Volume 2 - ElectricCanadian.com

432 HISTORY OF THE BANKIsland, which were at that time separate colonies. By asupplementary charter, granted in 1864, the bank obtained theright to establish branches in North America to the west of the95th meridian, which meant to the west of the old province ofCanada. Such branches might be either within or withoutBritish territory; but outside British territory they might belocated only where there was a British consular establishment.By the same supplementary charter the bank was relieved fromthe necessity of keeping specie reserves for the redemption of itsnotes at both the head office and the place of issue, redemptionat the latter being alone required.1The Royal charter, while prescribing certain fundamentalrules for the banking operations of the company, provided thatthese and other details should be covered by a Deed of Settlementto be executed by the shareholders, approved by theCommissioners of the British Treasury, and registered in theHigh Court of Chancery. The Deed of Settlement madeelaborate provision for all manner of details, and especially forthe legal rights and obligations of the shareholders. Theissue of certificates that certain conditions of the charter hadbeen complied with, the prescribing and inspection of thereturns to be made, the sanction of the by-laws to be adopted,indeed, the general supervision of all the operations of the bank,was vested in the Commissioners of the British Treasury.The bank, however, was required to conform to the laws of anycolony in which it might operate.Before beginning business the whole of the original capitalof250,000 had to be subscribed and at least one-half of itpaid in, the remainder to be paid within two years of the dateof the certificate authorizing the bank to commence business,but so that the payment in full should take place within threeyears of the date of the charter. The collapse of the miningboom, however, prevented the capitalfrom being increasedbeyond the original amount within the time limit fixed by thecharter, while the requirementSee Vol. I, p. 274.that the second half should