previous
next

§ 197. “Financial Corporations.”

Sub-section 13 enables the Parliament to make laws with respect to “Banking and the incorporation of Banks.” This sub-section is intended to give the Parliament power to legislate concerning all “financial institutions” formed within the limits of the Commonwealth. There are financial institutions which are not banks. Among these may be mentioned companies which receive deposits of money for investment and make advances on the security of land, such as land-mortgage companies and building societies. (Con. Deb., Adel., 1897, p. 793.)

previous
next