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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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430 HISTORY OF THE BANKnote circulation of the bank and its debts other than deposits,as also the amount due to the bank, to three times its paid-upcapital. The statements to be laid before the shareholdersand transmitted to the Governor were the same as thoserequired from the Bank of New Brunswick, but a newclause provided that if a government examination or theannual statement disclosed that the capital stock had beenimpaired to the extent of one-half, the bank should bedissolved by the legislature or by proclamation of theLieutenant-Governor. In all other respects the Act wasalmost identical with the charter of the Bank of NewBrunswick.was passed imposing further limitationsIn 1833 an Act 1on the issue of bank-notes in Nova Scotia by changing theminimum denomination from twenty-six shillings to fivepounds, or twenty dollars, and this remained the minimum forbank-notes in Nova Scotia until 1870. 2Between 1835 and Confederation a number of new bankswere established in New Brunswick and Nova Scotia, but forthe most part they were modelled somewhat closely along thelines of those already existing in these provinces. A few of themore important variations may be noted. In 1834, in thecharter of the Central Bank of New Brunswick, 3 there appearedfor the first time in the Maritime Provinces the full doubleliability of the shareholders. This was evidently in responseto pressure from the Colonial Office. A new and more detailedform for the presentation of the liabilities and resources of thebank was prescribed. These features were incorporated intosubsequent bank charters. In 1838 the Bank of BritishNorth America 4 obtained from the Maritime Provinces byspecial enactments 5 the legal right to sue and be sued in the19 Wm. IV. N.S.. 1833, c. Ixii; see also Vol. I, pp. 81 and 82.See 83 Viet., 1870, c. xii.4 Wm. IV, N.B.. 1834, c. xliv.See Vol. I. p. 22.The New Brunswick Act is 8 Wm. IV, 1837, c. xvi: the Nova Scotia Act is1 Viet., 1838. c. xxiv., and the Prince Edward Island Act, 7 Wm. IV, 1837, c. xxvii.

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