bank's Incorporating Act.

The bank's management seeks to do away with a "double indemnity'' clause in the current Act, which has become out-dated in modern banking practices.

The clause related to bank shares and "in broad terms provided that in the event of the Bank being wound up, shareholders were liable to contribute up to the aggregate par value of their shares''.

Chairman of the Bank's Board, Dr. James King, said: "This type of provision was common in the early part of the 20th century but has long been considered an anachronism.'' The amendment will also bring the Act up-to-date by substituting the reference to the repealed Banks Act 1969 with Banks and Deposit Companies Act 1999.