§ Mr. NIELDasked the President of the Board of Trade if he will state under what Act the Birkbeck Bank was registered or incorporated a company and by what authority it carried on its business of banking; and, in the event of there being no such authority, what steps, if any, the Government propose to take to enforce liability for the debts of the bank against those who are personally responsible for the conduct of its business?
Mr. BUXTONThe Birkbeck Bank was carried on by the Birkbeck Permanent Benefit Building Society, which was formed in the year 1851 under the Building Societies Act of 1836. Under the Society's rules the directors have power to borrow money. Whether this power constitutes sufficient authority to carry on a banking business or not is a matter which the liquidator, when appointed, will have to carefully consider.