawn by the Lords Commissioners of the Admiralty, or by any person under their authority or under the autho- rity of any Act of Parliament upon and payable by the Accountant General of the Navv. And see sections 120, 121, 122, and 123. [U Vict. c. 17.] An Act to make Provision for Bank Holidays, and 34 victc. 17. respecting Obligations to make Payments and do other Acts on such Bank Holidays. [25th May, 1871.] Whereas it is expedient to make provision for rendering the day after Christinas Day, and also certain other days, bank holidays, and for enabling bank holidays to be appointed by royal proclama- tion : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and' temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows : I. After the passing of this Act, the several days in the Schedule Bills due on to this Act mentioned (and which days are in this Act hereinafter aa"s t h °b^ referred to as bank holidays) shall be kept as close holidays in all pa^ble on banks in England and Ireland and Scotland respectively, and thefollowing 1 ' day. 33G APPENDIX. 34 Vict. c. 17. all bills of exchange and promissory notes which are due and — payable on any such bank holiday shall be payable, and in case of non-payment may be noted and protested, on the next following day, and not on such bank holiday ; and any such noting or protest shall be as valid as if made on the day on which the bill or note was made due and payable ; and for all the purposes of this Act the day next following a bank holiday shall mean the next following day on which a bill of exchange may be lawfully noted or protested. Provision as II. When the day on which any notice of dishonour of an unpaid dishonour* bill of exchange or promissory note should be given, or when the and pre- day on which a bill of exchange or promissory note should be pre- sentation for sen tecl or received for acceptance, or accepted or forwarded to any referee or referees, is a bank holiday, such notice of dishonour shall be given and such bill of exchange or promissory note shall be presented or forwarded on the day next following such bank holiday. As to any III. No person shall be compelled to make any payment or to bani meiUS °" c ^° an y act U P 0U sncn bank holidays which he would not be com- holidays. pelled to do or make on Christmas Day or Good Friday ; and the obligation to make such payment and do such act shall apply to the day following such bank holiday ; and the making of such jsayment and doing such act on such following day shall be equivalent to payment of the money or performance of the act on the holiday. Appoint- IV. It shall be lawful for Her Majesty, from time to time, as to me °" n k ■^■ er ^ a J es ty may seem fit, by proclamation, in the manner in which noiidays'bV solemn fasts or days of public thanksgiving may be appointed, to royal pro- appoint a special day to be observed as a bank holiday, either clamation. throughout the United Kingdom or in any part thereof, or in any county, city, borough, or district therein, ancl any day so appointed shall be kept as a close holiday in all banks within the locality mentioned in such proclamation, and shall, as regards bills of ex- change and promissory notes payable in such locality, be deemed to be a bank holiday for all the purposes of this Act. Dayap- V. It shall be lawful for Her Majesty in like manner, from time 1! ° '!mi' n'da to tmie > when it is made to appear to Her Majesty in council in any special case that in any year it is inexpedient that a day by this Act appointed for a bank holiday should be a bank holiday, to council" declare that such day shall not in such year be a bank holiday, and to appoint such other day as to Her Majesty in council may seem fit to be ;i bank holiday instead of such day, and thereupon the day so appointed shall in such year be substituted for the day so ap- I inin ted by this Act. Exercise of VI. The powers conferred by sections 3 and 4 of this Act on powers con- jj er Majesty may be exercised in Ireland, so far as relates to that ', part of the United Kingdom, by the Lord Lieutenant of Ireland in council. I p. land liy tenant. VII. Tli is Act may be cited for all purposes as " The Bank Iloli- da A.ct, 1871." APPENDIX. 337 SCHEDULE. 34 Vict. c. i 7 . Bank Holidays in England and Ireland. Easter Monday. The Monday in Whitsun week. The first Monday in August. The twenty-sixth day of December, if a week day. Bank Holidays vn Scotland. New Year's Day. Christmas Day. If either of the above days falls on a Sunday, the next follow- ing Monday shall be a bank holiday. Good Friday. The first Monday of May. The first Monday of August. ict. [34 & 35 Vict. c. 74.] An Act to abolish Days of Grace in the Case of Bills 0/34&35V Exchange and Promissory Notes payable at Sight or — ■ — ■ — on Presentation. \lUh August, 1871.] Whereas doubts have arisen whether by the custom of merchants a bill of exchange or promissory note purporting to be payable at sight or on presentation is payable until the expiration of a certain number of " days of grace " : And whereas it is expedient that such bills of exchange and pro- missory notes should bear the same stamp, and should be payable in the same manner as bills of exchange and promissory notes purport- ing to be payable on demand : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows : I. This Act may be cited as "The Bills of Exchange Act, 1871." Short title. II. Every bill of exchange or promissory note, drawn after this Bills payable Act comes into operation and purporting to be payable at sight or on S pfesenta- on pi*esentation, shall bear the same stamp and shall, for all pur- tion to be poses whatsoever, be deemed to be a bill of exchange or promissory P a v abl e on note payable on demand, any law or custom to the contrary not- withstanding. III. For the purposes of this Act, the terms " bill of exchange" Definition of Z 338 APPENDIX. 34 & 35 Vict, and " promissory note" shall have the same meanings as are given c - 74- to them in the Stamp Act, 1870. Admissibi- jy. ^ bill of exchange purporting to be payable at sight and denceoTpast drawn at any time between the first day of January one thousand bills. eight hundred and seventy-one and the day of the passiDg of this Act, both inclusive, and stamped as a bill of exchange payable on demand, shall be admissible as evidence on payment of the difference between the amount of stamp duty paid on such bill and the amount which would have been payable if this Act had not passed. [39 & 40 Vict. c. 48.] 39 & 40 vkt. An Act to amend the Law ir'itli reference to Bankers' c - 48 ' Books Evidence. [11th. August, 1876.] Whereas serious inconvenience has been occasioned to bankers and also to the public by reason of the ledgers and other account books having been removed from the banks for the purpose of being pro- duced in legal proceedings : And whereas it is expedient to facilitate the proof of the trans- actions recorded in such ledgers and account books : Be it therefore enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows : Short title. I. This Act may be cited for all purposes as the Bankers' Books Evidence Act, 1876. Interpreta- II. The word " bank " in this Act shall mean any person or per- tion clause. g u S) partnership or company, carrying on the business of bankers, and who at the commencement of each year shall have made their return to the Commissioners of Inland Revenue, and any savings bank certified under the Act of 1863. The words " legal proceedings" in this Act shall include all pro- ceedings, whether preliminary or final, in courts of justice, both criminal and civil, legal and equitable, and shall include all pro- ceedings, whether preliminary or final, by way of arbitration, ex- amination of witnesses, assessment of damages, compensation or otherwise, in which there is power to administer an oath. The words "the court" in this Act shall mean the court, judge, magistrate, sheriff, arbitrator, or other person authorized to preside over the said legal proceedings for the time being, and shall include all persons, judg< s, or officers having jurisdiction and authorized to pr< id,- ovei it Id exercise judicial control over the said legal pro- lings or I' e procedure or any slops therein. The words "a judge of one of the superior courts" shall mean respectively •■■ judge of Her Majesty's High Court of Justice in so Car as tl : > I applies t<> Engh nd and Wales, a lord ordinary of the outer b< use of the Court of Session in Scotland in so far as it applies APPENDIX. 339 to Scotland, and a judge of one of the superior courts at Dublin in so 39 & 40 Vict. far as it applies to Ireland. c - 4& III. From and after the commencement of this Act the entries in Entries in ledgers, day books, cash hooks, and other account books of any hank affidavit shall be admissible in all legal proceedings as prima" facie evidence admissible of the matters, transactions, ami accounts recorded therein on proof' being given by the affidavit in writing of one of the partners, managers, or officers of such bank, or by other evidence that such ledgers, day books, cash books, or other account books are or have been the ordinary books of such bank, and that the said entries have been made in usual and ordinary course of business, and that such books are in or come immediately from the custody or control of such bank. Nothing in this clause contained shall apply to any legal proceeding to which any bank whose ledgers, day books, cash books, and other account books may be required to be produced in evidence shall be a party. IV. Copies of all entries in any ledgers, day books, cash books, or Originals other account books used by any such bank may be proved in all produced legal proceedings as evidence of such entries without production of the originals, by means of the affidavit of a person who has examined the same, stating the fact of said examination, and that the copies sought to be put in evidence are correct. V. Provided always, That no ledger, day book, cash book, or other Proviso as account book of any such bank, and no copies of entries therein '"Jj °^ n l ° contained, shall be adduced or received in evidence under this Act, suit, unless five days' notice in writing, or such other notice as may be ordered by the court, containing a copy of the entries proposed to be adduced and of the intention to adduce the same in evidence, shall have been given by the party proposing to adduce the same in evidence to the other party or parties to the said legal proceeding, and that such other party or parties is or are at liberty to inspect the original entries and the accounts of which such entries form a part. VI. On the application of any party to any legal proceedings who Power under has received such notice, a judge of one of the superior courts may order °f . order that such party be at liberty to inspect and to take copies spect books of any entry or entries in the ledger, day books, cash books, or and take other account books of any such bank relating to the matters in c °P les - question in such legal proceedings, and such orders may be made by such judge at his discretion either with or without summoning before him such banker or the other party or parties to such legal proceedings, and shall be intimated to such bank at least three days before such copies are required. VII. On the application of any party to any legal proceedings who judge may has received notice, a judge of one of the superior courts may order " ,,! lhal that such entries and copies mentioned in the said notice shall not no l l '' be admissible as evidence of the matters, transactions, and accounts sible. recorded in such ledgers, day books, cash books, and other account books. \ III. No bank shall be compellable to produce the ledgers, day Bank ?