BANK OF MONTREAL INCORPORATION ACT (1822). An Act for Incorporating certain persons therein-named, under the name of President, Directors and Company of the Bank of Montreal.

BANKING & COMMERCE. Lower Canada. Legislature.

Published by Quebec: P.E. Desbarats, 1822

About this Item

Quarto (10 inches). 1 George IV, Chapter 25 (Lower Canada). Caption title, 35 pages. English and French on facing pages, including separate title pages. Neatly extracted from a bound volume and expertly mended. Recent blue paper wrappers with paper spine title. The Montreal Bank was established on June 23, 1817 by a group of nine Montreal merchants, namely: John Richardson, George Garden, George Moffatt, Thomas A. Turner, Robert Armour, James Leslie, Horatio Gates, John C. Bush, and Austin Cuvillier. The banks capital stock was set at £250,000 and was divided into 5000 shares of £50 each. On November 3, 1817 the Montreal Bank officially opened for business at 32 Saint Paul Street in the Montreal commercial district, and ushered in a new chapter in Canadian banking. As early as October 1817, the Montreal Bank applied to the legislature of Lower Canada for incorporation. The application was finally approved on July 22, 1822 and the bank was awarded a ten-year charter under the name of the Bank of Montreal. The resultant Act outlined the terms under which the corporation was to operate. Shareholders of the new bank were listed by name and included many well-known fur traders and investors in the North West Company (including David David, F.A. Larocque, Simon MacGillivray, Alexander Mackenzie, David Thompson, and Edward Ellice, to name a few). The bank was allowed to deal in bills of exchange, promissory notes, and bullion, but could not charge more than six percent on loans or discounts. It was also permitted to issue bank notes payable in gold or silver coin. However, the bank was prohibited from lending money to any foreign state under penalty of forfeiture of its charter. The Bank of Montreal, as the first bank of discount, deposit and note issue established within British North America, was the founding institution after which the Canadian chartered banking system was modeled. It now operates as BMO Financial Group and is presently the fourth largest bank in Canada.

Seller Inventory # 003

Bibliographic Details

• Title: BANK OF MONTREAL INCORPORATION ACT (1822). An Act for Incorporating certain persons therein-named, under the name of President, Directors and Company of the Bank of Montreal.
• Publisher: Quebec: P.E. Desbarats
• Publication Date: 1822
• Binding: Soft cover
• Edition: 1st Edition
• Condition: Very Good
• Seller catalogs:
  • BANKING & COMMERCE
  • CANADA British Colonial