Part I : Co-operation and Association 



BULGARIA. 



THE CENTRAIv CO-OPERATIVE BANK OF BULGARIA. 



SOURCE : 



OTieTB Ha 6'i>JirapcKaTa njeHTpanna KOonepaxiiBHa BaHKa aa 1914 roAnna. {Re- 

 port of the Central Co-operative Bank of Bulgaria for 1914). Sophia 191 5. 



This bank was formed by the law of 17 December 1910 (old style) 

 and became active on 18 March 1911. Its offices are at Sophia ; the branches 

 of the National Bank and the Agricultviral Bank serve as its represen- 

 tatives and correspondents in other parts of the country. 



The Central Co-operative Bank of Bulgaria has the three following 

 objects : 



i) It is the clearing-house of the co-operative associations, that is to 

 say that such of them as dispose temporarily of abundant funds place these 

 in the Central Bank which uses them for the purpose of affording credit 

 to the co-operative associations which lack means. 



2) It grants long and short-term credit out of its own capital to 

 co-operative associations. 



3) It inspects co-operative associations. 



Its objects show that it is intended to discharge in relation to the co- 

 operative societies functions previously exercised by the National Bank 

 or the Agricultural Bank ; but since the by-laws of the two latter have not 

 changed, all three banks at present exercise the same functions, although 

 it is hoped that in the future those of the Central Co-operative Bank will 

 be separated from those of the other two. 



In addition to these functions the Central Bank is charged on com- 

 mission to perform certain services on behalf of the Institute of Insurance, 

 namely to receive premiums and pay insurance sums. 



According to the law (article 8, pages 9 and 10) the Central Co-opera- 

 tive Bank is authorized to keep general stores and organize public sales 

 and purchases on behalf of its members, but hitherto it has not availed it- 

 self of this right. 