£y z 2 340 APPENDIX. 39 ng cheque the banker to whom the same shall be crossed, or his agent for p°ovisions°of collection, being a banker, shall be liable to the true owner of the Act to be cheque for any loss he may sustain owing to the cheque having been liable to law- so paid. XI. Where a cheque is presented for payment, which does not at Relief of the time of presentation appear to be crossed, or to have had a r "'ponsi-° m crossing which has been obliterated, or to have been added to or bilitj i altered otherwise than as authorized by this Act, a banker paying some cases " the cheque, in good faith and without negligence, shall not be responsible or incur any liability, nor shall the payment be ques- tioned, by reason of the cheque having been crossed, or of the cross- ing having been obliterated, or having been added to or altered otherwise than as authorized by this Act, and of payment being made otherwise than to a banker or the banker to whom the cheque is or was crossed, or to his agent for collection being a banker (as the case may be). 342 APPENDIX. 39 & 40 Vict. XII. A person taking a cheque crossed generally or specially, bearing in either case the words "not negotiable," shall not have and shall not be capable of giving a better title to the cheque than that which the person from whom he took it had. But a banker who has in good faith and without negligence received payment for a customer of a cheque crossed generally or specially to himself shall not, in case the title to the cheque proves defective, incur any liability to the true owner of the cheque by reason only of having received such payment. SCHEDULE. Acts Repealed. 19 & 20 Vict. c. 25. - An Act to amend the Law relating to Drafts on Bankers. 21 & 22 Vict. c. 79. - An Act to amend the Law relating to Cheques or Drafts on Bankers. 1 N 1) E X. ACCEPTANCE, payable at a bank, 113 per procurationem, 1 5S ACCOUNT how opened with a banker, 28 accounts of one customer under different headings are in law one account, 28 and may be blended by the banker, 29 unless by agreement they are to be kept separate, 29 or are to the knowledge of the banker trust accounts, 29 the heading of the account affects the banker with notice, -'■' who may sue for the balance of an account, 32 who the banker may sue for the balance of an overdrawn account, 32 name in which an account stands is not conclusive of ownership. 32 banker must keep customer's account secret, 33 is liable for breach of duty in this respect, 33 though account is overdrawn, 33 banker ma}' reveal state of account on a reasonable occasion, 33 account may be barred by Statute of Limitations, 33 terms which pass in a will money credited in testator's account, 34 overdraft is not a loan, 34 when the customer will be inferred to have agreed to a system of keeping accounts, 34 acquiescence in a system is not a settlement of account, 34 who may and how keep accounts. Set CUSTOMER. interest charged on account, 35 ADMINISTRATOR. See Executor. ADVANCES. See Customer. To agent, 37 fcutor, 37 to directors of companies, 42, 43 to married women, 45 to partners, 47 on hills, 139—142 h\ manager to himself, 158 manager not liable for advances made within scope of his authority, 159 o44 INDEX. AGENT, has not implied power to overdraw an account on behalf of his principal, 37 acceptance by creditor of check of debtor's agent discharges debtor, 93 payment to an agent of a debt due to his principal by check may not discharge the debtor, 93 ALTERATION, avoids a check if in a material point, 87 as date, sum, or time of payment, 88 but not if made before issue, 88 alteration by indorsee, 88 person suing on the instrument must account for alteration, 90 APPROPRIATION OF PAYMENTS, presumption in banking accounts, 126 does not hold good if specific directions have been given, 127 or may be implied, 127 in case of a new firm, 127 in case of sureties, 127 in case of trustees, 127 B. BAILEE OF DEPOSITS, banker's liability as gratuitous bailee, 135 as bailee for hire, 135 when he becomes a bailee for hire, 136 must restore deposit to depositor, 136 property intrusted to banker for safe custody does not pass on bankruptcy of banker, 136 BALANCE, partner cannot pledge the partnership for balance of overdrawn account opened in his name, 47 banker may blend different accounts, and declare a general balance, 29 BANK (OF DEPOSIT). I. Formed under 7 Geo. 4, c. 46, 10 or under 3 & 4 Wil. 4, c. 98, 11 returns to be made of members, 12, 15 to sue and be sued in the name of a public officer, 13 members may sue and be sued by the copartnership, 13 power to wind up copartnership, 14 copartnership described by Quain, J., 14 II. Banks formed under 7 Geo. 4, c. 46, and 7 & 8 Vict. c. 113, 16 III. Banks formed under 7 Geo. 4, c. 46, and 20 & 21 Vict. c. 49, 16 i V. Banks formed under 7 Geo. 4, c. 46, and registered under 25 & 26 Vict. c. 89, 1 7 changes effected by registration, 18 a ly returns to be made of members, 19 V. Banks form< d under 3 & 4 Will. 4 c. 98, 20 V I. Banks formed under 1 Vict. c. 73, 20 VII. 1 '.auks formed under 7 & 8 Vict. e. 113, 20 VIN. Banks formed and registered under 20 & 21 Vict. c. 49, and 21 & 22 Vict. c. 91, 22 IX. Banks Eormed under 26 & 26 Vict. c. 89, 21 X. Private banks, 25 ,,,,, i Q ot con iflt of mere than ten partners, 25 INDEX. 345 BANK (OF DEPOSIT)— continued, clergymen holding office in the church are shut out from being partners iu a firm of less than seven pera >ns, 26 beneficed clergymen may not be director or managing partner in a copartner- ship of more than six persons, 26 BANK (OF ISSUE) IN ENGLAND, may be banks of deposit, 1 course of legislation, 1 issue now regulated by 7 & 8 Vict. c. 32, 4 licence to issue notes, 6 returns of issue, 7 no bank note of less value than 5/., 7 definition of bank note, 7, 8 stamp duty on bank notes, 9 may be compounded for, 9 no bank of issue can acquire limited liability in respect of such issue, 9 BANKER, licence to issue notes in England, 6 licence to issue unstamped bills, 120 must make retnrns of issue, 7 definition of by Stamp Act, 8 penalty on, for issuing unstamped notes and bills without a licence, 8 must return yearly his name, occupation, or those of the firm, 15, 18, 19, 20, 23, 25, 26 not bound to allow his customer to open several accounts, 29 is affected by notice that an account opened with him is a trust account, 29 if privy to a breach of trust may be made to refund, 30 not bound to inquire the purpose for which a check is drawn, 30 nor the source from which moneys come that are paid into an account, 30 allowing money to be deposited with him for an illegal purpose may be indicted, 31 must keep customer's account secret, 33 though the account is overdrawn, 33 may disclose it on a reasonable occasion, 33 is entitled to commission for his trouble, 34 holds etistomer's documents as customer's agent, 35 need not be subpoenaed to produce customer's documents, 35 communications made to him are not privileged, 36 may be compelled to give evidence when a company is being wound up under The Companies Act, 1862, s. 115, 36 is bound to know customer's signature, 85, 115 position towards his own notes, 129 duty to present checks intrusted to him for collection without delay, 67 drawee of a check becomes holder's agent for presentment to himself when the cheek is sent to him by post, 66 when liable to the payee of an order, 55 will be liable if the order amounts to an equitable assignment, 56 a check is not such an assignment, 53 not liable if customer has revoked his order before it is communicated to the payee, 56 holder of a check cannot sue the drawee on the check, 71 unless the drawee has accepted the check or pledged himself to pay, 71, 72 banker liable in damages who refuses to pay his customer's check without due cause, 79 what will justify banker's refusal, 80, 81 banker is not responsible for genuineness of indorsement on a check to order, 61,86 346 INDEX. BANKER— conUntu <', even where it purports to be per proa, 61, 86 duty of .i banker when agent for presentment of a bill of exchange, 113, 117 duty to customer of banker at whose house his customer has made an accept- ance payable, 113 duty to presenter of bill, 115 bankers with a licence may issue unstamped bills, 120, 167, 325 banker directed to accept bills against bills of lading is not responsible for genuiness of bills of lading, 120 banker as bailee of deposits, 135 bankruptcy of a banker who is banker of creditor and debtor while making payments on behalf of debtor, 53 liability for acts of manager, 155 bound by answer of cashier, 72, 73 BANKER AND CUSTOMER, relation is that of debtor and creditor, 28 in no sense fiduciary, 28 continues after account overdrawn, 28 several accounts of a customer in reality one account, 28 banker may blend several accounts, 29 unless otherwise agreed to one account is a trust account, 29 banker with branches may blend customer's accounts at, different branches and refuse to honor checks if the general balance be against the customer, 144 where banker knows account to be a trust account, 29 when banker held liable for customer's breach of trust, 30 privity of banker with breach of trust, 30 banker liable to lawful owner for proceeds of bills collected by him for a cus- tomer who has no title, 31 but not for only receiving proceeds of a crossed check, 31, 105 Duty and liabiUty of a bank receiving bill for collection payable where the bank is located, 32, 147 duty and liability of a bank undertaking transmission for collection of bills, 147 who may sue for money paid to an account, 32 who the banker may sue for the balance of an overdrawn account, 32, 47 duty of banker who is banker for drawer and acceptor of a bill, 116 order in which payments by the customer should be appropriated, 126 — 8 what is delay in presentment of checks as between banker and customer, 66 banker has generally one day after receipt -within which to present, 67 may be bound to present within a less time, 67 may employ an agent to present, 67 who has one day to present, 67 where a clearing-house is established, banker may present through clearing- house, 68 no privity between the banker and the customer of his correspondent, 14S BANKERS' BOOKS, The Bankers' Books Evidence Act, 1876, makes copies of them admissible in evidence, 123 what notices must be given before copies admissible, 124 Act does not apply where the banker is a litigant, 124 BANKING HOTTKS, cli. (lis and bill« must be presented within, 71 what arc banking hours must be proved in each ease, 71 INDEX. 