Annual Reports of the Secretary of War, volume 10

Cover Annual Reports of the Secretary of War, volume 10
Annual Reports of the Secretary of War, volume 10
United States. War Dept
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Article XIII.
The officers of the Bank shall, within the limitations of this Act, be exclusive judges as to the acceptance or refusal of drafts, notes, and bills of exchange submitted for discount, and of all applications for loans, and of other business transactions.
Article XIV.
The rates of interest on discounts and loans, on deposits, collec- tions, mortgages, etcetera, shall be fixed every six months by the gmeral board of directors, with the approval of the president of the ank, and such
...rates, if not contrary to law, shall be those charged in cases where no specific agreement is made, but the bank may change such rates, from time to time, upon notice of one week, and may make other rates by agreement of both parties. All expenses connected with the transactions, including the fees of appraisers, shall be charged to the borrower.
Digitized by VjOOQIC 502 ACTS OP THE PHILIPPINE COMMISSION. [No. r?90.1 Article XV.
The bank may order the sale of collateral security in. its custody, consisting of securities or merchandise, or any other thing, three days after having- called upon the debtor, by written notice, to increase the amount of such security, if in the meantime he has failed to comply with such request, or after the maturity of a loan if the loan has not been paid.


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