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A History of Banking in All the Leading Nations Volume 4

A History of Banking in All the Leading Nations Volume 4

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 Excerpt: ...the law of 1863 are retained by the Bank Act of 1888. Concerning discount business, however, instead of "bills and other commercial papers," the phrase reads now, "bills, assignations, and orderbriefjes," i. e., promissory notes. At the same time, it is ordered that these papers are to be admitted to circulation only if their term does not exceed six months. The law increases the Bank capital to twenty million guilders, and permits further increase of the same by law. The formation of a reserve fund has been made a legal requirement in the new article six b. This fund is destined to repair possible losses of capital, and must also be employed to bring up the net profits to five per cent, of the capital. The investment of the reserve fund has been facilitated. First of all, as before, bonds of the Dutch Government are to be used. Besides these, not only bonds of the mortgage companies, sanctioned by the King, but also other obligations which can daily be negotiated at the Exchange of Amster Article 208 of the Dutch Code of Commerce says: "An orderbriefje (or promesse aan order) is a document dated and signed, by which somebody promises to pay to the order of the receiver the sum stated within the same parish or somewhere else, at his own place of residence or at the other's domicile, with or without fixing either term or acknowledging receipt of the amount or the value in account." dam and other important European commercial towns, are legal forms of investment. The list of these papers must be made up by the board of directors and the commissioners. One-fifth of the capital, also, can be invested in this way (Art. 9). The interest on these stocks is to be included in the profits of the Bank (Art. 23 of the law, according to Art...