Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
State Bank of New South Wales so was its mandate, to that of a standard commercial bank, although it had been operating in this way for some years. It did, however, keep its famous slogan 'We do more for you personally'. The Bank was 'corporatised' in 1990, under the "State Owned Corporations Act 1989" (NSW) and the "State Bank (Corporatisation) Act 1989" (NSW). On 14 May 1990 the existing State Bank was dissolved, and all of its assets and business undertaking were vested in an incorporated State Bank, limited by shares. In 1994 the bank was sold to Colonial, a financial services company. The bank changed