Items related to The Clearing House; Facts Covering the Origin, Developments,...
The Clearing House; Facts Covering the Origin, Developments, Functions, and Operations of the Clearing House, and Explaining the Systems, Plans, and M - Softcover
Synopsis
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. 1916 edition. Excerpt: ... making exchanges shall be o'clock a. m. of each business day, when the Clearing House clerks from the several member banks shall report with their respective demands, separately made out against each member in detail and the totals summed up. The work of clearing shall not be delayed longer than five minutes after a. m. on account of the failure of any bank to be represented at that time. At...... o'clock the settling clerks shall return for settlement, when the manager shall issue his checks or warrants upon the debtor banks in favor of creditor banks for the balances, which checks shall immediately be presented, and on presentation be settled by the debtors to the satisfaction of the creditors in whose hands only they are available. "(10) A number shall be permanently as-Numbers signed to each member. These numbers shall be assigned on the seniority basis; the oldest bank a member being given number one and the second oldest number two, etc. "(n) In case of failure on the part of any Default member of the Association to pay promptly the checks of the manager to cover balances arising from the exchanges, such checks shall be immediately returned to the manager, who shall call upon the other members to make up the sum for which payment has been refused in proportion to the amount of items upon the defaulting member sent into the Clearing House at the preceding exchange, which sums so furnished shall constitute a claim in the hands of the responding members and all checks received from the Clearing House by the defaulting member shall be delivered, if required, to the members owning the same without mutilation. The agency of the Clearing House in the matter, it is understood, is only as trustee and in no case is the Errors and...
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