Section 2

Chapter VIII: . BUSINESS. 36. The Bank is authorized to carry on and transact the several kinds of business hereinafter specified (that is to say): | Section 2: the receiving of the proceeds, whether principal, interest or dividends, of any securities or shares; 2. the receiving of the proceeds, whether principal, interest or dividends, of any securities or shares; Chapter VIII: . BUSINESS. 36. The Bank is authorized to carry on and transact the several kinds of business hereinafter specified (that is to say): | Section 2: to undertake and transact any other business which the Government may from time to time entrust to the Bank 2. to undertake and transact any other business which the Government may from time to time entrust to the Bank. And the directors shall have power from time to time to arrange and settle with the Governor General in Council the terms of remuneration on which such business shall be undertaken by the Bank, and also as to the 1876.] Presidency Banks. The examination and audit from time to time of the accounts and affairs of the Bank by or on behalf of the Governor General in Council. 37. The directors shall not transact any kind of banking business other than those above specified, and in particular they shall not make any loan or advance— Chapter VIII: . BUSINESS. 36. The Bank is authorized to carry on and transact the several kinds of business hereinafter specified (that is to say): | Section 2: to undertake and transact any other business which the Government may from time to time entrust to the Bank (a) for a longer period than three months; or (b) upon the security of stock or shares of the Bank of which they are directors; or (c) upon mortgage, or in any other manner upon the security, of any immovable property, or the documents of title relating thereto. (d) Nor shall they lend or advance, by discount of bills or otherwise, to any individual or partnership firm (except upon the security mentioned in section thirty-six, paragraph (a), numbers (1) to (5) inclusive), any sums of money exceeding in the whole at any one time such sum as may be prescribed by the bye-laws for the time being in force. (e) Nor shall they discount or buy, or advance and lend, or open cash-credits on the security of any negotiable instrument of any individual or partnership firm, payable in the town or at the place where it is presented for discount, which does not carry on it the several responsibilities of at least two persons or firms unconnected with each other in general partnership. (f) Nor shall they discount or buy, or advance and lend, or open cash-credits on the security of any negotiable security having at the date of the proposed transaction a longer period to run than three months, or if drawn after sight, drawn for a longer period than three months: Provided that, in the case of the Bank of Madras, the directors may discount negotiable securities payable in Ceylon having at the date of the transaction a period to run not exceeding four months. Chapter VIII: . BUSINESS. 36. The Bank is authorized to carry on and transact the several kinds of business hereinafter specified (that is to say): | Section 2: to undertake and transact any other business which the Government may from time to time entrust to the Bank Nothing contained in this Act shall be deemed to prevent the directors from allowing any person who keeps an account with the Bank from overdrawing. Business which Banks may not transact. Overdrawing. Presidency Banks. [ACT XI] ing such account, without security, to the extent of sums not exceeding at any one time two thousand rupees in the whole. 38. Until the expiration of at least fourteen days after notice has been given by notification of the Governor General in Council published, in the case of the Bank of Bengal, in the Gazette of India and the Calcutta Gazette, and in the cases of the Bank of Madras and the Bank of Bombay, in the local official Gazette, that the Bank will no longer act as banker for, or pay, receive, collect or remit money, bullion and securities on behalf of the Government, all sums payable by or to the Secretary of State for India in Council, or by or to the Governor General in Council, or the Government of Bengal or the Governor of Fort St. George in Council or the Governor of Bombay in Council, on behalf of the Secretary of State for India in Council, at the General Treasury of Fort William in Bengal, or at the General Treasury at Madras, or at the General Treasury at Bombay, shall be payable— in the case of the Secretary of State for India in Council, or the Governor General in Council—at the office of the Bank of Bengal, the Bank of Madras, or the Bank of Bombay, as the case may be, Chapter VIII: . BUSINESS. 36. The Bank is authorized to carry on and transact the several kinds of business hereinafter specified (that is to say): | Section 2: to undertake and transact any other business which the Government may from time to time entrust to the Bank in the case of the Government of Bengal—at the office of the Bank of Bengal; in the case of the Governor of Fort St. George in Council—at the office of the Bank of Madras; and in the case of the Governor of Bombay in Council—at the office of the Bank of Bombay. 39. Whenever presentment of any promissory note, bond or other security for payment or any other purpose at any of the said General Treasuries would heretofore have been necessary or sufficient, presentment for such purpose shall be necessary or sufficient (as the case may be) until the expiration of fourteen days after the giving of the notice mentioned in section thirty-eight— 1876.] Presidency Banks. in the case of the General Treasury of Fort William—at the office of the Bank of Bengal; in the case of the General Treasury at Madras—at the office of the Bank of Madras; and in the case of the General Treasury at Bombay—at the office of the Bank of Bombay.