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29 Circulation Redemption Fund—Notes Issued in Excess of |
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Free Books / Finance / Canadian Banking Practice / | |
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29 Circulation Redemption Fund—Notes Issued in Excess of |
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This section of the book is from the "Canadian Banking Practice" book, by .
Question 29.— Does the Circulation Redemption Fund guarantee the notes of a bank where they are (1) issued in excess of the paid-up capital, or (2) signed or issued by an unauthorized officer?
Answer.—If the notes are in either case notes of the bank for which it is legally liable, then they must be paid out of the Redemption Fund if not redeemed by the bank.
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