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The Pamphlet Collection of Sir Robert Stout: Volume 7

Power to Borrow Money

Power to Borrow Money.

41. The Board shall have power to borrow from the Society's Bankers, or other persons, such sums of money as may be necessary for making advances to the shareholders; and it shall be lawful for the Board to pay interest out of the funds of the Society for such advances at any rate not exceeding 8 per cent, per annum.