It shall be lawful for the Governor or other Officer Administering the Government for the time being of New Zealand, with the advice of his Executive Council, by Proclamation in the New Zealand Government Gazette, from time to time to proclaim and declare that any Banking Company or Copartnership incorporated by Her Majesty’s Letters Patent, which by virtue of such Letters Patent is or shall be empowered to carry on the business of a banker in New Zealand, and to issue and circulate within the said Colony the promissory notes of the Company payable to bearer on demand, may lawfully issue and circulate such notes within the said Colony, any Law or Ordinance to the contrary thereof notwithstanding, but subject to the provisions and restrictions in such Letters Patent contained.

It shall further be lawful for the Governor or other Officer Administering the Government for the time being of New Zealand, with the advice of his Executive Council, in like manner to proclaim and declare that the Joint Stock Company or Copartnership now carrying on the business of a banker in New Zealand under the style of “The Union Bank of Australia,” may lawfully issue and circulate within the Colony the promissory notes of the Company payable to bearer on demand, any Law or Ordinance to the contrary thereof notwithstanding: Provided that all such notes bear date at the place of issue and be there payable in coin of the realm or other coin lawfully current in the said Colony.

All Letters Patent and Charters of Incorporation granted or to be granted by Her Majesty to Companies or Copartnerships for banking purposes, shall to all intents and purposes be as effectual within the said Colony as Acts of the General Assembly of New Zealand.

This Act shall be intituled and may be cited as “The Bank Paper Currency Act, 1856.”