English, Scottish and Australian Bank Limited Act 1894
| Jurisdiction | UK Non-devolved |
| Citation | 1894 c. viii |
| Year | 1894 |
[57 VICF.]
English,
Scottish,
mid AmiraUan Bmk, [0k, yJii]
Limited, Act, 1894,
CHAPTER viii.
An Act to authorise the English Scottish and Australian
A.D.
1394.
Bank Limited to pay interest to the Creditors of the
English Scottish and Australian Chartered Bank upon
their respective Debts for which Securities of the first-
mentioned Bank are substituted in respect of the period
between the suspension of the said Bank and the
confirmation of the Plan of Arrangement of its affairs
and for other purposes. [1st June 1894,]
W
HEREAS the English Scottish and Australian Chartered Bank
(in this Act referred to as " the Old Bank") being a bank
incorporated under Royal Charter suspended payment
on
the twelfth
day of April one thousand eight hundred and ninety-three :
And whereas the bulk of the shareholders in the Old Bank were
resident in England and the great majority of the customers and
creditors of the Old Bank were resident in Australia :
And whereas the nominal capital of the Old Bank was one million
five hundred thousand pounds of which nine hundred thousand pounds
had been issued divided into forty-five thousand shares of twenty
pounds each the whole of which had been paid up and under the
terms of the charter every shareholder in the Old Bank was in the
event of its going into liquidation liable for a further sum of twenty
pounds:
And whereas at the date of the suspension of payments by the
Old Bank the Old Bank owed about five and
a
half millions of money
of which about eight hundred and thirty-eight thousand pounds was
in respect of preferential and other claims herein-after specified and
the balance was due upon terminable deposits and open accounts
and of the said five and a half millions about one million was due to
British and four and a half millions to colonial creditors :
[Price
6] A 1
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