15 Cuban Investments 



privilege, without prejudice, however, to such 

 issues being permissable directly by debtors to 

 their creditors, on their own account or through 

 trustees. 



The "Banco Territorial de Cuba" shall have 

 its corporate domicile in the City of Havana; 

 it shall establish branches at least in each of the 

 capitals of the other Provinces, and shall, more- 

 over, have the right to establish committees or 

 representatives in foreign countries. 



It shall be the special duty of an Official Comp- 

 troller, appointed by the President of the Repub- 

 lic, to observe that the provisions of this Law, of 

 the Decree of Authorization, and of the By- 

 Laws, approved by the Executive Power of the 

 Republic, shall be complied with. 



The business of the ''Banco Territorial de 

 Cuba" without prejudice to its right to invest 

 its capital, in whole or in part, in other financial 

 transactions, shall be: 



To make loans on first mortgages on real estate, 

 duly inscribed in the Registry of Property, up 

 to an equivalent of not more than one-half of 

 the appraised selling value thereof, the loans to 

 be repayable throughout a long term by annual 

 or semi-annual installments, or to be repayable 

 in a short term with or without provision for 

 amortization. Mortgages by the provisions of 

 which prior inscribed liens on the property 

 mortgaged to the Bank, are paid off, shall also 

 be considered as first mortgages. 



To acquire loans secured by existing mortgages, 

 provided they comply with the conditions of 

 this law. 



To make loans to municipalities and official 



