The District Savings Bank Ltd; and The Joint Stock Companies Acts, 1856 and 1857; and The Joint Stock Companies Amendment Act, 1858; and The Act, 21 & 22 Vict c 91 (an Act to enable Joint Stock Banking Companies to be formed on the principle of Ltd Liability) ex parte Coe

JurisdictionEngland & Wales
Judgment Date09 December 1861
Date09 December 1861
CourtHigh Court of Chancery

English Reports Citation: 45 E.R. 907

BEFORE THE LORDS JUSTICES.

In the Matter of The District Savings Bank (Limited)
and In the Matter of The Joint Stock Companies Acts, 1856 and 1857
and In the Matter of The Joint Stock Companies Amendment Act
1858
and In the Matter of The Act, 21 & 22 Vict. c. 91 (an Act to enable Joint Stock Banking Companies to be formed on the principle of Limited Liability). Ex parte Coe

S. C. 31 L. J. Bk. 8; 5 L. T. 566; 10 W. R. 138.

335] In the Matter of the district savings bank (limited) ; and In the Matter of the joint stock companies acts, 1856 and 1857; and In the Matter of the joint stock companies amendment act, 1858; and In the Matter of the act, 21 & 22 vict. c. 91 (an Act to enable Joint Stock Banking Companies to be formed on the principle of Limited Liability). Ex parte coe. Before the Lords Justices. Dec. 7, 9, 1861. [S. C. 31 L. J. Bk. 8; 5 L. T. 566 10 W. R. 138.] A company, called " The District Savings Bank," was registered in 1858 under the Joint Stock Companies Act, 1856, with limited liability, but was never registered under the Acts of 1857 and 1858 relating to banking companies, and its shares were of 1 each. Its objects were to receive deposits, to grant loans on security, and to conduct the business of emigration agents. Money could not lie drawn out by cheques payable on demand, but could only be withdrawn after notice, and the company kept banking accounts with two banks in London. Held, that it was not a banking company within the meaning of the Acts relating to such companies, and that the Court of Chancery had no jurisdiction to make an order for winding it up. The association called The District Savings Bank (Limited) was formed in August 1848. The memorandum of association filed on the 31st of that month stated the objects of the association to be these :- "First. Savings bank department.-To receive deposits from one penny to ten pounds. 908 EX PARTE COE 3 DE G. F. & J. 336. "Second. Investment department.-To receive deposits from ten pounds and upwards. " Third. Loan department.-To grant loans on real and other securities. "Fourth. Emigration department.-To conduct the duties of general emigration agents." The capital was divided into shares of 1 each. [336] On the 8th of September 1858 the company obtained a certificate of registration under the Joint Stock Companies Act, 1856. The evidence shewed that the course of business in the savings bank department was to receive deposits and allow...

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4 cases
  • Re Shields' Estate
    • Ireland
    • Land Commission (Ireland)
    • 28 November 1900
    ...or current accounts — No issue of notes — Registration of deeds — 33 Geo. 2, c. 14 (Ir.). Coe and The District Savings BankENR 3 De G.F. & J. 335. Copland v. Davies I. R. 3 Eq. 31; sub-nomine Davies v. Kennedy. Copland v. DaviesELR L. R. 5 H. L. 358. Davies v. Kennedy I. R. 2 Eq. 668. Davie......
  • United Dominions Trust Ltd v Kirkwood
    • United Kingdom
    • Court of Appeal
    • 24 February 1966
    ... ... It has a high standing and includes the Bank of England amongst its shareholders. I will call ... I will call it "Commercial". These two companies have branches in several towns in this country ere a single branch manager acts on behalf of both companies from one single ... except that he has raised the Moneylenders Act. He says that U.D.T.are unregistered money ... bona fide carrying on the business of banking". The structure of the section clearly suggests ... are given special protection from liability when paying a crossed cheque to a banker; or ... to a farmer and take a charge on all his stock and assets. No definition is given of a bank save ... 21 (11)When a banker issues cheque ... 22 (12) A banking company has a special ... 172 ... Commissioner of savings Bank of Victoria v. Permewan (1914) 19 ... gradually gained acceptance, see The District Savings Bank (1861) 4 De Gex, Fisher & Jones, p ... It lends money to a dealer so as to enable the dealer to buy new cars to put in his ... 54 This reputation has, moreover, formed the basis of practice which we should not ... Doeg (1857) 2 Hurlestone & Norman, p. 616, p. 623 ... This ... 91 No doubt one can achieve by bona fide ... ...
  • Canadian Pioneer Management Ltd. et al. v. Labour Relations Board (Sask.), Saskatchewan Joint Board, Retail, Wholesale and Department Store Union and Canada (Attorney General) et al., (1979) 2 Sask.R. 217 (SCC)
    • Canada
    • Canada (Federal) Supreme Court (Canada)
    • 21 December 1979
    ...[para. 36]. United Dominions Trust v. Kirkwood, [1966] 1 All E.R. 968, refd to. [para. 39]. In re the District Savings Bank Limited (1861), 45 E.R. 907, refd to. [para. In re the Bottomgate Industrial Cooperative Society, [1891-2] L.T. Reports 712, refd to. [para. 41]. Bank of Chettinad Lim......
  • Canadian Pioneer Management Ltd. et al. v. Labour Relations Board of Saskatchewan and Saskatchewan Joint Board, Retail, Wholesale and Department Store, (1979) 31 N.R. 361 (SCC)
    • Canada
    • Canada (Federal) Supreme Court (Canada)
    • 21 December 1979
    ...[para. 36]. United Dominions Trust v. Kirkwood, [1966] 1 All E.R. 968, refd to. [para. 39]. In re the District Savings Bank Limited (1861), 45 E.R. 907, refd to. [para. In re the Bottomage Industrial Cooperative Society, [1891-2] L.T. Reports 712, refd to. [para. 41]. Bank of Chettinad Limi......

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