Dictionary of Banking; A Concise Encyclopaedia of Banking Law and Practice

Dictionary of Banking; A Concise Encyclopaedia of Banking Law and Practice

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...clerk. There are some 3,000-members on the list, and it is clearly a privilege valuable to brokers who deal in Government securities.' ' Certain stocks domiciled at the Bank of Montreal, Glyn & Co., Standard Bank of South Africa and the Agent-General for South Australia are transferred by deed, although they are called inscribed stocks. Stock certificates to bearer may be obtained by a holder for various stocks, which are transferable at the Bank of England. The receipt for the purchase money, which is given by the vendor or his attorney to a purchaser when a transfer of inscribed stock is made, is of no value. It is not required upon a subsequent sale. To obtain a security upon inscribed stock, it must be transferred into the names of the nominees of the bank. (See POWER or ATTORNEY---TRANSFER or INSCRIBED GOVERNMENT Srocx.) INSOLVEN CY. A person is insolvent who is unable to pay his debts, and he is said to be in a state of insolvency. An insolvent person may have a receiving order made against him and suffer proceedings under the Bankruptcy Acts (see BANKRUPTCY, RECEIVING ORDER), or he may call his creditors together and endeavour to come to an arrangement with them (apart from the Bankruptcy Acts), usually either by ofiering to pay a composition-----that is, to pay so much in the pound in fulldischarge of what he is owing to them (see COMPOSITION WITH CREDlTORS)----O1' by ofiering to transfer his property to a trustee in order that it may be realised and the proceeds divided amongst his creditors according to the amounts of their respective claims. (See ASSIGNMENT FOR BENEFIT or CREDITORS.) Where a judgment has been obtained in a county court, and the debtor is unable to pay, if the whole indebtedness does not exceed...show more

Product details

  • Paperback | 456 pages
  • 189 x 246 x 23mm | 807g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236923472
  • 9781236923479