Cuban Investments 14 



Under this law the Banco Territorial has the 

 exclusive privilege of placing Cuban real estate 

 loans into bonds for the purpose of giving 

 them tangible and salable form under Govern- 

 ment regulation and protection. 



The following are main facts regarding this 

 law and the concession, and a verbatim copy of 

 the same will be supplied to any one interested 

 in investigating this class of Cuban securities: 



Excerpts from Law of July 20, 1910 

 Office of the Secretary of Agriculture, Commerce 

 and Labor 

 I, General Jose Miguel Gomez, Constitutional 

 President of the RepubHc of Cuba — 



MAKE KNOWN: That the Congress has 

 passed, and I have sanctioned, the following * * * 



LAW 



The creation of a financial institution denom- 

 inated ''Banco Territorial de Cuba" is hereby 

 authorized. 



The capital stock of this Bank, fully paid in, 

 shall be, at least, five million dollars official 

 money (U. S. Gold). 



It shall have the statutory right to issue, for 

 a period of sixty years, obligations, warrants, or 

 mortgage bonds based on loans to owners of 

 real estate located in the Republic, secured by 

 mortgage and redeemable at short or long term. 



No other partnership, association, corporation 

 or bank, shall be allowed to issue, as an intermedi- 

 ary financial institution, obligations, warrants or 

 mortgage bonds during the sixty years the 

 Banco Territorial de Cuba enjoys this exclusive 



