THE CUBA REVIEW 



Every inspection that has to be made in any bank, banking house or savings 

 society or branch of a foreign bank in the republic, shall be confided precisely to the 

 Reserve Bank of Cuba, in accordance with the rules that the Commission may frame 

 for this purpose. 



Second: To establish the manner in which the balances and other statements of 

 the situation of all the banks, bankers, savings societies and branches or agencies of 

 foreign banks which function in the republic, with respect to their transactions within 

 the national territory, shall be made out and published. 



Third: To obtain, compile and publish at least once each year, the Cuban banking 

 statistics, corresponding to banks, bankers, savings societies and branches or agencies 

 of foreign banks established in the republic, and said statistics should contain all the 

 data that may be useful for an adequate acquaintance with the banking situation of the 

 country. 



Fourth. To discharge the functions relative to the coining of money, in accordance 

 with Title III of the Law of October 28, 1914, and the addition thereto on the 

 coining of national currency, the Bureau of Coinage to be dependent upon the Com- 

 mission which shall also have charge of everything relative to the engraving and printing 

 of the notes of the Reserve Bank of Cuba, it being obliged to adopt all precautions and 

 to fix all the requisites that may be deemed advisable in order to prevent their counter- 

 feiting or the fraudulent altering of the same. The Cuban Government may negotiate 

 with that of the United States of America, in order that said notes may be engraved 

 and printed in the "Bureau of Engraving and Printing," at Washington, until such 

 time as the government shall decide to establish its own shops. 



Fifth: To exercise the duties which correspond to the official auditor under the law 

 of July 20, 1910, relative to the "Banco Territorial de Cuba," said office being therefore 

 suppressed. 



Sixth: To exercise the superior inspection of the Reserve Bank of Cuba, and 

 to take charge of the work relative to the formation and organization of said bank, 

 in accordance with what is provided in the present law. 



12. The Commission, within a period of six months counted from the date of 

 the promulgation of the present Law, shall assume the functions which in accordance 

 with the Law of January 31, 1921, correspond to the Temporary Commission on 

 Banking Liquidation which shall be dissolved, and it shall be determined by an agree- 

 ment between both commissions as to the date on which the transfer of the powers of 

 the former shall be made to the National Banking Commission, within the abovT 

 mentioned period of time, and if no agreement is reached by them as to said date, 

 the President of the Republic shall decide. 



13. At the end of each calendar year, the Commission shall render a report to 

 the President of the Republic and to Congress, relative to its work, and it may include 

 in said report whatever recommendations it may deem proper with respect to the modi- 

 fication of the banking legislation of the country. At any time the Commission may 

 address the President of the Republic in writing relative to any of the matters of its 

 competency. 



14. The commission shall have three advisors who shall be appointed by the 

 President of the Republic on proposal of the Secretary of the Treasury, whose duties 

 shall be to inform the Commission on all matters that it shall submit to their study and 

 consideration, and the same incompatibilities shall exist for this office as those established 

 for the office of member of the Commission. 



15. The advisors referred to in the preceding article shall be known to have knowl- 

 edge and experience in commercial and banking matters, and it shall not be necessary 

 to be a citizen of Cuba in order to hold this position, and therefore it shall be possible 

 to obtain the services of any persons that are expert of whatever nationality these may 

 be. The salary of each one of these advisors shall not be greater than nine thousand 

 dollars ($9,000) per year payable at the end of each month. 



16. Each member of the Commission, except the Secretary of the Treasury, 



