46 CHU^E - INSURANCE AND THRIFT 



When the sum corresponding to one of these five periods has been 

 deposited the bank issues to the depositor a savings bond of 1,000 pesos, 

 payable on the day on which it becomes due. If the depositor die before 

 this date his heir can hold the bond for the remaining period or, if he pre- 

 fer, can demand liquidation. In the latter case the bank will pay him the 

 deposited sum, plus interest at the rate of 6 per cent, a year up to the daj^ 

 of liquidation. 



The savings bond constituied by injeekly deposits is issued like the pre- 

 ceding one, and is for 1000 pesos falling due after five, ten, fifteen, twenty 

 or twenty-five years, the depositor being bound to pay the following sums 

 half-yearly : 



Total payments 



pesos 840 



700 



480 

 400 



Six months after the payment of the last weekly deposit the bank 

 will pay the depositor the amount of his bond, that is 1000 pesos. 



If any person acquiring a bond of this description make his weekly 

 deposits unpunctually he must pay interest for the period of delay at the 

 rate of 10 per cent., and if the delay is for more than eighteen months the 

 bank may liquidate the operation. In this case however it repays to the 

 bearer of the bonds the sums he has deposited, plus interest at the rate of 

 6 per cent, up to the day of liqiiidation. If he die his heir may demand a 

 liquidation or continue to make due payments. In either case the pro- 

 cedure is that applied where a savings bond constituted by a single de- 

 posit is concerned. 



The annuity bond produces a fixed weekly sum for five, ten, fifteen, 

 twenty or twenty-five years, in return for the deposit of a given sum 

 which bu3^s the bond, as is shown by the following table : 



