Page images
PDF
EPUB

shall be of any force or effect until approved in writing by the curator. 63-64 V., c. 26, s. 27.

make returns as

122. The curator shall make all returns and reports, and Curator to shall give all information to the Minister, touching the affairs of the bank, that the Minister requires of him. 63-64 V., c. 26, required by s. 28.

Minister.

tion of

123. The remuneration of the curator for his services, and Remunerahis expenses and disbursements in connection with the discharge curator. of his duties, shall be fixed and determined by the Association, and shall be paid out of the assets of the bank, and, in case of the winding-up of the bank, shall rank on the estate equally with the remuneration of the liquidator. 63-64 V., c. 26, s. 29.

By sec. 92 of the Winding-up Act all costs, charges and expenses properly incurred in the winding-up of a company, including the remuneration of the liquidator, shall be payable out of the assets of the company, in priority to all other claims.

BY-LAWS RESPECTING CURATOR.

In pursuance of the powers conferred by sec. 124 the following by-laws were passed at a general meeting of the Association held in Toronto on the 15th of November, 1900, and approved by the Treasury Board on the 10th of May, 1901.

By-law No. 14.

CURATOR.

Whenever any bank suspends payment, a curator, as men- By-laws restioned in sec. 24 of the Bank Act Amendment Act, 1900, [sec. pecting 117 of the present Act], shall be appointed to supervise the curator. affairs of such bank. Such appointment shall be made in writing by the president of the association or by the person who, during a vacancy in the office of, or in the absence of, the president, may be acting as president of the association.

If a curator so appointed dies, or resigns, another curator may be appointed in his stead in the manner aforesaid.

By-laws respecting curator.

The executive council may by resolution at any time remove a curator from office and appoint another person curator in his stead.

A curator so appointed shall have all the powers and subject to the provisions of By-law No. 15, shall perform all the duties imposed upon the curator by the said Bank Act Amendment Act; he shall also furnish all such returns and reports, and give all such information touching the affairs of the sus pended bank as the president of the association or the executive council may require of him from time to time.

The remuneration of the curator for his service and his expenses and disbursements in connection with the discharge of his duties shall be fixed and determined from time to time by the executive council.

By-law No. 15.

Whenever a bank suspends payment and a curator is accordingly appointed, the president shall also appoint a local advisory board consisting of three members, selected generally as far as possible from among the general managers, assistant general managers, cashiers, inspectors or chief accountants, or branch managers of any bank at the place where the head office of such suspended bank is situated, and the curator shall advise from time to time with such advisory board, and it shall be his duty, before taking any important step in connection with his duties as curator, to obtain the approval of such advisory board thereto. With the sanction of such advisory board, he may employ such assistants as he may require for the full performance of his duties as curator.

CHAPTER XXIII.

BY-LAWS OF THE CANADIAN BANKERS' ASSOCIATION.

124. The Association may, at any meeting thereof, with the How made. approval of two-thirds in number of the banks represented at such meeting, if the banks so approving have at least two-thirds in par value of the paid-up capital of the banks so represented, make by-laws, rules and regulations respecting,

(a) all matters relating to the appointment or removal of As to what subjects. the curator, and his powers and duties;

(b) the supervision of the making of the notes of the banks which are intended for circulation, and the delivery thereof to the banks;

(c) the inspection of the disposition made by the banks of such notes;

(d) the destruction of notes of the banks; and,

(e) the imposition of penalties for the breach or non-observance of any by-law, rule or regulation made by virtue of this section.

2. No such by-law, rule or regulation, and no amendment or Approval of Treasury repeal thereof, shall be of any force or effect until approved by Board. the Treasury Board.

3. Before any such by-law, rule or regulation, or any amend- Notice to ment or repeal thereof is so approved, the Treasury Board shall other banks. submit it to every bank which is not a member of the Association, and give to each such bank an opportunity of being heard before the Treasury Board with respect thereto.

of by-laws.

4. The Association shall have all powers necessary to carry Enforcement out, or to enforce the carrying out, of any by-law, rule or regulation, or any amendment thereof, so approved by the Treasury Board. 63-64 V., c. 26, ss. 30 and 31.

This section, like secs. 117 to 123, dates from 1900: See notes at the beginning of Chapter XXII., supra.

16-BANK ACT.

Sec. 124.

By-law of Association respecting bank notes.

The Association is defined by sec. 2 to mean the Canadian Bankers' Association, and its Act of incorporation is set out in Chapter XXVII., infra.

The authority to appoint and remove a curator is conferred on the Association by sec. 117 of the Bank Act. Further provisions as to his appointment, removal, powers and duties are contained in secs. 118 to 123, and in by-laws 14 and 15 passed in pursuance of the power conferred by sec. 124, and printed in Chapter XXII.

Under sec. 119, in the case of a bank which has suspended payment, the Association may, through a curator appointed by it, exercise supervision of all necessary arrangements for the payment of the notes of the bank issued for circulation and, at the time of the appointment of the curator, outstanding and in circulation. The Association may also exercise supervision over the notes of all banks doing business under the Act in respect of the matters mentioned in sec. 124. In pursuance of the power conferred by this section, the following by-law (No. 13) was passed at a general meeting of the Association held in Toronto on the 15th of November, 1900, and amended at a general meeting held in Montreal on the 15th of April, 1901, and approved by the Treasury Board on the 10th of May, 1901.

By-law No. 13.

CIRCULATION.

(a) A monthly return shall be made to the President of the Canadian Bankers' Association by all banks doing business in Canada, whether members of the Canadian Bankers' Association or not, in the form hereinafter set forth; said return shall be made up and sent in within the first fifteen days of each month, and shall exhibit the condition of the bank's note circulation on the last juridical day of the month next preceding; and every such monthly return shall be signed by the chief accountant or acting chief accountant and by the president or vicepresident, or by any director of the bank, and by the general manager, cashier, or other chief executive officer of the bank at its chief place of business. Every such monthly return which shews therein notes destroyed during such month shall be accompanied by a certificate or certificates in the form hereinafter set forth, covering all the notes mentioned as destroyed in such

return, signed by at least three of the directors of the bank, and Sec. 124. by the chief executive officer or some officer of the bank acting By-law of for him, stating that the notes mentioned in such certificate or Association respecting certificates have been destroyed in the presence of and under bank notes. the supervision of the persons respectively signing such certificate or certificates respectively.

FORM OF MONTHLY RETURN OF CIRCULATION ABOVE MENTIONED.

CIRCULATION STATEMENT OF THE

for the month of

(Here state name of bank)

....190.

Credit Balance of Bank Note Accounts on last day..

of preceding month (inclusive of unsigned
notes). . . .

Add notes received from printers during month, viz:
From...

66

$

$

Less notes destroyed during month (as per certificate herewith)..

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small]

We declare that the foregoing return, to the best of our knowledge and belief, is correct, and shews truly and clearly the state and position of the Note Circulation of said Bank durand on the last day of the period covered by such returns ......19...

this

day of

President.

General Manager,

« PreviousContinue »