Effective from 01.01.2008
Act of 19 November 1918
on the introduction of commercial currency.
The Provincial Bank of the Kingdom of the Czech Republic in Prague is authorized to issue vouchers for its own treasury, which will be rounded, interest-free and exchangeable in Austro-Hungarian Banknotes for presentation to the Provincial Bank of the Kingdom of the Czech Republic or other banks by the Provincial Bank designated. These vouchers cannot be amortized and neither a record nor a statement can be calculated about them.
The vouchers mentioned in § 1 will be issued by the bank in a private shop for short-term loans, up to a maximum of 90 days, either at a discount or on a Lombard. State loans are excluded.
Bills of exchange denominated in koruna currency, signed by at least two eligible debtors and treasury bills of the Austro-Hungarian Bank, may be accepted for the discount.
Lombard loans are allowed on the basis of foreign currency, unminted gold and silver, adult receivables from the Austro-Hungarian Bank and securities enjoying orphan securities, or other securities listed on the Prague Stock Exchange, namely foreign currency, unminted metal and pupillary securities up to 75% of the market price in terms of exchange rate value, in the case of other securities up to 60% of the exchange rate value, but not more than the nominal value, in the case of receivables from the Austro-Hungarian Bank up to their value. Securities whose coupons are payable outside the borders of the Czechoslovak state are excluded from the Lombard.
The Landesbank will use the banknotes of the Austro-Hungarian Bank for the exchange of vouchers, after the case of small coins of the koruna currency (reserve). The first cash will be established by a deposit of the Czechoslovak State in the amount of 25,000,000 K, which can be used at a rate 1/4% lower than the discount on loans referred to in § 2.
The total issue of all vouchers may not exceed four times the reserve (§ 3.) of banknotes of the Austro-Hungarian Bank and small coins of the koruna currency. An order issued by the Financial Administration Office in agreement with the Office for the Administration of Industry, Trade and Trades, as well as the Office for the Administration of Agriculture, may at any time restrict or completely stop the issuance of banknotes below this limit.
In order to carry out trade in accordance with this Act, the Zemská banka shall establish a special separation from the other branches of their trade, strictly separated in accounting and balance sheets, which will be under the permanent supervision of the Czechoslovak State Commissioner. The status of the circulation of vouchers and their coverage is to publish a report every 10th and 20th and the last day of the month.
The profit resulting from the issuance of these vouchers will be distributed between the Land Bank and the Czechoslovak state in the following ratio: the annual profit of up to one million will be distributed between the bank and the state in a ratio of 1: 2. The annual profit of over one to two million is divided in a ratio of 1: 3. Each additional million degrees is divided in proportion in favor of the state by a unit higher (1: 4, 1: 5, 1: 6, etc.).
If the issuance of vouchers is stopped, the Financial Administration Office, in agreement with the Office for Industry, Trade and Trades Administration and the Agricultural Administration Office, is entitled to set a deadline by which the Land Bank is obliged to exchange vouchers and withdraw the nature of legal vouchers. currency.
All books and notes of the Zemská banka department issuing vouchers (§ 5), as well as documents issued by it, as well as documents for the purpose of securing loans (§ 2) issued are exempt from stamps and fees.
The Act hereby amends as regards the supplement to the valid Articles of Association of the Provincial Bank of the Kingdom of Bohemia in Prague.
This Act shall enter into force on the day of the decree.
The implementation of this Act is entrusted to the Office for Financial Administration in agreement with the Office for Administration of Industry, Trade and Trades and with the Office for Administration of Agriculture.
Dr. Al. Rašín v. R.
Dr. Karel Kramář v. R.
Powder v. R.
Dr. Stránský v. R.
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