BULGARIA ' CO-OPERATTON AND ASSOCIATION 



The members of the Central Co-operative Bank are of two kinds : 



a) the National Bank and the Agricultural Bank are by the law (ar- 

 ticle 3) obliged to pay a total contribution of 5,000,000 francs (2,500,000 

 each) and are designated founder members ; 



b) the co-operative societies and their federations are authorized to 

 have themselves registered as ordinary members, so long, of course, as they 

 pay the subscriptions prescribed by the law. 



The co-operative societies are direct ordinary members if they register 

 without the intervention of the district federations, indirect ordinary mem- 

 bers if it is the federation to which they are affiliated which is registered. 

 Co-operative societies belonging to a federation registered as an ordinary 

 member, and therefore themselves indirect ordinary members, may not also 

 be registered as direct ordinary members. 



Ordinary members are obliged to pay subscriptions. If they are them- 

 selves ordinary members co-operative societies are obliged to subscribe for 

 at least two shares of 100 francs each, while a district federation is obliged 

 to subscribe for at least one share for each co-operative society affiliated 

 to itself. 



Besides its own capital the Central Co-operative Bank uses capital 

 which it procures i) by receiving deposits, 2) by rediscounting its paper, and 

 3) by issuing long-term bonds redeemable on drawing lots. The issues 

 of bonds have to be covered not only by the bank's credit but also in the 

 proportion of 10 per cent, by the bonds fund. 



The bonds fund was formed by the founder members and is fixed 

 by the law at one million francs. 



The Central Co-operative Bank is superintended by the Ministrj^ of 

 Finances. 



At the end of 1914 the Central Co-operative Bank had in addition to 

 its founder members, who are the National Bank and the Agricultural 

 Bank, 644 ordinary members, namely : 



575 rural funds ; 



27 popular banks 



24 co-operative producers' societies 



12 " consumers' 



3 " limited liability credit 



2 " purchase and sale " 



I " stock-farming 



644 



A comparison with the figures of the preceding year shows that the 

 membership had increased by ninety-five. 



The business of the Central Bank from its foundation until the end of 

 1914 is shown by the following tables : 



