November 9 ACT
BANCOS.â€ " Additions and modifications to the law of September 30, 1890.
CONSTITUTIONAL PRESIDENT OF THE REPAsBLICA,
For how much, the national congress has sanctioned the following law:
THE NATIONAL CONGRESS
ArtA-ass 1.A ° Is added to Article 15 of the Law of 30 September 1890-: If the issue of banknotes in circulation exceeds the agreement of this law, checked by the inspector of the banks, take the notes on the basis of the banknotes placed in the hands of the public, the government will charge as a fine, the representative value of the Surplus issuance, without prejudice to giving part to the public ministry to require the appropriate.
Art. 2.A ° to Article 32 of the above law shall be increased to the following provision:
In the balance sheet which in accordance with Article 7 (a) must be submitted on a semi-annual basis to the Ministry of Finance, the securities must be included in the Legal coins, gold bars A³ silver, values A³ documents, with specified maturity A³ to be overcome, values A view and advances in current account, balances and banknotes of other banks; in the must the capital of the bank, the same A³ fos reserve, de prévisiân A³ garantA-a, banknotes in circulation and in cash and deposits The view and the deadline.
Art. 3.Â ° Article 10 is reformed asA-:
Any bank is liable to constitute a reserve fund with 5% of its profits up to a sum equal to 20% of its effective capital. Once filled, you have the right to bring to this account the value of judicial value of the real estate A³ you own.
You must also create a pre-visit fund on the scale of 1% and up to 10% of your effective capital, to respond to portfolio breaks.
Is required to keep a liability fund in cash equivalent to 20% of the total amount of circulation banknotes. This fund will consist of 10% mA-nimum in gold sealed currency, silver A³ nA-kel issued by the government and fiscal bonds, municipal A³ bills of duly authorized banks, whose listing is not less than 90%.
The violation A³ lack of compliance with the above provisions, will be penalized with a fine of five, for the first time, and 10% for the successive ones, computed on the sum A³ sums that the bank will leave to carry respective accounts.
Art. 4.Â ° Reglamentated by the present law by the executive, it will start to be able to be able to be taken from the balance sheet to June 30, 1895, which must be presented by the issuing banks in the current financial year and those that are founded in the future.
for the purposes of law.
Session of the National Congress. â€ " Sucre, November 1894.
Manuel O. JofrA©, hijoâ€ "S. Secretary.
Abáll Iturralde â€" D. Secretary.
L. Wheat â€ " D. Secretary.
Therefore, I enact it so that it has and will comply with the law of the republic.
Government House in Sucre, at 9 dA-as of November 1894.