347 BANKNOTES. See Banks of Issue Scotch Bank -Irish Bank. Who may issue in Eugland, 4 who in Scotland, 166 who in Ireland, 170 may be issued stamped or unstamped, 6 returns of circulation in England, 7 in Scotland, 166 in Ireland, 171 must not be issued for less than £5 in England, 7 or for less than twenty shillings in Scotland, 167 or in Ireland, 285, 289 may be reissued, 8 definition of bank note, 7, 8, 167 duty on bank notes, 9 may be compounded for in England, 9 in Scotland, 167 in Ireland, 172 payment of a check in-banker's own notes discharges the drawer of a check, 78 payee's remedy to prove against the estate of the maker, 79 interest allowed on the amount of notes, 79 are issued by Bank of England and private banks, 129 Bank of England notes are legal tender in England, 75, 76 but not in Scotland, 168 or in Ireland, 171 notes of private banks are good tender unless objected to on the ground of their being notes and not cash, 129 banker's own notes are not a legal tender to himself, 129 transferor is not liable on note after transfer, 129 nor liable to refund the consideration, 130 sale of a note, what is, 130 where a note is delivered in payment of a pre-existing debt, 130 the transferee is allowed a day for presentment, 131 if the maker fail within that time, 131 may be cut in half, 131 notice of dishonor, 131 a transfer need not be a sale of a note, 131 changing a note, 131 payment in notes of a bank that has failed, 131 where maker has failed, holder must prove against his estate, 132 lost or stolen notes, 132 action on lost note, 133 action on note cut in half, 133 finder of lost note, 133 forged notes, 133, 164 bankruptcy of banker issuing notes, 134 may be set off against debt due to banker, 13 J but not if bought with knowledge of bankruptcy of banker, 134 interest on notes after banker has failed, 134 forging notes, 164 engraving plates for, 164 BANKRUPTCY, bank notes bought after notice of bankruptcy of maker, 134 ..I' a banker who is banker of debtor and creditor, 53 of a hanker on whom a check is drawn, 63 . xnises presentment of check, 71 of a banker issuing nutes, 78, 79. of a banker's agent for collection, 147 of a banker employed to collect money, 145 348 INDEX. BANKRUPTCY— couth, im d, of a banker employed to remit, 143 when bills in a banker's possession pass to his estate, 140 — 142 of a banker in Ireland, 171 stoppage of a branch bank dates from when, 145 public officer cannot plead bankruptcy, 151 of customer terminates agreement to pay interest, 35 BILLS OF EXCHANGE, payment of a check in, discharges the drawer of a check, 77 may discharge the drawee, 78 banker has lien on bills deposited with him, 138 when the property is held to pass to the banker in bills deposited with him, 139—141 bills remitted to the banker with a trust or purpose, 140 bills discounted by a banker, 141 bills entered short, 141 branch banks who are indorsees of a bill are entitled to separate notice of dishonor, 144 duty of a bank undertaking collection of bills, 147 bank employing agent for collection liable for money received by the agent, 147 bills sent for collection remain property of sender, 148 manager indorsing or accepting, 153 bills of a limited company, 153 duties on bills drawn by Scotch banks may be compounded, 167 and on bank post bills by Irish banks, 325 BILLS OF EXCHANGE PAYABLE AT A BANK, duty of banker when agent for presentment, 113 duty to his customer if banker at whose house his customer has made an acceptance payable, 113 to pay to the person capable of giving a good discharge for the bill, 113 on presentment during banking hours, 114 banker should mark bills that have been paid by him, 114 duty of such a banker to the presenter of the bill, 115 his remedy if he pays the holder of a forged acceptance, 115 no action lies against the banker by the holder of a bill accepted by the cus- tomer payable at the banker's, 116 unkss the banker be the holder's agent for presentment, and money is specially paid in to meet the bill, 116 duty of banker for both acceptor and drawer of a bill payable at the banker's, 116 as to notice of dishonor, 116 when the banker is holder or indorsee of bills payable by him, 117 stamp duties on, 117—119 only one bill of a set need be stamped, 120 bills must be drawn in the United Kingdom on stamped paper, 120 e cept in England by certain bankers, 120 bunker directed to accept against bills of lading not responsible for genuine- ness of bills of lading, 120 BRANCH BANKS. bead office fco branches in position of principal to agent, 144 notice given fco bead office is notice fco the branches, 144 payment by • branch of a cheek drawn on another branch is prima facie on the credit of the presenter, 144 branches when indorsees <>f a bill ari each entitled to notice of dishonor, 144 bank) c ma customer blend accounts at different branches 144 INDEX. 349 BRANCH BANKS— continued, refuse to honor a check drawn against a balance at a branch, when the balance on general account is against customer, 145 limited company with branches must put up a statement of assets and liabili- ties, 145 stoppage of branch bank if caused by stoppage of head office dates from notice of the stoppage of the head office, 1 45 BIIEACH OF TRUST, banker may refuse to pay check drawn in breach of trust, 81 when banker privy to a breach of trust will be made to refund, 30 from what facts his privity will be inferred, 30 CANCELLATION, of checks, 69 may be provisional, 73 or by mistake, 73 of stamps, 118 of a bill by mistake, 116 CASHED CHECK, said to belong to customer, 91 as regards third parties taken to be in customer's possession, 91 CASHIER, has authority to decide whether a check shall be paid, 72 principal cannot profit by fraud of cashier, 158 CHARTERED BANKS, 20 CHECK, of executors, 38 of railway companies, 38 of joint stock companies 39- 41 of corporations, 44 of husband and wife, 45 of liquidators, 46 of partners, 46 check is not an equitable assignment, 53 distinguishing characteristics of, 57 form of check, 57 must be in writing, 57 must be an order to pay, 58 must be drawn on a banker, 58 ought to be dated, 58 post dating has no effect now on the instrument, 58 may be drawn for any sum, 58 expressed in English money, 59 stamp duty on check, 52, 59 how denoted, 59 a check is payable on demand, 59 custom in America, 60 may be drawn payable to a named person, 60 or payable to a named person or bearer, 60 or payable to a named person or order, 60 banker protected in this last form, 61 or payable to bearer or order on demand and crossed, 61 850 INDEX. CHECK — continued, irregular checks, 61 check must he signed by the drawer, 62 how a check may be presented, 62 check not payable before the day of its date, 62 when a check said to be issued, 63 it must be presented within six years from its date, 67 the drawer discharged by failure of the bank before the check is presented, 63 or if before presentment, drawer's position is altered for the worse, 63 unless holder can show he has not been guilty of delay, 63 death of drawer revocation of his check, 63 stale checks not paid without inquiry, 63 what is delay as between drawer and payee, 64 payee must present within a reasonable time, 64 what is reasonable time, 64 where payee and drawer live in the same place, 64 where they do not live in the same place, 65 what is delay as between payee and transferee, 65 when action will lie on the check by transferee against payee, 65 what is delay as between banker and customer, 66 banker may have to present check to himself, H6 banker has generally a day to present check for his customer, 67 but may be bound to present within a shorter time, 67 banker may in some cases employ an agent for presentment, 67 agent has one day within which to present to the drawee, 67 presentment through clearing-house is presentment without delay, 68 what will excuse delay in presentment, 68 when presentment should be made, 68 clearing-house, 69 when checks are " marked," 69 country clearing-house, 69 foreign checks, how presented, 71 check must be presented within banking hours, 71 Treasury checks not payable after three p.m., 71 what will dispense with presentment, 71 what amounts to an engagement by banker to pay checks, 71 holder cannot sue banker on check, 71 unless the banker has pledged himself to pay, 72 cashier has power to decide whether a check shall be paid, 72 " marked " checks are entitled to priority of payment, 72 to what extent "marking" binds the banker marking a check, 73 banker may show any marking or cancelling was provisional, 73 money paid by the drawee cannot be recovered from the payee, 73 mere receipt by the drawee of the check does not amount to a promise to pay 74. what does amount to a promise to pay by the drawee, 74 check presented unstamped may be stamped by banker, 75 check may be paid in whatever is legal tender, 75 what is legal tender, 75 payment in counterfeit coin, 77 payment in forged notes, 77 payment in Mils of exchange, 77 consequences of, to drawer, 77 to payee, 78 to banker or drawee, 78 payment in bank notes of which the maker has failed, 79 w oat will excuse a n fusal by a banker to pay his customer's check, 79 banker liable in damag svho refuses without cause, 79, banker may retain funds to meet hills discounted by him for customer, 81 INDEX. 