The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

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Monograph

Identifikator:: 875232663

URN:: urn:nbn:de:zbw-retromon-2698

Document type:: Monograph

Title:: The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

Place of publication:: with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index$gTenth edition, revised and enlarged

Publisher:: Shaw and Sons

Year of publication:: 1881

Scope:: 1 Online-Ressource (XII, 303 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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SECURITY DELIVERIES, LOANS, AND TRANSFERS 3653 Notification of the Lender and the Clearing Corporation. —The borrower’s representative then takes the return loan agreement to the lender’s office. The receipt of the return loan agreement by the lender constitutes a notification to him from the borrower that the loan will be paid off. The lender de- taches one of the three forms of the return loan agreement, signs the other two forms, and returns them to the borrower’s representative. The latter then takes these two forms, together with the credit memorandum above described, to the Day Branch of the Stock Clearing Corporation, and delivers both agreements and memorandum to the particular cage in which the account of his firm is kept. Thus the Stock Clearing Cor- poration is notified concerning the clearance to be made, and has on the face of the agreement the list of securities which it must receive from the lender in behalf of the borrower. The Corporation reserves the right to refuse to act, in which case the loan must be paid off “ex,” in the manner described in Chapter XI. Making Payment to the Lender. The next step is taken by the lender’s representative, who comes to his booth in the Stock Clearing Corporation with his copy of the return loan agreement and the envelope of security collateral itemized on its face. He goes to the cage where the borrower's account is kept and delivers the loan envelope and its contents. The clerk in the cage compares the securities in the envelope with the itemized list on the face of the return loan agreements previ- ously received from the borrower. If the securities in the envelope agree with this list in all respects, the clerk retains the security collateral for the account of the borrower. The first teller of the cage, as an authorized representative of the Stock Clearing Corporation, then signs the credit memorandum (Figure 38) previously left there by the borrower, and under the word “To” fills in the name of a bank where part of the clearing fund is deposited. Thus the credit memorandum be- comes the check of the Stock Clearing Corporation, drawn on

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