Bank is the custodian of public money-illustrate and explain.


1. INTRODUCTION:

Bank is the custodian of public money. So we want to take more facilities from bank, we do some unethical or unlawful task which can hamper the legality. We influence someone to achieve our goal. First, do cross country differences in the legal rights of creditors, the efficiency of contract enforcetnent, and the origin of the legal system explain cross-country differences in the level of banking development? Second, do better-developed banks cause faster economic development; that is, is the component of banking development defined by the legal environment positively associated with long-run rates of economic growth, capital accumulation, and productivity growth? Examining the relationship between the legal systems and banking development invaluable irrespective of issues associated with long-run growth. First, banks may influence the level of income per capita and the magnitude of cyclical fluctuations[1] (Bemanke and Gertler 1989, 1990). Second, many economists stress that understanding the evolution of legal and financial systems is essential for understanding economic development (North 1981; Engerman and Sokoloff 1996). Consequently, quantitative information on the relationship between the legal environment and banks will improve our understanding of business cycles and the process of economic development. Furthermore, examining the causal litiks between banks and economic growth has both conceptual and policy implications. On the conceptual front, a long literature debates the importance of banks in economic development. Starting as early as Bagehot(1873), economists have argued that better banks—banks that are better at identifying creditworthy firms, mobilizing savings, pooling risks, and facilitating transactions— accelerate economic growth. Others, however, question the importance of the financial

Alternatively, if the component of banking development associated with legal factors is unrelated to economic development, this lowers the priority given to these legal factors in any reform package.

2. Definition of Bank:

According to section -3 of Negotiable Instrument Act -1881[2], the word banker means a person transacting the business of accepting for the purpose of landing or investment ,of deposits of money from the public, on loan or otherwise and with draw able by cheque debt ,order or otherwise, and includes any past office saving Bank.

It appear from the above definite that a banker does three broad functions, namely a) Acceptances of deposited b) Lending money and c) Investment of money. These three functions are called the principal functions of a banker. Addition of these three functions a bank above performs some other functions which are called subsidiary or ancillary functions

The first function of a banker i.e. acceptance of deposits needs some clarification because many people vague ideas about deposits we can know they nobody except a banker can accept deposit of money from the members of public For example: An investment company or a leasing Company cannot accept deposits from the members of the public. These Companies it otherwise by the central banks can accept or receive money in other forms but not in the form of deposits

Deposits under the circumstances assume a specialty meaning which originals from the definition given by the N.I [3] Bank Company: According to section -5 of the Bank Company Act-1991, a company transaction the business of banking as discussed above is could bank company. The act further mentions that a manufacturing or trading company will not be deemed to be

If it does accept deposits (fixed deposits). From the public for financing its manufacturing and treading activities. Similarly leasing or investment companies accepting fixed deposits only are not bank companies. To be a bank company, use of cheques as a means of withdrawal is a precondition

Structure of the Banking system: structure of the banking system in Bangladesh today

3.Structure of the Banking System:

Structure of the banking system in Bangladesh body, like financial structure-consists of various types of Banks. It is well known that-during 18th century the British from whom we inherited today’s banking structure introduced modern commercial banking in India Deposite that on them is made below to classify them on the basis of (i) functions (ii) ownership and (iii) Origin functions (a) Central Bank (ii) Commercial Bank (iii) Traditional Banks (iv) Agricultural Banks (v) Specialized Bank (vi) Islamic Banks (vii) Co-operative Banks.

Ownership: (a) Nationalized/Government Cast rolled Bank (b) Private Bank (c) Joint Venture Banks.

