History of Money in the British Empire & the United States
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In our eReader you can find the full English version of the book. Read History of Money in the British Empire & the United States Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book History of Money in the British Empire & the United States
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In 18 17 a banking company was formed at Montreal, and began business with a capital stock of $250,000 under the name of the Bank of Montreal, without waiting for legal authorization, as a private partnership with unlimited liability of the shareholders. In 1821 charters were granted by the Provincial Legislature of Quebec to the Bank of Montreal, the Quebec Bank, and the Bank of Canada ; and about the same time banks were 220 THE HISTORY OF MONEY authorized in Ontario and New Brunswick, and, a... little later, in Nova Scotia. The charters granted bore a close resemblance to one another, and adhered closely to the Scotch system. The banks in Lower Canada were given corporate powers for a term of years, and the principle of limited liability applied to the shareholders.
They were not allowed to lend money on land or mort- gage, but might take such property in payment of debts contracted in the course of legitimate business. Except for the fact that the directors were liable for the general indebtedness of the banks, no limits were imposed on the extent of their note circulation — the various banks received and exchanged the notes of their competitors and settled the balance in specie once a week.
What to read after History of Money in the British Empire & the United States?
You can find similar books in the "Read Also" column, or choose other free books by Agnes F Dodd to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In 18 17 a banking company was formed at Montreal, and began business with a capital stock of $250,000 under the name of the Bank of Montreal, without waiting for legal authorization, as a private partnership with unlimited liability of the shareholders. In 1821 charters were granted by the Provincial Legislature of Quebec to the Bank of Montreal, the Quebec Bank, and the Bank of Canada ; and about the same time banks were 220 THE HISTORY OF MONEY authorized in Ontario and New Brunswick, and, a... little later, in Nova Scotia. The charters granted bore a close resemblance to one another, and adhered closely to the Scotch system. The banks in Lower Canada were given corporate powers for a term of years, and the principle of limited liability applied to the shareholders.
They were not allowed to lend money on land or mort- gage, but might take such property in payment of debts contracted in the course of legitimate business. Except for the fact that the directors were liable for the general indebtedness of the banks, no limits were imposed on the extent of their note circulation — the various banks received and exchanged the notes of their competitors and settled the balance in specie once a week.
What to read after History of Money in the British Empire & the United States?
You can find similar books in the "Read Also" column, or choose other free books by Agnes F Dodd to read onlineMoreLess
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