BANK ACTS.—RESOLUTION. (Hansard, 23 May 1864)

§ THE CHANCELLOR OF THE EXCHEQUER

, in moving that the House resolve itself into Committee for the purpose of agreeing to the following Resolution:— That it is expedient to enable certain Banking Co-partnerships which shall discontinue the issue of their own Bank Notes to sue and be sued by their Public Officer, said, the intention was to remedy a technical defect in the law, which had arisen out of the language of the Act of 1844. The intention of that Act was to confirm to certain banking Co-partnerships the privilege of issuing bank notes, subject to certain restraints and limitations; and it was also intended by that Act that, in case any bank should desire to surrender the power of issue, it should escape from the limitations and restraints attaching to that power of issue, without incurring any new disability, A case had lately arisen in which the National and Provincial Bank, wishing to surrender its power of issue for the purpose of commencing banking business in London, had been advised that one effect of that surrender, under the present law, would be; that it would lose the privilege of suing and being sued by its public officer. That clearly was not the intention of the Act of 1844, and it was to remedy this defect that he proposed to introduce a declaratory Bill.