39. Admission of first Shareholding Banks.

As soon as may be after the passing of this Act the Minister shall send to every of the Banks mentioned in the Third Schedule to this Act a form of application for admission to be one of the first Shareholding Banks, and any such Bank may within one month after such form is so sent send to the Minister an application on such form for admission to be one of the first Shareholding Banks and every such Bank which so sends such application and at the same time pays to the Minister in trust for the Commission the sum of one thousand pounds on account of its capital liability shall forthwith be deemed to have been admitted to be and shall be one of the first Shareholding Banks and shall also be a Shareholding Bank for the purposes of this Act.