36 ITALY - CO-OPERATION AND ASSOCIATION 



The capital of the society will consist of shares, of loo frs. each, a re- 

 serve fund and special funds. 



The Bank will conduct every kind of banking and agricultural credit 

 business, in conformity with the laws of the State, and particularly : 



(a) it will receive deposits in money at interest, for which it will give 

 bonds redeemable at fixed date, bank books for current account and sav- 

 ings bank books; it will also receive in deposit money or documents of title, 

 on the security of the share capital and reserve fund ; 



(b) it will grant its members loans on deposit of shares, and will 

 advance money on bills and instruments of credit ; 



(c) it will open credit and debit current accounts, on the secur- 

 ity of mortgages or other documents of title ; 



{d) it will grant loans on good security, extinguishable by means of 

 fixed quarterly or half yearly instalments ; 



(e) it will discount for members, bills, cheques etc. 

 Finally the Central Bank will abstain from all hazardous operations, 

 and all speculation. It will also be able to encourage and assist commer- 

 cial and agricultural undertakings of a form inspiring serious confidence 

 in their development and giving the society a really valid guarantee. 



The society will be managed by a Council of seven members, chosen 

 from among the representatives of the rural banks. 



(Summarised from Cooperazione Popolare, Parma, nos. 21-22, December 15th., 1913). 