(32) (i) Local Banks (ii) Foreign Banks. It will be observed from the above categorization that there are at least seven types of banks on the basis if functions

A. Functional Classification:

The National commission on Many Banking[4] and created Act-1984.The Ministry of Finance, the Government of the People’s Republic of Bangladesh Constituted the above mentioned 8 member commission on June 27, 1984 idea notification no MF (FD)/BK-11/29/83, Part-I/198 with the  Professor Dr. M.N. Heel as its chairman. Subsequently, three more members also joined the commission and Professor A.F.A. Husain was appointed chairman on March 1, 1985 in place of Dr. Huda. The commission had the following nine terms of deference-

  • To review the existing legislative enactments relating to operations, of the banking sector and to suggest necessary amendments.
  • To review the existing monetary and credit systems and politics and make recommendations for enhancing their effectiveness.
  • To review the existing credit budgeting program and practices followed by my nationalized commerce/specialized bank.
  • To review and evaluate the existing credit delivery system including procedure and documentation etc of rationalized among different sector areas and regions and suggest measure to reduce disparity, if any;
  • To review the deposit mobilization efforts by the banking sector, evaluate the existing interest rate policy particularly the lending rate policies and suggest propitiate guidelines for an interest rate structure.
  • To examine the need for setting up non-banking financial intermediaries of investment/finance companies in the private sector.

To examine any other matter considered important by the commission including findings and recommendations with regards to fraud and forgery in banks and financial institution.

 4. FINANCILA SECTOR REFORM PROGRAM (FSRP) -1989 

The financial sector Reform programmed (Fs. R.P) was adopted with a view to ensuring the effective role of the financial sector in the economic development of the country through structural and policy change. The specific objective of the F.S.R.P was as follow:

  • Adoption of flexible interest rate (both for deposited and lending)
  • Monetary Management through adoption of flexible and indirect monetary control
  • Strengthening financial base of the banks by restructure their capital base.
  • Adoption of suitable loan classification policy.
  • Strengthening central Bank’s inspection and monitoring system.
  • Modernization of bank management and computerization.
  • Strengthening legal framework by amendment of existing laws or by enactment of new laws for the banking sector and
  • Development of capital market.

 5. CHANGE IN LOAN CLASSIFICATION AND PROVISIONARY VALUES:

In covers of business the commercial this is a clear case of lose to the banks. To cover the loss, the banks are required to classify their solvencies and keep reserves the moment it show sign of payment such leans are classifiable as follows-

            -Sub standard

-Doubtful

– Bad and Loss.

Classification exercise usual to be done annually by the central Bank. In 1990 rules pertaining to classification and provisions were. Changed drastically[5]. Now 100 classification exegesis[6] is done qua retry by the banks themselves academy to a fixed criteria given by the central Bank.

6. FOMATION OF SEC:

The government amended the securities and exchange oridance-1969 and passed the securities and exchange (amendment_ ordiance-1993 to form the securities exchange commission with a view to helping the development of capital market. The bank is more disciplined today since they have been brought under tighter control of the central Bank. They are to follow strictly the new guidelines which were almost absent in the Pre-1990 always.

7. BANGLADESH ASSOCIATION OF BANK-1991:

Nine individual representative nine banks in the private sector sponsored Bangladesh Association of Banks (BAB) in 1991 as Privet limited company under company Act-1994 to further the interest of Bank in Bangladesh. The main seven line objectives of the Association are to:

Further the interest of banks in Bangladesh

Private guide line policy from time for the conduct of the business of banking.

Considering examiner and employing in to all matters and qualities. Connected with are relative to the business of banking.

Promote consider make respective as to the generally dell with any law offering for lacking to affect the business of banking.

Promote and develop sound to banking principal practices and convention and to assets co-advertising and incrusting the study development improvement of banking. Producer partially and customs in all expect.

8. BANK BEING THE CUSTODIAN OF PUBLIC MONEY:

A.)  Sec. 2257.002.  DEFINITIONS.  In this chapter:

(1)  “Bank holding company” has the meaning assigned by Section 31.002(a), Finance Code.

(2)  “Control” has the meaning assigned by Section 31.002(a), Finance Code.

(3)  “Deposit of public funds” means public funds of a public entity that:

(A)  The comptroller does not manage under Chapter 404; and

(B)  Are held as a demand or time deposit by a depository institution expressly authorized by law to accept a public entity’s demand or time deposit.

(4)  “Eligible security” means:

(A)  a surety bond;

(B)  an investment security;

(C)  an ownership or beneficial interest in an investment security, other than an option contract to purchase or sell an investment security;

(D)  a fixed-rate collateralized mortgage obligation that has an expected weighted average life of 10 years or less and does not constitute a high-risk mortgage security;  or

(E)  a floating-rate collateralized mortgage obligation that does not constitute a high-risk mortgage security.

