The History of Banking in Ireland

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That the capital of the London company shall be £1, 000, 000, in shares of £50 each, to be called the original capital, which may be increased as the business of the company extends ; but the pre- mium, on any addition, to go to the first subscribers. " That the bank shall be formed as soon as half the capital is subscribed. " 7. That the bank shall be managed by a board in London, con- sisting of twenty-four directors, in whom will be vested the supreme control. "8. That each local bank shall ...be managed by a board of local directors, elected by the shareholders, subject to the approbation of the directors in London. " 9. That the directors in London shall be empowered to appoint presidents and honorary directors. " 10. That a full and authentic report shall be made each year to the subscribers of the affairs of the company, and the proceedings at all meetings of proprietors printed for their use. BANKING IN [RELAND. 115 "11. That the proposed establishment shall be called "The National Bank of Ireland.

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