351 CHECK — continued, banker may refuse where assets of customer already exhausted by paying bills, 81 or where checks are drawn in breach of trust, 81 or where he has heard of the death of the drawer, 82 notice of dishonor, who is entitled to it, 82 when excused, 82 sometimes duty of drawer to give notice of dishonor to drawn. : I banker collecting a check has a day to give notice of dishonor, 83 stale or overdue checks, 83 dishonored checks, 85 forged or altered checks, 85 — 90 where drawer's signature is forged, 85 as between banker and customer, 85 as between banker and presenter, 85 forged indorsement, 87 drawee of check payable to order not responsible for genuineness of indorse- ment, 87 even where it purports to be "per proa," 87 this does not extend to other persons who have taken a check on faith of a forged indorsement, 87 effect of forgery on the title of subsequent holders, 87 alteration avoids a check, 87 if in a material point, 88 date, sum, and time of payment are material, 88 raised checks, 88 banker cannot charge his customer with payment on, 88 unless the customer has been negligent, 88 bunker must not be guilty of negligence, 89 banker may recover from holder money paid by mistake if he has not been guilty of negligence, 89 person from whose custody the instrument is produced must account for alteration, 90 lost check may be sued on upon giving an indemnity, 90 cashed check belongs to customer, 91 check when a payment, 91 when not, 92 when drawer may stop check, 91 when receipt of check of debtor's agent a payment, 93 when payment may safely be made to an agent of a creditor by check, 93 check, when evidence of a debt, 94 when of payment, 95 cashed check not sufficient by itself, 95 where a check is delivered in part payment of a debt the Statute of Limita- tions runs from the date of tin: giving of the check, 96 but from the date of the payment of the check when the check is given as a loan, 96 a gift of a check cannot be enforced, 96 check is not a valid donatio mortis causa, 96 stakeholder may cash a check representing the stakes, 96 check is within provisions of The Bills of Exchange Act, 1855. CHECK PAYABLE TO ORDER, form of such a check, 60 must be indorsed before payment, 60 banker on whom it is drawn is not responsible for genuineness of indorse- ment, (il even where it purports to be "per proa," 61 other parties are responsible, 61 forged indorsement on, 86 352 INDEX. CIRCULAR NOTES, what they are, 112 holder purchases a right to cash them, 112 banker entitled to have the circular notes returned before he repays the money paid for them, 112 CLEARING HOUSE, London, C9 country, 70 CLERGYMAN, holding office in the church shut out from being a partner in a bank with less than seven partners, 25 can be a partner in, but not director or managing partner of, a copartnership of more than six members, 26 COLLECTION OE BILLS, duty of bank undertaking, 147 liability of bank for money received by agents, 1 47 bills sent for collection remain the property of the remitter, 148 duty of agent for collection, 147 COMMISSION, banker entitled to commission for his trouble as a money broker, 34 COMPANY See Railway Company — Joint Stock Company. When liable for overdrafts of its directors, 34 limited banking company must put up in each branch a statutory statement of account, 145 railway company — who can sign checks on behalf of, 39 essentials of such a check, 39 joint stock company — essentials of check of, 39 how far banker's duty to satisfy himself as to authority of drawers, 40 when checks can be disputed on ground of invalidity of form, 42 should purport to be made on behalf of company, 42 direction by directors of a company to honor checks drawn in a cei-tain form, 42 banker is not an officer of a company, 43 company are liable for overdrafts applied to purposes of company, 43 a company may open up transactions between its directors and the company's bank, 43 CONTRACT, for sale of shares in a banking comjDany, 26 CORPORATION, established for trading purposes can draw bills, 44 under hand of an authorized agent, 44 CORRESPONDENT, bankers employed to collect or transmit bills in some cases liable for neglect or default of agents, 146 duty of collecting bank as defined in America, 147 duty of the agent fco whom a bill has been transmitted for collection, 147 if the agent (<>v nilhrtion has received proceeds, the bank is liable for the proceeds, 1 17 bankruptcy of bank employed to transmit, 148 bankt t receiving commission for transacting business is a factor, 148 no privity between a banker and the customer of his correspondent, 148 INDEX. 353 CRIMINAL LAW, bankers liable for embezzlement, 160 — 162 forgery of drafts or orders for money, 162 making false entries in a pass-book, 163 letter of credit, forgery of, 1 63 checks, forgery of, 163 obtaining money by forged check, 164 stealing a check, 164 forging bank notes, 164 CROSSED CHECKS, history of passing of " The Crossed Checks Act," 1876, 100 a check generally crossed, 100 a check specially crossed, 101 a check twice specially crossed, 101 a check generally or specially crossed, and with the words " not negotiable," 101 who may cross a check, 102 crossing may not be obliterated, altered, or added to, 102 banker oidy may cross a check a second time, and with agent's name, 103 banker liable to true owner for disobedience to directions of crossing, 103 drawer is protected if check having come to the hands of the payee has been paid by drawee, 1 04 banker who receives payment on a crossed check for a customer is protected, 105 banker who has paid a crossed check is protected, 106 when crossing does not at time of presentment appear, the paying banker is protected, 107 CUSTOMER. See Banker and Customer. Agent, 37 executors and administrators, 37 railway company, 38 joint stock company, 39 corporation, 44 husband and wife, 45 liquidator, 46 partners, 47 trustees, 48 form of accounts between banker and customer, 34 account generally, 28 — 34 banker is bound by accounts communicated to the customer, 123, 128 death of customer terminates agreement to pay compound interest, 35 interest cannot be charged on a balance due at customer's death without special agreement, 35 so when customer becomes bankrupt, 35 documents in custody of banker are in law taken to be in customer's possession, 35 must be produced on notice to produce being given to the customer, 35 when he is liable to the payee on his order to the banker to pay the payee, 52 what gives the payee a right to sue the customer, 53 when as between banker and customer the customer can revoke his order, 54 banker is bound to obey customer's order, 54, 127 cannot set up jus tertii, 54 no privity between customer and the agent of his banker, 148 pass-book, 121 effect of entries in banker's books against the banker, 123 effect against the customer, 123 appropriation of customer's payment, 126 A A 354 INDEX. CUSTOMER— continued, banker holdiug securities for customer, 1 34 banker's lien for customer's balance, 137 banker may stamp customer's check and debit customer with stamp, 59 deposit by customer of securities of third party, 143 D. DEATH, of drawer, revocation of his check, 63, 82 of customer, termination of agreement to pay interest, 35 of banker, 35 payment by banker in ignorance of death of customer, 82 DIRECTIONS TO PAY, liability thereon of customer to payee, 52 liability thereon of banker to customer, 54 liability of banker to payee, 55 DEPOSIT, of bills for special purpose, 140 by customer of securities belonging to third party, 143 by partner of private property, 143 with banker for safe custody, 135 degree of banker's liability, 135, 136 when banker's lien does not attach en deposits, 139 DIRECTORS, banker may assume directors to have been lawfully appointed, 40, 41 directors of a limited company must use company's name, 41 personally liable on bills in which the name is not used, 41 instrument should purport to be made on behalf of company, 42 not personally liable on a direction given to honor checks drawn in a certain fashion, 42 company when liable for overdrafts of directors, 43 when acts of directors do not bind a company, 43 railway directors, checks drawn by, 39 DISCOUNT, of check, 66 of bill by banker, 141 banker does not by discounting a bill warrant signature, 115 DISHONOR, NOTICE OF of a check, who is entitled to, 82 when excused, 82 when the drawee of a check is bound to give notice of dishonor to the drawer, 83 banker collecting a check has a day to give notice of dishonor, 83 in the case of the failure of the maker of a note, 131 banker is not bound to give notice to drawer when he is banker of holder and acceptor, 1 1 6 branch banks, when indorsees of a bill, are each entitled of notice of dishonor, 1 14 E. EM BEZZLEM ENT. See Criminal Law. [NDEX. 355 EVIDENCE, check, evidence of a debt, 94 check, evidence of payment, 95 bankers' books, when evidence, 123 EXECUTION, may be had against a public officer without suing out &fi. fa., 151 against public officer when unsatisfied, 14 EXECUTOR, opening account as "executor" affects the bank with notice of equities attaching to the fund, 29 can pledge a specific asset belonging to testator's personal estate, 37 if authorized by the will a specific part of the real estate, 37 and the pledgee has a charge to the amount of the advance, except he has notice of a breach of trust, 37 cannot otherwise create a debt against his testator's estate by borrowing, 37 one executor can bind all by his receipt, 38 payment of a check signed by one executor is good against his co-executors, 38 how far banker's duty to satisfy himself as to title of, 38 F. FIRM. See Partners— Appropriation of Payments. Change of, 126, 127 FOREIGN CHECKS, how presented, 70, 71 FORGERY. See Criminal Law. Forged signature, 85 forged indorsement, 86 effect on title of holder, 86 forged notes, 133 FRAUD, of manager, principals cannot profit by, 157 principals liable for the fraudulent acts of their manager done within the scope of his business, 154 what acts are within the scope, 155 of directors, 43 H. HALVES OF BANK NOTES, 133. HUSBAND AND WIFE, account in joint names of husband and wife, 45 in whom the balance vests on death of husband, 45 married woman having a separate estate