20 THE C U B A RE V I E W 



all documents and checks received by them on said day from the defaulting bank, 

 unless they prefer to pay the respective amounts thereof. 



The manager shall immediately rectify the clearings and set forth the new balances, 

 cancelling the previous certificates and substituting new ones for them. 



Article XII. Should a bank reject any item included in the clearings effected, 

 it shall apply first to the member bank in whose favor the said item was included, 

 and before 3:00 p. m. (Saturdays 12:00 m.) claim the amount, which the bank 

 depositing the item in the exchanges shall pay immediately. If the bank so required 

 should not pay the item and the claimant should advise the Manager before 12:00 

 noon, the latter will rectify the clearings, excluding the item in question, and fix the 

 new balances, in pursuance of which he shall issue new certificates upon cancellation of 

 the previous ones. Should such notification not be made in time, or should the depositing 

 bank decline also to pay its debit balance in accordance with the clearings as revised 

 by the Manager, the matter shall be considered beyond the scope of the Clearing House, 

 and the parties interested may make such reclamations among themselves as may be 

 proper the same as if these By-laws were not in existence, without prejudice to the 

 proper resolution should the case come within Article XI of the Constitution. 



Article XIII. The Havana branches of member banks shall include their checks 

 in the exchanges of their head offices, in accordance with the provisions of the preceding 

 clauses, and each branch shall in its relations with other member banks be considered 

 as forming a part of its own principal bank. 



Article XIV. If during the course of the exchanges any incident arises which the 

 Manager cannot settle immediately owing to its not being covered by the By-laws, said 

 Manager may suspend all or a part of the clearings and report to the Clearing House 

 Committee, which shall meet immediately in order to decide the question. The 

 decision of the Clearing House Committee shall be final. 



CHAPTER IV 

 P.-^YMENT OF Balances 



Article XV. Member banks upon receiving a debit balance certificate shall pay 

 the amount thereof to the Clearing Bank not later than 12:30 p. m. on the day of 

 such clearing — 11:00 a. m. Saturdays. As soon as possible after 12:45 p. m. of the 

 same day (11:15 a. m. Saturdays) the Clearing Bank shall pay the credit balance 

 certificates, unless it should not have received all or a part of the amount of the 

 debit balance. Payments of balances shall be made in U. S. currency in notes of the 

 largest denominations possible. 



Article XVI. Should a member bank fail to pay its debit balance to the Clearing 

 Bank, the Managar may order the exchanges of the day between the defaulting bank 

 and the other member banks eliminated from the Habana Clearing House and settled 

 privately between the parties interested. In such case the Manager shall make the 

 necessary corrections and deliver the required new certificates. 



CHAPTER V 



Endorsements 



Article XVII. For the purposes of these By-laws, member banks shall be governed 

 by the following provisions in the matter of endorsements. 



Article XVIII. An endorsement may be written by hand, printed or stamped, 

 wholly or in part. 



A regular endorsement shall be one so worded as to transfer the ownership of the 

 check without any restriction whatever. 



Should the name of the party to whose order an endorsement is made or a docu- 

 ment drawn be written incorrectly, the payee may endorse it by writing his name in 

 such incorrect form and placing his signature immediately thereafter. 



An endorsement made by one party for another shall be preceded by the representa- 

 tive character or capacity of the party signing. 



