The primary legislative enactment inserting these agricultural banks on a agency basis was the regulation of December 23rd, 1894, which entrusted their administration to a particular division of the Ministry of Commerce and Agriculture. Three years later (February 24th, 1897), one other regulation created an Administrative Council, consisting of a director and of two councillors, wherein the administration of the agricultural banks was vested.
By 1895, these banks had vastly enlarged their transactions, and secured the illustration of the Bulgarian Nationwide Financial institution in these locations the place it had no branches of its personal. Within the following 12 months, they concluded overseas a mortgage of 30,000,000 frs., at 5 per cent, curiosity, of which solely fivesixths have been issued. Via this capital, the banks have been capable of vastly prolong their enterprise, and have now develop into the soul of the agricultural economic system of our nation.
These agricultural banks are actually regulated by the regulation of December 31st, 1903, which gave them the title of Bulgarian Agricultural Financial institution, in addition to by the regulation of March 24th, 1905. Its capital quantities to 35,000,000 frs., to that are added the annual income. 25 per cent, of those latter are, nevertheless, reserved for the development of the completely different branches of agriculture.
ORGANISATION AND ADMINISTRATION OF THE BANK
The Central Administration of the Agricultural Financial institution is in Sofia.
The financial institution has branches in 85 district centres, and businesses in 75 of the extra necessary villages of Bulgaria.
The administration is entrusted to an Administrative Council which consists of a governor and of 4 directors, who’re appointed by the Prince. On the head of each department there’s a director, who is also appointed by the Prince.
TRANSACTIONS OF THE BANK
The principal transactions of the financial institution are as follows:
- Accepts deposits.
- Advances loans, assured by mortgage or securities.
- Advances loans, assured by items, cattle, seeds, agricultural produce.
- Advances to farmers sums for purchasing cattle, seeds, and agricultural implements.
- Advances private loans.
- Opens uncovered present accounts to farmers and cooperative societies.
- Buys, for the account of farmers and at their request, agricultural implements, machines, cattle, and seeds.
- Advances to the departments and communes loans, destined for the amelioration of the agricultural economic system of the nation.
- Collects the worth of business payments.
- Transfers payments.
- Accepts numerous deposits.
The pursuits which the financial institution pays or fees are mounted as follows:
5 p.c. curiosity each year on deposits for 5 years.
four PC „ » » » » three years.
three PC 99 99 9J 99 99 99
The financial institution pays 1 per cent, curiosity on deposits left for limitless phrases as much as 50,000 frs., past which sum no curiosity is allowed.
The curiosity charged on loans assured by the deposit of securities, is 6 p.c. each year, on mortgage loans, 7 p.c., and on loans with private ensures, eight p.c.
The tables on pages 28586 will give the reader an concept of the progress which the financial institution has made since 1881.
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