can contract with a banker with reference to her separate estate, 45 married woman can sue her banker for dishonoring her checks, 46 356 INDEX. INDORSEE, banker indorsee of a bill payable by himself, 117 INDORSEMENT, on check drawn to order, 60 per procuration, 61, 158 forged, 86 on bill of exchange, 113 by manager, 158 on letter of credit, 111 INTEREST, agreement to pay simple interest may be inferred from acquiescence in rendered accounts, 35 special agreement must be shown to pay compound interest, 35 death of customer terminates agreement to pay compound interest, 35 interest cannot be charged on balance of account after customer's death with- out agreement, 35 interest on bank notes after failure of maker, 134 IRISH BANKS, Bank of Ireland, 169 copartnerships beyond fifty miles from London might issue notes, 170 could sue by public officer, 170 could pay their notes in Dublin, 170 note issue now regulated by 8 & 9 Vict. c. 37, 171 returns to be made by bankers of names, &c, 171 estates of bankrupt bankers in Ireland, 171 Bank of England notes not a legal tender in Ireland, 171 licences to Irish bankers, 172 may compound for duty on notes, 172 and on bank post bills, 325 J. JOINT STOCK BANK. See Banks of Deposit. JOINT STOCK COMPANIES. See Companies. banker is not an officer of, 39 JUDGMENTS, against public officer, 13, 151 against members, 14 judgment to be entered in name of public officer, 151, 152 LETTERS OF CREDTT, what is a letter of credit, 108 may be general or special, 108 marginal letter of credit, 109 letter of credit may be in the nature of a continuing guarantee, 110 terms of the letter must be followed in making advances, 110 payment must be made to the right person, 111 banker is responsible for genuineness of indorsement, 111 INDEX. 35 7 LETTERS OF CREDIT— continued, suspension of payment by grantors of letter, 111 stamp duty on, 111 form of, when issued by a limited company, 112 LICENCE, to bankers in England, 6, 120 to bankers in Scotland, 167, 203 to bankers in Ireland, 172 LIEN, bankers have a general lien on all securities deposited with them, 137 banker may realize the security, 137 or sue on it, 137 lien arises when customer is in debt to the banker, 138 as on an overdrawn account, 138 or when the banker is under acceptances for the customer which are due, 138 lien is on all securities, 138 general result of decisions, 140 — 142 customer's right to reclaim extends to substitutes for or proceeds of the deposited securities, 143 the lien will attach on the securities of third persons deposited by a customer, 143 no lien on deposit of a partner for balance due from the firm, 143 nor on securities left by mistake with the banker, 143 on what securities it has been held to attach, 138 the securities must have come into banker's possession in the course of his trade, 139 otherwise the lien will not attach, 139 lien does not attach on a bill where banker takes it for value, 139 it does on a bill held by the banker to present for payment or acceptance, 134 it does not on a bill held for safe custody, 140 LIMITATIONS, STATUTE OF, applies to a banking account, 33 to a check, 63, 84 to a check given in part payment, 95 to a loan by check, 96 LIMITED BANKING COMPANIES. See Bank of Deposit, IX. LIQUIDATOR, where several liquidators are appointed checks must be signed by all, 46 LOSS. of checks, 90 of stamped bill of a set, 120 of bank note, 132 finder of lost note, 133 M. MANAGER, banking companies under 7 & 8 Vic. c. 113, are bound to appoint a manager, 152 358 INDEX. MANAGER — continued, penalties to which manager is liable, under 25 & 26 Vic. c. 89, 152, 153 personally liable on bills in which the full title of the company has been omitted, 153 powers of manager, 154 his employers are responsible for all his acts in the course of his employment, 154 also for all wrongs committed by him in the course of his service and for the bank's benefit, 155 action of deceit will lie against a company in respect of the fraud of its agent, 155 provided the act complained of was done either while agent was acting in the scope of the agency, or if not was authorized by the principal, 156 further question whether manager has merely permission to do an act or is bound to do it, 157 principal cannot benefit by the fraud of his agent, 157 where manager accepts bills per proc. notice is given of his limited authority, 158 note given " to the manager " vests in the then manager, who can sue thereon in his own name, 158 right of a manager to grant himself accommodation out of funds of company, 158 manager not liable for advances made in good faith within the scope of his authority, 159 N. NEGLIGENCE, banker who pays a raised check cannot recover if he has been guilty of negli- gence, 89 banker who pays a crossed check without negligence protected, 106 — 107 and the banker who receives payment of a crossed check, 105 banker is liable for negligence of his agents in collecting bills, 32, 146 fraud may be inferred from negligence, 84 negligence of customer in filling up check, 88 negligence of banker in presenting bill, 113 of banker in presenting check, 67 of banker in holding bill, 115 of banker with whom goods are deposited, 135 principal responsible for negligence of manager, 154 O. ORDERS FOR THE PAYMENT OF MONEY, stamp duty on, 50 orders by bankers on bankers exempt from duty, 51 on what orders a customer is liable, 52 what orders are revocable, 53 liability of banker or to customer, 54 to payee, 55 acceptance made payable at a bank is an order to banker to pay, 113 order to dishonor a bill, 116 OVERDRAFT, in not a loan, 34 company liable for overdrafts of the directors, 34 INDEX. 359 PARTNERS, one partner has authority to bind the others in all things necessary for the carrying on of the partnership, 47 but not for balance of account opened in his own name, 47 cannot open partnership account in his own name, 47 can pledge partnership assets to the bank, 47 can stop a check drawn by his firm, 47 or transfer account from one bank to another, 47 can bind his firm by checks, 47 if drawn in partnership name, 47 one partner can bind the others by his receipt, 48 banker's lien does not attach on partner's deposit for a balance due to the firm, 143 appropriation of payments by a new firm to debts of old, 126 effect of change of firm, 127 new firm entitled to continue issue of notes, 5 PASS-BOOK, use of pass-book, 121 entries in pass-book when binding on the customer, 122 when on the banker, 123 the name in which an account stands is not conclusive as to ownership, 32 PAYMENT, in legal tender, 75 in bank notes, 129 in counterfeit coin, 77 in forged notes, 77 in bills of exchange, 77 in notes worthless from the failure of the maker, 79, 131 appropriation of payments, 126 check when a payment, 91 when not, 92 when receipt of check of debtor's agent a payment, 93 when a payment may safely be made to an agent of a creditor by check, 93 when a check is evidence of payment, 95 of check after death of drawer, 82 POST-DATING CHECK, not illegal, 58 one partner cannot bind firm by a post-dated check, 47 PRESENTMENT, of checks, how made, 62 . within what time, 63, 67 what will excuse delay in, 67 where made, 68 when made, 71 what will dispense with, 71 circular notes must be presented or returned, 112 of bills by a banker, 113, 147 duty of banker to whom bill is presented, 114 duty of banker to presenter, 115 lien attaches on bills given banker for presentment, 139 duty of an agent for presentment, 147 of bank notes, 130 duty of holder of, 131 of notes of a company gone into liquidation, 134 :360 INDEX. PUBLIC OFFICER, authorized by 7 Geo. 4, c. 46, 150 and by 3 & 4 Will. 4, c. 98, 150 banks discontinuing their issue of notes preserve the privilege of a public officer, 150 is the person in whose name the banking companies sue and are sued, 150 duty of public officer, 150 appointment, how proved, 151 can alone sue and be sued, 151 necessary averments in suiug public officer, 151 cannot plead his bankruptcy as well as pleas to the merits, 151 is personally liable on a judgment against the company, 151 judgments by the company should be entered up in his name, 152 death, resignation, or removal of a public officer does not abate proceedings, 152 is entitled to indemnity from other members of the company, 152 REGISTER OF MEMBERS, in England, 13, 18 in Scotland, 167 in Ireland, 170 REMITTANCE, where banker is banker of both parties, 53 where banker is liable for remittance to remittee, 55, 56 where banker fails before making a remittance, 148 where banker fails after making a remittance, 148 property in bills remitted for collection, 148 banker not liable to remitter for money once remitted and carried in account, 149 RETURNS, of issue in England, 7 of members under 7 Geo. 4, c. 46, 12 of members under 7 & 8 Vict. c. 32, 15, 19, 22, 24, 25, 26 condition precedent to use of The Bankers' Books Evidence Act, 124 of issue in Scotland, 167 of members under 7 Geo. 4, c. 67, 167 of issue in Ireland, 171 of members under 6 Geo. 4, c. 42, 170 of members under 8 & 9 Vict. c. 37, 171 SALE OF A NOTE, what is, 130 SALE OF SHARES, in a joint stock bank, 26 SCOTCH BANKS, history of note issue, 165 now regulated by 8 & 9 Vict. c. 38, 166 notes to be expressed in pounds sterling, 166 returns of issue to be made, 167 power to compound for duties, 167 Licence to bankers, 167 some copartnerships allowed to sue in name of public officer, 16] INDEX. 361 SECURITIES, deposited for safe custody, 135 when banker has a lien on securities, 138, 139 on what securities a lien will attach, 138 no lien on securities deposited solely for safe custody, 140 SHARES, contract for sale of bank shares must set out the numbers of the shares, 2 b' SHAREHOLDER, joint stock banking companies bound to show list of shareholders to any registered shareholder, 27 STAKEHOLDER, may cash a check representing the stakes, 96 STAMPS, bankers' receipts exempt from, 334 on bank notes in England, 9 may be compounded for, 9 may be compounded for in Scotland, 167 in Ireland regulated by 5 & 6 Vict. c. 82, 172 on checks, 50 may be denoted by an adhesive stamp, 59 affixed by the drawee on presentment, 75 on bills of exchange, 50, 51, 117, 120 bills may be issued unstamped by some bankers in England, 120 stamp duty on bills drawn by Scotch banks may be compounded for, 167 and on bank post bills drawn by Irish banks, 325 bankers' orders drawn on bankers exempt from, 51 letters of credit drawn out of the United Kingdom exempt, 112 duty on bills of exchange drawn out of the United Kingdom, 117 STOPPING PAYMENT, not in itself an act of bankruptcy, 134 T. TENDER, what is legal tender, 75 Bank of England notes not legal tender in Scotland or Ireland, 76 when country notes are a legal tender, 129 TRUST ACCOUNT, banker with notice cannot blend a trust account with a private account, 29 banker with notice cannot set off a trust account against a private account, 29 banker privy to a breach of trust in respect of an account will be made to refund, 30 banker entitled to refuse to honor a check drawn in violation of the trust <>n a trust account, 31 TRUSTEES, one trustee cannot bind his co-trustees by his receipt or check, 48 all the trustees should sign, 48 Court of Chancery will, on application of a majority of trustees, order a banker to pay money belonging to trustees to the Accountant General, £9 checks drawn by a trustee on an account composed of his own and of trust rnont ■;. , how paid by bank, 127 B B 362 INDEX. w. 