Section 68. And whereas the Government of India has agreed to sell, and the directors of the present Bank of Ben

Chapter XIV: . MISCELLANEOUS. | Section 68: Sale to Banks of Bengal and Madras of Government shares therein 68. Sale to Banks of Bengal and Madras of Government shares therein. Purchase and cancellation by directors of 62½ shares in present Bank of Madras. Confirmation of agreements with Government. Confirmation of purchase of the 62½ shares. Sale by directors of 400 shares in Bank of Bengal. Cancellation of certain shares. SCHEDULE. 68. And whereas the Government of India has agreed to sell, and the directors of the present Bank of Bengal have agreed to purchase, at a premium of twenty-two and a half per centum, the said two thousand two hundred shares of one thousand rupees each held by the Government of India in the same Bank; and it is intended that the directors of the Bank of Bengal as constituted by this Act shall cancel two thousand of such shares, and sell for the benefit of the Bank four hundred shares in the same Bank corresponding with the remaining two hundred shares so agreed to be sold and purchased; And whereas the Government of India has agreed to sell, and the directors of the present Bank of Madras have agreed to purchase, at a premium of ten per centum, the said five hundred and sixty-two and a half shares held by the Government of India 1876.] Presidency Banks. in the same Bank: and it is intended that the directors of the Bank of Madras as constituted by this Act shall cancel the same shares; And whereas the directors of the present Bank of Madras have purchased and cancelled other sixty-two and a half shares in such Bank; And whereas the said respective directors of the present Bank of Bengal and Bank of Madras had no power to enter into the said agreements with the Government of India, and the directors of the Bank of Bengal as constituted by this Act have no power to sell the four hundred shares referred to in this section, and the said directors of the present Bank of Madras had no power to purchase and cancel the said other sixty-two and a half shares; And whereas the directors of the Bank of Bengal as constituted by this Act have no power to cancel the said two thousand shares and the said directors of the Bank of Madras as constituted by this Act have no power to cancel the said five hundred and sixty-two and a half shares; And whereas it is expedient to confirm the said agreements with the Government of India, and to indemnify the said respective directors of the present Bank of Bengal and Bank of Madras for entering into the same, and to confirm the said purchase of the said other sixty-two and a half shares by the directors of the present Bank of Madras, and to indemnify the same directors for making the same, and for cancelling the same shares, and to empower the directors of the Bank of Bengal as constituted by this Act to sell the said four hundred shares, and to empower the respective directors of the Bank of Bengal and Bank of Madras as constituted by this Act to cancel the said shares so intended to be cancelled; It is hereby further enacted as follows:— (a).—The said agreements with the Government of India are hereby confirmed, and the said respective directors of the present Bank of Bengal and Bank of Madras are hereby indemnified for entering into Purchase and cancellation by directors of 62½ shares in present Bank of Madras. Confirmation of agreements with Government. Presidency Banks. [ACT XI] A.2 into the same; and no suit or other proceeding shall be maintained against any such director in respect of anything *bond fide* done in pursuance of either of such agreements. Confirmation of purchase of the 62½ shares. (a).—The said purchase of the said other sixty-two and a half shares is hereby confirmed, and the said directors of the present Bank of Madras are hereby indemnified for making the same and for cancelling the same shares; and no suit or other proceeding shall be maintained against any such director in respect of anything *bond fide* done in effecting such purchase and cancellation. Sale by directors of 400 shares in Bank of Bengal. (c).—The directors of the Bank of Bengal as constituted by this Act shall have power to sell, and shall, as soon as conveniently may be, sell, the said four hundred shares, either together or in parcels, and either by public auction or private contract, and shall apply the proceeds in or towards paying the price of the shares of the Government of India so agreed to be purchased by the directors of the present Bank as aforesaid, or otherwise for the benefit of the Bank of Bengal as constituted by this Act. Cancellation of certain shares. (d).—The directors of the Bank of Bengal as constituted by this Act shall have power to cancel, and shall, as soon as conveniently may be, cancel, the said two thousand shares, and the directors of the Bank of Madras as constituted by this Act shall have power to cancel, and shall, as soon as conveniently may be, cancel, the said five hundred and sixty-two and a half shares. SCHEDULE. (SEE SECTION 2.) Part I.—Statute. | Number and year. | Abbreviated title. | Extent of repeal. | | --- | --- | --- | | 47 George III, sess. 2, cap. 68. | An Act for the better government of the Settlements of Fort St. George and Bombay, &c. | Sections eight, nine and ten. | 1876.] Presidency Banks. Part II.—Acts of the Governor General in Council. | Number and year. | Title. | | --- | --- | | IV of 1862 | An Act for regulating the Bank of Bengal. | | V of 1862 | An Act to provide for the payment at the Banks of Bengal, Madras and Bombay, of monies payable at the General Treasuries of Calcutta, Madras and Bombay. | | VI of 1862 | An Act to annex a schedule to Act IV of 1862. | | XXIX of 1863 | An Act to declare the receipts of the Banks of Bengal, Madras and Bombay to be sufficient in lieu of the receipts of the Sub-Treasurers of Fort William, Fort St. George and Bombay, respectively. | | XIX of 1870 | An Act to enable the Directors of the Bank of Bengal to act by a quorum. | Part III.—Acts of the Governor of Fort St. George in Council. | Number and year. | Title. | | --- | --- | | VI of 1866 | An Act for repealing Madras Act V of 1862, and for regulating the Bank of Madras. | | I of 1871 | An Act to amend Madras Act VI of 1866, to give validity to certain acts done by the Directors of the Bank of Madras, and to enable outgoing Directors to be re-elected. | Presidency Banks. [ACT XI, 1876.] Part IV.—Acts of the Governor of Bombay in Council. | Number and year. | Title. | | --- | --- | | X of 1863 | An Act for the Re-incorporation and Re-constitution of the Bank of Bombay. | | XV of 1866 | An Act to amend Act No. X of 1863 (Bombay). | | I of 1867 | An Act to reduce the amount of the capital of the Bank of Bombay and of the shares thereon, and to amend Act X of 1863 and Act XV of 1863 (Bombay). | Government Central Press.—No. 27 L. D.—22.4.76.—3,400.