Section VII. And it is hereby enacted, that immediately on the opening of the said Bank of Madras the business of

VII. And it is hereby enacted, that immediately on the opening of the said Bank of Madras the business of the present Government Bank of Madras shall cease, and it shall proceed to wind up its affairs as soon as possible, and all Cash Notes of the Government Bank of Madras which shall be then outstanding shall be payable thenceforth, at the Bank of Madras which shall pay then on being verified by such Officers as the Governor in Council of Fort St. George may appoint for the purpose, on presentment, as if they had been issued by the Bank of Madras.