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The present edition brings down the law to Hay, 1876, and the profession has uow not only the most recent, but certainly one of the best, if not the best, treatise on the Law of Bankruptcy."— Public Ojnnion, July 1, 1876. BILLS OF EXCHANGE.— Chitty on Bills of Exchange and. Promissory Notes. — Eleventh Edition. By JOHN A. RUSSELL, one of Her Majesty's Counsel, and Judge of County Courts. (In 'preparation.) Ecldis' Rule of Ex parte Waring. By A. C. EDDIS, B.A. , of Lincoln's Inn, Barrister-at-Law. Post Svo. 1876. Net, 2s.6d. BILLS OF SALE — Millar and Collier's Bills of Sale.— A Treatise on Bills of Sale, with an Appendix containing the Acts for the Registration of Bills of Sale, Precedents, etc. Third Edition. By F. C. J. MILLAR Barrister-at-Law. 12mo. 1871. 10s. 6cZ. BOOK-KEEPING.— Bedford s Intermediate Examina- tion Guide to Book-keeping. — Second Edition. 12mo. 1875. Net, 2s. 6d. BUILDING ACTS. -Woolrych.— Vide "Metropolis Building Acts." CANAL TRAFFIC ACT.— Lely's Railway and Canal Traf- fic Act, 1873. — And other Railway and Canal Statutes ; with the General Orders, Forms, and Table of Fees. Post Svo. 1873. 8.s. CARRIERS. — Browne on Carriers. — A Treatise on the Law of Carriers of Goods and Passengers by Land and Water. With References to the most recent American Decisions. By J. H. BALFOUR BROWNE, of the Middle Temple, Esq., Barrister-at- Law, Registrar to the Railway Commission. 8vo. 1873. 18s. CHANCERY and Vide " EQUITY." Daniell's Chancery Practice.— The Practice of the High ( /Ourt of Chancery, with some observations on the Pleadings in that ( Jcurt. By the late EDMUND ROBERT DANIELL, Barrister-at- Law. Fifth Edition, by LEONARD FIELD and EDWARD CLENNELL DC. XX, Barristers-at-Law ; with the assistance of JOHN BIDDLE, of the Master of the Rolls' Chambers. 2 vols. 8vo. 1871. 41. -Is. * # * AH standard Law Works wrcTcept in Stock, in law calf and other bindings. 119, CHANCETIY LANE, LONDON, W.C. CHANCERY- CmAmued. The Practice of the High Court of Chancery and the Court of ( eery (Funds) Act, 1872, together with Appendices containing the Act, and the ltules and Orders thereunder, and a Collection of Forms. By LEONARD FIELD and EDWARD CLENNELL DUN N, Barristers-at-Law. 8vo. 1873. 8s. 6d. "It is the merit of Mr. Daniell'a 'Practice' that it takes nothing as known. The reader is minutely instructed what he is to do and how he is to do it, and if he closely follows his guide he cannot go wrong.'' — Law Times. Darnell's Chancery Forms. — Forms and Precedents of Pleadings and Proceedings in the High Court of Chancery, with Practical Notes and Observations, and References to the Fourth Edition of Daniell's Chancery Practice ; and incorporating the Forms in Braithwaite's Record and Writ Practice. By LEONARD FIELD and EDWARD CLENNELL DUNN, Barristers-at-Law, and JOHN BIDDLE, of the Master of the Rolls' Chambers. Second Edition. By JOHN BIDDLE. 8vo. 1871. II. 12s. Morgan's Acts and Orders, Fifth Edition. 1876. — The Statutes, General Orders, and Rules of Court relating to the Practice, Pleading, and Jurisdiction of the Supreme Court of Judi- cature, particularly with reference to the Chancery Division, and the Actions assigned thereto. With copious Notes. Fifth Edition. Carefully revised and adapted to the new Practice by GEORGE OSBORNE MORGAN, M.P., one of Her Majesty's Counsel, and CHALONER W. CHUTE, of Lincoln's Inn, Barrister- at-Law, and late Fellow of Magdalen College, Oxford. In 1 vol. Demy 8vo. 1876. 1?. 105. "A most valuable feature is the annotation of the Rules of Court, which give all the recent cases, and is as useful as a new edition of any of the works on Judicature Acts only. This edition of Mr. Morgan's treatise must, we beli«ve, be the most popular with the profession."— Lav: Times, December 9, 1876. " In the shape in which it now appears we have no doubt this edition will meet with a very favourable reception by the professions, and will exceed in demand any of its pre- decessors."— Law Journal, Dec. 30, 1876. "The practitioner will find in the present edition, a lucid and compendious 3tatement of the substance of the Consolidated and other Orders of the Court of Chancery, which, though not expressly incorporated in the new enactments, are, by implication, left un- touched by them, placed side by side with the Judicature Acts and Rules of Court. . . . . This new edition will maintain and enhance the high reputation deservedly gained by the original work." — Law Maijazine and Review, February, 1877. Morgan and Davey's Chancery Costs. — Vide " Costs." Orders and Rules of the High Court of Justice, Chancery Division. — Published by authority, as issued. CHURCH AND CLERGY.— Phillimore.— FtV7e"EcclesiasticalLaw. ' Stephen's Laws relating to the Clergy.— 2 vols. Royal 8vo. 1848. 21. ISs. CIVIL LAW. — Bowyer's Commentaries on the Modern Civil Law.— By Sir GEORGE BOWYER. D.C.L., Royal 8vo. 1848. 18s. Bowyer's Introduction to the Study and Use of the Civil Law.— By Sir GEOEGE BOWYER, D.C.L. Royal 8vo. 1874. 5s. Cumin's Manual of Civil Law.— A Manual of Civil Law, containing a Translation of, and Commentary on, the Fragments of the XII. Tables, and the Institutes of Justinian ; the Text of the Institutes of Gaius and Justinian arranged in parallel columns ; and the Text of the Fragments of Ulpian, and of Selec- tions from Paul's Receptee Sententhe. By P. CUMIN, M.A., Barrister-atJjaw. Second Edition. Medium Svo. 1865. IS.s-. *„* All standard Lav: Worksare kept in Stool; in lav c df < ndwgs. STEVENS AND SONS' LAW PUBLICATIONS. CIVIL LAW— Continued. Greene. — Vide "Roman Law." Mears. — Vide "Roman Law." Voet Commentarius ad Pandectas, Translated into English.— Part I. The Contract of Sale. (Book xviii.) By SIR ROLAND KNYVET WILSON, Bart., of Lincoln's Inn, Barrister-at-Law. Royal Svo. 187(3. Net \l. Is. COLLISIONS.— Lowndes' Admiralty Law of Collisions at Sea.— 8vo. 1867. 7s. 6d. COLONIAL LAW.— Clark's Colonial Law.— A Summary of Colonial Law and Practice of Appeals from the Plantations. 8vo. 1834. 1/. 4s. Vanderlinden. — Vide "Dutch Law." COMMENTARIES ON THE LAWS OF ENGLAND.— Bowyer- Vide "Constitutional Law." Broom and Hadley's Commentaries on the Laws of England.— By HERBERT BROOM, LL.D., of the Inner Temple, Barrister-at-Law; Reader in Common Law to the Inns of Court : Author of "A Selection of Legal Maxims," &c. ; and EDWARD A. HADLEY, M.A., of Lincoln's Inn, Barrister-at-Law ; late Fellow of Trinity Coll., Cambridge. 4 vols. 8vo. 1869. %l. 3s. "Messrs. Broom and Hadley have been unsparing in their editorial labours. There are abundant reference notes, so that the diligent student can consult the authorities if he is so disposed. Besides the table of contents, there are an appendix and a copious index tc each volume. Nothing that could be done to make the work useful and handy has been leftundoue." — Law Journal, Nov. 19, 1869. COMMERCIAL LAW.— Levi's International Commercial Law.— Being the Principles of Mercantile Law of the following and other Countries — viz. : England, Scotland, Ireland, British India, British Colonies, Austria, Belgium, Brazil, Buenos Ayres, Den- mark, France, Germany, Greece, Hans Towns, Italy, Netherlands, Norway, Portugal, Prussia, Russia, Spain, Sweden, Switzerland, United States, and Wiirtemburg. By LEONE LEVI, Esq., F.S.A., E.S.S., of Lincoln's Inn, Barrister-at-Law, Professor of the Principles and Practice of Commerce at King's College, London, &c. Second Edition. 2 vols. Royal 8vo. 1863. 11. 15s. Smith. — Vide "Mercantile Law." COMMON LAW.— Braithwaite.— Fide "Oaths." Fisher. — Vide " Digests." Orders and Rules of the High Court of Justice, Common Law Divisions. — Published by Authority, as issued. Smith's Manual of Common Law. — A Manual of Common Law, comprising the fundamental principles and the points most usually occurring in daily life and practice ; for the Prac- titioner, Student, and General Reader. By JOSIAH W. SMITH, B.C.L., Q.C., Judge of County Courts. Seventh Edition, with Notices of the Judicature Acts. 12mo. 1876. 14s. " Admirably conceived and executed Eminently lucid and concise . . . . A pocket-book of pith and essence of common law." — Leguleian. " Mr. Jonah Smith possesses, in an eminent degree, that kind of logical skill which exhibits Itself in ihe simple arrangement, but exhaustive division, of wide and complicated subjects, and is, moreover, gifted with the rare power of accurate condensation." — Solicitors' Journal " To more advanced students, and to tbe practitioner, whether barrister or attorney, we think the ' Manual of Common Law ' a most useful and convenient companion It is compiled with the scrupulous care and the ability which distinguish Mr. Smith's previous works." — Jurist. •' Smith's Manuals of Common Law and Equity must be resorted to as the open sesames to the learning requisite in the Final Examination of the Incorporated Law Society." — From Dr. Holm r*i Lecture, p. II. %* All standard Law }]'orls arc Icept in Stoch, in law calf and other "bindings, 119, CHANCERY LANE, LONDON, W.C. COMMONS AND INCLOSURES. -Chambers' Digest of the Law relating to Commons and Open Spaces. ■ — Including Public Parks and Recreation Grounds; with Official Documents, Bye-Laws, Statutes and Cases. By GEORGE F. CHAMBERS, of the inner Temple, Esq., B.arrister-at-Law. Im- perial 8vo. 1877. (Nearly ready.) Os. Gd. Cooke on Inclosures. — The Acts for facilitating the In- closure of Commons in England and Wales ; with a Treatise on the Law of Rights of Commons, in reference to these Acts, &c, fee. With Forms as settled by the Inclosure Commissioners. By G. WINGROVE COOKE, Esq., Barrister-at-Law. Fourth Edition. 