Section 42

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 42: It shall be lawful for the directors to maintain as branches or agencies of the Bank, any branches or agencies of the present Banks, which may be in existence on the first day of May 1876, 42. It shall be lawful for the directors to maintain as branches or agencies of the Bank, any branches or agencies of the present Banks, which may be in existence on the first day of May 1876, and, from time to time, to establish branches or agencies at such places within the Presidency in which the Bank is situate as they deem advantageous to the interest of the Bank, and, with the previous consent of the Governor General in Council, and subject to such restrictions as to the business to be transacted as he thinks fit in each case to impose (such consent and restrictions being notified in the Gazette of India), to establish branches or agencies at such places outside the Presidency in which the Bank is situate, as the directors Place of business. Acquisition of business-premises. Establishment of branches and agencies. tors Presidency Banks. | ACT XI tors deem advantageous for the interests of the Bank: Proviso. Provided that no agency of the Bank now or hereafter established in Bombay, Calcutta or Madras shall advance, or lend money, or open cash-credits on securities, or receive deposits and keep cash-accounts, or discount bills of exchange drawn and payable in the Presidency in which it is so established, or shall act as agent on commission, or transact any business except as agent of its principal Bank, or any of its branches or other agencies. The directors may discontinue any branch or agency maintained or established under this section. ---