Agricultural Finance 



522 



[June, 1910. 



sary to carry out the acts authorized 

 by the board of directors. He shall con- 

 trol all the real estate and improvements 

 on property which may come into the 

 possession of the bank by foreclosure or 

 otherwise, and shall be charged with the 

 safe-keeping of securities, mortgages, 

 bonds, moneys, and so forth, pertaining 

 to the bank, He shall l'ender such 

 reports to the board of director's at such 

 time and in such manner as they may 

 prescribe, He shall make recommend- 

 ations to the board of directors relative 

 to the management of the bank as he 

 shall deem necessary, and in the absence 

 of specific directions of the board of 

 directors or the president may take such 

 action to protect and further the in- 

 terests of the bank as he may deem 

 essential, which action shall be reported 

 at the next meeting of the board of 

 directors, taking place thereafter. He 

 shall instruct the agents and employees 

 of the bank in their respective duties 

 and prescribe such rules and regulations 

 for the proper conduct of the business 

 as appears necessary. He shall forward 

 to the board of directors all complete 

 applications for loans, with his recom- 

 mendations thereon. He shall prescribe 

 the method of book-keeping and account- 

 ing to be used by the bank in all of its 

 branches, subject to the approval of the 

 board of directors. 



Agents. 



Sec. 14, Provincial and municipal 

 treasurers acting as agents for the bank 

 shall be responsible directly to the 

 manager of the bank, and shall render 

 any accounts or statements called for by 

 him, and shall keep such books and 

 records as he shall prescribe. 



Sec. 15. Provincial and muncipal 

 treasurers, whenever they have been 

 constituted agents of the Agricultural 

 Bank under the provisions of sectiou six, 

 Act Numbered Eighteen hundred and 

 sixty-five, may be authorized by resolu- 

 tion of the board of directors to receive 

 deposits for the bank either on time or 

 in open account. 



Secretary. 

 Sec. 16. It shall be the duty of the 

 secretary to keep the minutes of the 

 meatings of the board of directors and 

 to have the custody of all the records of 

 said board. He shall be the custodian 

 of the seal of the bank, and shall affix 

 the same to all documents signed by the 

 president or manager , which, in the 

 opinion of the president or manager, 

 or by law, require the seal. He shall 

 perform such other duties as may be 

 prescribed by the manager of the bank. 



Loans. 



Sec. 17. All loans from the Agricul- 

 tural Bank shall bear interest at the 

 rate of ten per centum per annum, pay- 

 able at least once a year, to be computed 

 from the date of payment by the bank 

 to borrower to the date of repayment of 

 the loan to the bank. All loans shall be 

 in multiples of fifty pesos. Loans of 

 ten thousand pesos or more but less 

 than twenty thousand pesos shall re- 

 quire the affirmative vote, or subsequent 

 approval of the resolution, of four mem- 

 bers of the board of directors. Loans of 

 more than twenty thousand pesos shall 

 require the affirmative vote, or subse- 

 quent approval of the resolution, of all 

 members of the board of directors. 



Deposits. 



Sec. 18. Time deposits will not be re- 

 ceived in amounts of less than fifty 

 pesos. 



Sec. 19. Interest on time deposits shall 

 be paid as follows :— 



For six months, at the rate of two and 

 one-half per centum per annum. 



For one year or longer, at the rate of 

 three and one-half per centum per 

 annum. 



Sec. 20. Time deposits shall be evid- 

 enced by certificates of deposit, which 

 shall be signed in Manila by the mana- 

 ger of the bank and in the provinces 

 by the agent of the bank. 



Certificates of deposit shall be negoti- 

 able and the interest thereon shall be 

 payable at the office of the bank were 

 deposited, on the date of the expiration 

 of time shown on the certificate and 

 unless renewed, interest will cease from 

 said date 



Sec. 21. Deposits in open account 

 shall be signed by the agent of the bank 

 in the provinces and returned to the 

 depositor, the other copy to be preserved 

 with the records of the bank. Depos- 

 itors shall also be furnished pass books. 



No original deposit shall be received 

 of less than five pesos- 



Withdrawal of Deposits. 



Sec 22. The bank may permit the 

 withdrawal of fixed deposits at any time 

 on the surrender ot the certificate of 

 deposit, properly indorsed : Provided, 

 That no interest shall be paid unless the 

 deposit remains the fall length of the 

 time for which the certificate is issued. 



Sec. 23. Any portion of a deposit in 

 open account may be withdrawn by 

 check, properly signed by the depositor. 

 Blank checks shall be furnished by the 

 bank on request. 



