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A Practical Treatise on Banking (Volume 1 )

A Practical Treatise on Banking (Volume 1 )

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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. 1849. Excerpt: ... SECTION XIV. BANKING DOCUMENTS. By banking documents, I mean such reports, bonds, deeds, letters, or other writings, as are used in connexion with banking. I. I shall notice those Documents that are used in the formation of a Joint-stock Bank. When any persons propose to form a joint-stock bank in any district, they procure the statistical returns of the district; such as the tables of the population--the exports and imports--the duties paid--the returns of the sales in the various markets--and every other information respecting the trade and wealth of the district. If these prove satisfactory, they take notice of the banks already established there, and observe whether they are joint-stock banks or private banks--whether strong or weak--and whether likely to oppose or to join any new establishment. If the existing banks be joint-stock banks, the projectors procure from the stamp-office a list of the shareholders, in order to observe the strength of their proprietary, and whether they reside chiefly in the district. Having satisfied themselves that a new bank would be successful, the first document drawn up is a prospectus. This document usually sets forth the great advantage of joint-stock banking to both the public and the shareholders, and then points out the facilities of the district in which the bank is proposed to be established. Previous to issuing the prospectus, some leading persons in the district are requested to become members of a provisional committee for the formation of the bank, and they obtain the assistance of an influential solicitor, to whose office the applications for shares are usually addressed. The committee then appoint a secretary, or sometimes the office of secretary is filled by the solicitor. Attached to the prospectus is t...