12mo. 1864. 16s. COMPANY LAW.— Vide "Joint Stocks." COMPANY PRECEDENTS.— Palmer. — Vide "Conveyancing." CONSTITUTIONAL LAW.— Bowyer's Commentaries on the Constitutional Law of England. — By Sir GEORGE BOWYER, D.C.L. Second Edition. Royal 8vo. 1846. 11. 2s. CONTRACTS. — Addison on Contracts. — Being a Treatise on the Law of Contracts. By C. G. ADDISON, Esq., Author of the " Law of Torts." Seventh Edition. By L. W. CAVE, Esq., one of Her Majesty's Counsel, Recorder of Lincoln. Royal 8vo, 1875. 1/. 18s. "At present this is by far the best book upon the Law of Contract possessed by tho Profession, and it is a thoroughly practical book." — Law Times. " We cannot speak too highly of the great amouut of well-arranged information which is to be found in this second book. It is a magazine of learnins which the legal i>! peti- tioner will And of very great value." — Solicitors' Journal, March 20, 1875. "Mr. Cave's edition of Addison must prove a great acquisition to every lawyer's library." —Law Times, April 3, 187-5. Leake on Contracts. — The Elements of the Law of Con- tracts. Second Edition. By STEPHEN MARTIN LEAKE, of the Middle Temple, Barrister-at-Law. (Preparing for publication ). Pollock's Principles of Contract at Law and in Equity ; being a Treatise on the General Principles relating to the Validity of Agreements, with a special view to the comparison of Law and Equity, and with references to the Indian Contract Act, and occasionally to American and Foreign Law. By FREDERICK POLLOCK,of Lincoln's Inn, Esq., Barrister-at-Law. 8vo. 1876. 1/. 4s. The Lord Chief Justice in his judgment in Metropolitan Railway Company v. Broaden and others, said, "The Law is well put by Mr. Frederick .Pollock in. his very able and learned work on Contracts.''— The Times, February 19, 1877. "He has succeeded in writing a book on Contracts which the workmg lawyer will find as useful for reference as any of its predecessors, and which at the same time will givo the student what he will seek for in vain elsewhere, a complete rationale of the law/'— Law Magazine and Review, August, 1H76. "Mr. Pollock's work ought, in our opinion, to take a high place among treatises of its class. The ' fusion of law and equity ' so far as that fusion is possible, is in his pages an accomplished fact. "—Pall Mall Gazette, March 3, 1876. " This is a work of undoubted merit. . .. We can only regret that there is not more of such teaching about, bearing fruit similar to the book now before as. A prominent characteristic especially valuable at the present time is that the principles of equity are read in with what used to be common law principles, and we have, therefore, in this one volume, the law relating to Contracts as administered by the Supreme Court oi Judicature under the Judicature Acts." — Law Times, Feb. 12, 1S7G. " A work which, in our opinion, shows great ability, a discerning intellect, a compre- hensive mind, aud painstaking industry. The book ought to bs a success. '' — Law Journal, March 18, 1876. " There is no part of the work that does not please us by tli? freshness of tho stj le and the ingenuity of the treatment. The author may bj congratulates on having achieved a marked success in a field where others before him have written well."— Solicitors? Journal, April 8, 1870. %* All standard Law Works are kept in Stocl; in law calf and other bindings. STEVENS AND SONS' LAW PUBLICATIONS. CONTRACTS.— Continued. Smith's Law of Contracts.— By the hit.; J. W. SMITH, Esq., Author of " Leading Cases," &e. Sixth Edition. By VINCENT T. THOMPSON, Esq., Barrister-at-Law. 8vo. 1874. 16*. CONVEYANCING.-Greenwood's Manual of Convey- ancing. — A Manual of the Practice of Conveyancing, showing the present Practice relating to the daily routine of Conveyancing in Solicitors' Offices. To which are added Concise Common Forms and Precedents in Conveyancing ; Conditions of Sale, Conveyances, and all other Assurances in constant use. Fourth Edition. "By H. N. CAPEL, B.A., LL.B., Solicitor. 8vo. 1S7G. 15s, "We believe that the present edition will be found by articled clerks and young solicitors a trustworthy guide to the present practice relating to the daily routine of conveyancing in solicitors' offices." — Law Magazine and Review, August, 1870, "The work is well done, and will bo very useful to the class for whom it is intended. It is an educational as well as a practical compendium, and it conveys that special kind of information which the student has geuerally the greatest difficulty in discovering from books." — Solicitors' Journal. "The young solicitor will find this work almost invaluable, while the members of the higher branch of the profession may refer to it with advantage. We have not met with any book that furnishes so simple a guide to the management of business entrusted to articled clerks." — Sheffield Post. Housman's Precedents in Conveyancing. — Designed as a Hand-book of Forms in frequent use, with Practical Notes. By F. HOUSMAN, Esq., Barrister-at-Law. 8vo. 1861. 15s. Palmer's Company Precedents. — Conveyancing and other Forms and Precedents relating to Companies' incorporated under the Companies' Acts, 1862 and 1867. By FRANCIS BEAU- FORT PALMER, of the Inner Temple, Esq., Barrister-at-Law. (In the Press.) Prideaux's Precedents in Conveyancing. — With Dissertations on its Law and Practice. Eighth Edition. By FREDERICK PRIDEAUX, late Professor of Real and Personal Property to the Inns of Court, and JOHN WHITCOMBE, Esqrs., Barristers-at-Law. 2 vols. Royal 8vo. 1876. 2.1. 10s. "Pridcanx has become an indispensable part of the Conveyancer's library The new edition has been edited with a care and accuracy of which we can hatdly speak too highly The care and completeness with which the dissertation has been revised leaves us hardly any room for criticisms." — Solicitors' Journal, Oct 14, 1876. " We really cm hardly imagine, a conveyancer being required to prepare any instru- ment which he will not find sketched out in the work under notice We may also be allowed to add our tribute of praise to these Precedents for their conciseness, perspicuity, precision, and perfection of drafting." — Law Journal. Sept 23, 1876. " This is a revised edition of a work to which the most favourable criticism cannot add reputation." "The effect of the recent eases is in every instance that we have examined them remarkably well stated, and Trideaux's Precedents retains its reputation as a valuable repertory of law on the subject of conveyancing." — Law Times, October 28, 1876. CONVICTIONS.— Paley on Summary Convictions. — Fifth Edition. By H. T. J. MACNAMAKA, Esq., Barrister-at- Law. 8vo. 1866. 11. Is. " A good, practical, and valuable treatise, which wo can safely recommend to the profession." — The law Journal. " 'Paley on Convictions ' has enjoyed a high reputation and extensive popularity. No better man could have been found for such a work than Mr. Macnamara." — Law Times. Stone. — Vide " Petty Sessions." COPYHOLDS.— Cuddon's Copyhold Acts. — A succinct Trea- tise on the Copyhold Acts, the practical Working and Effect thereof, and the mode of Procedure under the same for effecting Enfranchise- ment. By JAMES CUDDON, Esq., Barrister-at-Law. Royal 8vo. 1865. 10s. 6d. *„* All standard L'.uo Works arc kept in Stock, in laic calf and viher bindings. 110, CHANCERY LANE, LONDON, W.C. COPYRIGHT. -Phillips' Law of Copyright.— The Law of Copyright in Works of Literature and Art, and in the Appli- cation of Designs. With the Statutes relating thereto. By CHARLES PALMER PHILLIPS, of Lincoln's Inn, Esq., Barrister at-Law. 8vo. 1863. 12.w " Mr. Phillips' work is at once an able law-book and a lucid treatise, in a popular form, on the rights of authors and artists." — Jurist. CORONERS.— J ervis on the Office and Duties of Coroners. — With Forms anil Precedents. Third Edition. By C. W. LOVESY, of the Middle Temple, Esq., Barrister-at-Law. 12mo. 1866. 12*. COSTS Carew's Precedents of Bills of Costs, for obtaining Grants of Piobate and Letters of Administration in the Principal Registry of the Court of Probate. 1869. 5s. Morgan and Davey's Treatise on Costs in Chancery.— By GEORGE OSBORNE MORGAN, M.A., Barrister-at-Law, late Stowell Fellow of University College, Oxford, and Eldon Scholar ; and HORACE DAVEY, M.A., Barrister-at- Law, late Fellow of University College, Oxford, and Eldon Scholar. With an Appendix, containing Forms and Precedents of Bills of Costs. 8vo. 1865. 11. Is. Morris' Solicitors' Fees and Court Fees, under the Judicature Acts.— With Copious Index. By WILLIAM MORRIS, Solicitor. 12mo. 1876. 4s. Scott's Costs in the Superior Courts of Com- mon Law, and Probate and Divorce, and in Conveyancing; also in Bankruptcy (Act of 1869). Proceedings in the Crown Office, on Circuit and at Sessions, and in the County Court, &c. With an Appendix, containing Costs under Parliamentary Elections Act, 1863. By JOHN SCOTT, of the Inner Temple, Esq., Barrister-at- Law. Third Edition. Royal 12mo. 1868-73. 11. 4s. *** The Supplement, containing " Bankruptcy Costs (Act of 1869)," may be had separately. Net, 2s. " Hf r Scott's work is well known to the profession. It is an extensive collection of taxed bills of costs in all branches of practice, supplied to him probably by the taxing masters. Such a work speaks for itself. Its obvious utility is its best recommenda- tion." — Law Times. Scott's Costs under the Judicature Acts, 1873 and 1875; containing the " Additional Rules " and Scale of Costs ; together with Precedknts of Taxed Bills. By JOHN SCOTT, Esq., Barrister-at-Law. Royal 12mo. 1876. 5s. 6d. Summerhays and Toogood's Precedents of Bills of Costs in the Chancery, Queen's Bench, Common Pleas, Exchequer, Probate and Divorce Divisions of the High Court of Justice, in Conveyancing, Bankruptcy, &c, with Scales of Allowances and Court Fees, &c, &c. Royal Svo. 1877. 8s. 6d. Webster's Parliamentary Costs. — Private Bills, Election Petitions, Appeals, House of Lords. By EDWARD WEBSTER, Esq., of the Taxing Office, House of Commons, and of the Examiners' Office, House of Lords and House of Commons. Third Edition. Post 8yo. 1867. 