Section XV. And it is hereby enacted, that no person shall be capable of serving as a Director by election of th

XV. And it is hereby enacted, that no person shall be capable of serving as a Director by election of the Proprietors who shall not be Proprietor in his own right and unencumbered of twelve shares of 12, 000 Rupees of the Capital Stock of the Bank of Bombay; or who shall be a Director of any other Bank issuing notes payable on demand within the Town or Island of Bombay.