The Sun.
London, England, 1836-10-21 00:00:00

. PLAN FOR THE BANK OF INDIA.

" 1. A Joint Stock Company to be formed in Great
Britain, to be entitled the Bank of India,' and to be in-
corporated by charter from the Crown and the East India
Company.
" 2. The capital to be 5,000,0001., divided into 50,000
shares of 1001. each ; 101. per share to be paid on the al-
lotment, and 151. per share more on obtaining the charter
from the Crown ; the remainder as soon as the money can
be beneficially employed, but not in greater instalments
than 101. per share, nor at less intervals than three months
between each instalment ; 15,000 of the shares to be re-
served for distribution in India.

_
" 3. The Bank of India shall have its chief office in
London, and the management to be vested in a Board of
twenty-four Directors, each Director to hold not less than
forty shares. The Directors first appointed to remain in
office five years from the Ist of January following the date
of the charter from the Crown, with power to complete
their number in case of vacancy during that period.
" 4. The management in India to be confided to a Board
of Nine Directors at Calcutta, with subordinate Boards at
Bombay and Madras, and at other places where Branch
Banks may be established ; the first Directors in India
being appointed by the Directors in London, and subject
to their controul.

" 5. After the lapse of the time appointed, the Direc-
tors in London to go out of office in rotation, one-third*
each succeeding year, but to be eligible for re-election by
a majority of the Proprietors. The holders of
5 Shares and less than 15 to have 1 vote
15 ......
40

80 and upwards ......
"6. After the lapse of three years from their appoint-
ment, the Directors in India to go out of office in rotation,
one-third each succeeding year; and to be eligible for re-
election by the proprietary in India, voting in the same
manner as in London ; but the elections in India to be
subject to the approval and confirmation of the majority of
the London Directors.

" 7. Natives to be eligible to be Directors in India.
" 8. The Bank of India to confine its business to banking
exclusively ; that is, to receiving deposits and keeping cash
accounts ; granting cash credits for a limited time, and with
approved security ; discounting bills ; the issue of notes
payable on demand, and in gold or silver, as may be here-
after determined ; the purchase and sale of bills of ex-
change ; and the granting of drafts and credits by the es-
tablishment in London on the several establishments in
India, and vice versa. The Bank is not allowed to make
advances on landed or other immoveable securities, nor
upon growing crops, nor to act in a mercantile capacity by
undertaking the shipment or sale of goods.
" 9. Quarterly accounts to be transmitted by the Boards
in India to the Directors in London ; and accounts and
reports of the finances of the Bank to be annually made by
the London Board to all the Proprietors.
" 10. The following Gentlemen to act as a Provisional
Board of Directors until the charter from the Crown be
obtained, without which the Bank of India will not be con-
stituted. The Provisional Directors, after the charter is
completed, to be permanent, according to Article 3.:
" Alexander James, Esq., London.
Baring, Thomas, Esq., M. P., ditto.
Birley, H. H., Esq. Manchester.
Boyd, W. S., Esq., London.
Brownrigg, J. S., Esq., M.P., ditto.
Campbell, John Deans, Esq., London.
Feilden, William, Esq., M.P., Blackburn.
Finlay, K., Esq., Glasgow.
Garnet, Robert, Esq., Manchester.
Grant, George, Esq., Liverpool.
Gregson, Samuel, Esq., London.
Hegan, Joseph, Esq., Liverpool.
Hornby, Joseph, Esq., ditto.
Jackson, John, Esq., Lancaster.
Irving, John, Esq., London.
Kennard, John, Esq.., ditto.
Larpent, G. G. De H., Esq., ditto.
Little, William, Esq., ditto.
Mackintosh, Eneas, sq., ditto.
Melville, John, Esq., ditto.
Oswald James, Esq., M. P., Glasgow.
Philips, Mark, Esq., M.P., Manchester.
Pickersgill, John, Esq., London.
Smith, John Abel, Esq., M. P., ditto."

Such is the plan proposed for the Bank of India,
and, unless it can be shown that our Eastern Empire
is already adequately provided with Banking Establish-
ments, it may be taken for granted that both the Go-
vernment and the East India Company will further,
by every means in their power, an undertaking which
promises so many advantages to the people of India.
That, in fact, such an institution is greatly wanted,
is well known to every one who is acquainted with that

* The proportion has since been altered to a fourth; and
the qualification for Directors in India has been fixed at twenty
shares.