20s. "The object of tin* work is to give the scale of co-its allowed to Solicitors in relation to private bills before Parliament, the conduct of Election I'etitions and Appeal Causes, and the allowance to Witnesses. The connection of the author with the Taxing OlSce cf the House of Commons Efives authority to the work." — Solicitors' Journal. * # * All standard Law Works are kept in Slock, in lam calf and other bindings. B ]() STEVENS AND SONS' LAW PUBLICATIONS. COUNTY COURTS.— The Consolidated County Court Orders and Rules, 187S, with Forms and Scales of Costs and Fees, as issued by the Lord Chancellor and Committee of County Court Judges. Authorized Edition. Super-royal 8vo. 1875. Net, 3*. County Court Rules, 1876. Authorised Edition. Net, M. Pitt-Lewis' County Court Practice. — A Complete Manual of the Practice of the County Courts, including Admiralty and Bankruptcy, embodying the Act, Rules, Forms and Costs, with Table of Cases and Full Index. By G. PITT-LEWIS, of the Middle Temple and Western Circuit, Esq., Barrister- at-Law, sometime Holder of the Studentships of the Four Inns of Court. (In •preparation.) CRIMINAL LAW,— Archbold's Pleading and Evidence in Criminal Cases. — With the Statutes, Precedents of Indictments, &c, and the Evidence necessary to support them. By JOHN JERVIS, Esq. (late Lord Chief Justice of Her Majesty's Court of Common Pleas). Eighteenth Edition, including the Practice in Criminal Proceedings by Indictment. By WILLIAM BRUCE, of the Middle Temple, Esq., Barrister-at-Law, and Stipendiary Magistrate for the Borough of Leeds. Royal 12mo. 1875. 1/. Us. Qd. Cole on Criminal Informations and Quo War- ranto.— By W. R. COLE, Esq., Barrister-at-Law. 12mo. 1843. 12s. Greaves' Criminal Law Consolidation and Amendment Acts of the 24 & 2S Vict. — With Notes, Observations, and Forms for Summary Proceedings. By CHARLES SPRENGEL GREAVES, Esq., one of Her Majesty's Counsel, who prepared the Bills and attended the Select Committees of both Houses of Parliament to which the Bills were referred. Second Edition. Post Svo. 1862. 16s. Roscoe's Digest of the Law of Evidence in Criminal Cases.— Eighth Edition. By HORACE SMITH, Esq., Barrister-at-Law. Royal 12mo. 1874. 11. lis. 6d. Russell's Treatise on Crimes and Misdemea- nors.— Fifth Edition. By SAMUEL PRENTICE, Esq., one of Her Majesty's Counsel. 3 vols. Royal 8vo. 1877. 51. 15s. 6d. "We may safely assert that the fifth edition of ' Russell on Crimes' has, under the direful hand of Mr. Prentice, fully reached the standard attained to by the preceding ecliiious." — Law Journal, January 27, 1877. " No more trustwojthy authority, or more exhaustive expositor than 'Russell' can be consul' ed." — Laiv Magazine and Review February, 1877. " Alterations hare been made in the arrangement of the work which without interfering with the gene~3,l plan are sufficient to show thai great care and thought have been bestowed We are amazed at the patience, industry and skill which are exhibited M Ihe Collection and arrangement of all this mass of learning." — T/ie Times , Dec. 26, 187(1. This treatise is so much more copious than any other upon all the subjects contained in it, that it affords by far the best means of acquiring a knowledge of the Criminal Law in general, or of any offense in particular ; so that it. will be found peculiarly useful as well to those who wish to obtain a complete knowledge of that law, as to those who desire to !><• informed on any portion of it as occasion may require. This work also contains a very complete treatise on the Law of Evidence in Criminal Cases, indinit the manner of taking the depositions of witnesses, and the examinations ol prisoners before magistrates, is fully explained. " What better Digest of Criminal Law could we possibly hope for than 'Kussollon t 'i i mes V "—Kir Jamet I'ilzjiime.f Stephen's Speech on Codification. \* A/1 ttandard Law Works are kept in Stock, in law calf and piker binding*. 119, CHAXCKUY LANE, LONDON, W.U. 11 s. d. 5 7 5 6 8 7 6 9 6 8 6 10 6 DECREES.— Seton.— Vldc " Equity." DIARY Lawyer's Companion (The), Diary, and Lav/ Directory. — For the use of the Legal Profession, Public Com- panies, Justices, Merchants, Estate Agents, Auctioneers, &c, &c. Published Annually. Thirty-first Issue for 1877. The Work is 8vo. size, strongly bound in cloth, and 'published at the following Prices : — 1. Two days on a page, plain ....... 2. The above, interleaved for Attendances 3. Two days on a page, ruled, with or without money columns 4. The above, interleaved for Attendances .... 5. Whole page for each day, plain ...... 6. The above, interleaved for Attendances 7. Whole page for each day, ruled, with or without money columns .... ...... 8. The above, interleaved for Attendances 9. Three days on a page, ruled blue lines, without money columns . . ....... 5 The Diary is printed on JO YNSOJYS paper of superior quality, and contains memoranda of Legal Business throughout the Year. The Lawyer's Companion for 1877. — Is edited by JOHN THOMPSON, of the Inner Temple, Esq., Barrister-at-Law; and contains a Digest of Kecent Cases on Costs ; Monthly Diary of County, Local Government, and Parish Business ; Forms of Jurat ; Summary of Legislation of 1876 ; Alphabetical Index to the Practical Statutes ; a Copious Table of Stamp Duties ; Legal Time, Interest, Discount, Income, Wages and other Tables ; Probate, Legacy and Succession Duties ; a London and Provincial Law Directory, and a variety of matters of practical utility. " A publication which has long ago secured to itself the favour of the piofession, and which, as heretofore, justifies by its contents the litle assumed by it. The new volume presents all the attractive features of its predecessors, combined with much matter compiled specially for the coming year." — Law Journal, Nov. 4, 1876. " The present issue contains all the information which could be looked for in such a work, and gives it in a most convenient form and very completely. We may unhesitatingly recommend the work to our readers." — Solicitors' Journal, Nov. '21, ls76. "The ' Lawyer's Companion and Diary' is a book that ought to be in the possession of every lawyer, and of every man of business." "The ' Lawyer's Companion' is, indeed, what it is called, for it combines everythij g required for reference in the lawyer's office." — Law Times. DICTIONARY — Wharton's Law Lexicon.— A Dictionary of Jurisprudence, explaining the Technical Words and Phrases employed in the several Departments of English Law ; including the various Legal Terms used in Commercial Transactions. Together with an Explanatory as well as Literal Translation of the Latin Maxims contained in the Writings of the Ancient and Modern Commentators. Sixth Edition. Enlarged and revised in accordance with the Judicature Acts, by J. SHIRESS WILL, of the Middle Temple, Esq., Barrister-at-Law. Super royal 8 vo. 1876. 21. 2s. " As a work of reference for the library, the handsome and elaborate edition of ' Wharton's Law Lexicon' which Mr. Shiress Will has produced, must supersede all former issues of that well-known work."— Law Magazine and Review, August, 1876. " No law library is complete without a law dictionary or law lexicon. To the practi- tioner it is always useful to have at hand a book where, in a small compass, he can find an explanation of terms of inlrequent occurrence, or obtain a reference to tatutes on most subjects, or to books wherein particular subjects are treated of at full length. To the student it is almost indispensable." [Continued. %* All standard Lav: Works are kept in Stock, in laic calf and other bindings. B 2 12 STEVENS AND SO^S' LAW PUBLIC ATlUNS. DICTIONARY. — Wharton's Law Lexicon.- continued. "We have simply to notice that the sr.me ability and accuracy mark the present edition which were conspicuous in its predecessor. Mr. Will has done all that was ren- dered necessary by the Judicature Acts, in the shape of incorporation and elimination, pud has brought the Statute Law down to the date of publication." — Law Times, March 4, 1876. " We have been at the pains of perusing many words or titles in the Lexicon which seemed likely to contain the results of recent legislation, and we have been led by that perusal to the conclusion that Mr. Will has performed this part of his task with skill and care." — Law Journal, March 18, 1870. " Wharton's perennial Law Lexicon has just been adapted to the new condition of the Law, brought about by the Judicature Act. The task of revision has been ably per- formed by Mr. Sbiress Will." — Saturday Review, Apiil 1ft, 1876. DIGESTS Bedford.— Fide " Examination Guides." Chamber's — Vide "Public Health." Chitty's EqLiity Index. — Chitty's Index to all the Reported Cases, and Statutes, in or relating to the Principles, Pleading, and Practice of Equity and Bankruptcy, in the several Courts of Equity in England and Ireland, the Privy Council, and the House of Lords, from the earliest period. Third Edition. By J. MACAULAY, Esq., Barrister-at-Law. 4 vols. Royal Svo. 1853. 11. Is. Fisher's Digest of the Reported Cases deter- mined in the House of Lords and Privy Council, and in the Courts of Common Law, Divorce, Probate, Admiralty and Bank- ruptcy, from Michaelmas Term, 1756, to Hilary Term, 1870 ; with References to the Statutes and Rules of Court. Founded on the Analytical Digest by Harrison, and adapted to the present practice of the Law. By R. A. FISHER, of the Middle Temple, Esq., Barrister-at-Law Five large volumes, royal Svo. 1870. 121. 12s. (Continued Annually.) "Mr. Fisher's Digest is a wonderful work. It is a miracle of human industry." — Mr. Justice Willes. " The fact is, that we have already the best of all possible digests. I do not refer merely to the works which pass under that title — though, I confess, I think it would be very difficult to improve upon Air. Fisher's 'Common Law Digest' — I refer to the innumerable text books of every branch of the law. What better digest of criminal law could we possibly hope for than 'Kussellon Crimes,' and the current Roscoe and Archbold, to say nothing of the title, ' Criminal Law,' in 'Fisher's Digeiit.'" — Sir James Fitzjames Stephen, . MORTGAGE.— Coote's Treatise on the Law of Mort- gage.— Third Edition. Royal*8vo. 185Q. Net, V. MUNICIPAL ELECTIONS.-H./c "Ballot." *,* A II standard Law Works arc kept in Stork, in law calf andoth r bindings. 22 STEVENS AND SONS' LAW PUBLICATIONS. NISI PRIUS.— Roscoe's Digest of the Law of Evidence on the Trial of Actions at Nisi Prius.— Thirteenth Edition. By JOHN DAY, one of Her Majesty's Counsel, and MAURICE POWELL, Barrister-at-Law. Royal 12mo. 1875. 21. 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