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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 1 September 1971 - onwards
  Version 3 of 3    

51. Powers in respect of licensed bankers' clearances.

Repealed from 1 September 1971

(1) If at any time it should appear to the Board, with the concurrence of the Minister, that it is expedient so to do, it shall be lawful for the Board to make, with the consent of the Minister, regulations requiring every licensed banker to settle all or a particular class or particular classes (defined in the regulations) of his clearances by cheques drawn either (as shall be specified in the regulations) on the Bank or on an agent appointed for the purpose by the Bank and requiring every licensed banker, for the purposes of so settling such clearances, to make and maintain with the Bank such balances as may be necessary for the purpose.

(2) If at any time it should appear to the Board, with the concurrence of the Minister, that it is expedient so to do, it shall be lawful for the Board to make, with the consent of the Minister, regulations requiring every licensed banker to lodge with the Bank for clearance all such cheques, bills, notes, or other negotiable instruments (payabl

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