(5)  “Investment security” means:

(A)  an obligation that in the opinion of the attorney general of the United States is a general obligation of the United States and backed by its full faith and credit;

(B)  a general or special obligation issued by a public agency that is payable from taxes, revenues, or a combination of taxes and revenues;  or

(C)  a security in which a public entity may invest under Subchapter A.

(6)  “Permitted institution” means:

(A)  a Federal Reserve Bank;

(B)  a clearing corporation, as defined by Section 8.102, Business & Commerce Code;

(C)  a bank eligible to be a custodian under Section 2257.041[7];  or

(D)  a state or nationally chartered bank that is controlled by a bank holding company that controls a bank eligible to be a custodian under Section 2257.041.

(7)  “Public agency” means a state or a political or governmental entity, agency, instrumentality, or subdivision of a state, including a municipality, an institution of higher education, as defined by Section 61.003, Education Code, a junior college, a district created under Article XVI, Section 59, of the Texas Constitution, and a public hospital.

(8)  “Public entity” means a public agency in this state, but does not include an institution of higher education, as defined by Section 61.003, Education Code.

(9)  “State agency” means a public entity that:

(A)  Has authority that is not limited to a geographic portion of the state; and

(B)  Was created by the constitution or a statute.

(10)  “Trust receipt” means evidence of receipt, identification, and recording, including:

(A)  a physical controlled trust receipt;  or[8]

(B)  a written or electronically transmitted advice of transaction

B)  Sec. 2257.0025.  HIGH-RISK MORTGAGE SECURITY.

(a)  For purposes of this chapter, a fixed-rate collateralized mortgage obligation is a high-risk mortgage security if the security:

(1)  Has average life sensitivity with a weighted average life that:

(A)  extends by more than four years, assuming an immediate and sustained parallel shift in the yield curve of plus 300 basis points;  or

(B)  shortens by more than six years, assuming an immediate and sustained parallel shift in the yield curve of minus 300 basis points;  and

(2)  Is price sensitive; that is, the estimated change in the price of the mortgage derivative product is more than 17 percent, because of an immediate and sustained parallel shift in the yield curve of plus or minus 300 basis points.

(b)  For purposes of this chapter, a floating-rate collateralized mortgage obligation is a high-risk mortgage security if the security:

(1)  bears an interest rate that is equal to the contractual cap on the instrument; or

(2)  is price sensitive; that is, the estimated change in the price of the mortgage derivative product is more than 17 percent, because of an immediate and sustained parallel shift in the yield curve of plus or minus 300 basis points.

D)  Sec. 2257.004.  CONFLICT WITH OTHER LAW.  This chapter prevails over any other law relating to security for a deposit of public funds to the extent of any conflict.

H) Sec. 2257.024.  CONTRACT FOR SECURING DEPOSIT OF PUBLIC FUNDS.  (a)  A public entity may contract with a bank that has its main office or a branch office in this state to secure a deposit of public funds.

(b)  The contract may contain a term or condition relating to an investment security used as security for a deposit of public funds, including a term or condition relating to the:

(1)  Possession of the collateral;

(2)  Substitution or release of an investment security;

(3)  Ownership of the investment securities of the bank used to secure a deposit of public funds; and

(4)  Method by which an investment security used to secure a deposit of public funds is valued.[9]

I) Sec. 2257.025.  RECORDS OF DEPOSITORY.

(a)  A public entity’s depository shall maintain a separate, accurate, and complete record relating to a pledged investment security, a deposit of public funds, and a transaction related to a pledged investment security.

(b)  The comptroller or the public entity may examine and verify at any reasonable time a pledged investment security or a record a depository maintains under this section.

Sec. 2257.026.  CHANGE IN AMOUNT OR ACTIVITY OF DEPOSITS OF PUBLIC FUNDS.  A public entity shall inform the depository for the public entity’s deposit of public funds of a significant change in the amount or activity of those deposits within a reasonable time before the change occurs.

SUBCHAPTER C. CUSTODIAN; PERMITTED INSTITUTION

Sec. 2257.041.  DEPOSIT OF SECURITIES WITH CUSTODIAN.

(a)  In addition to other authority granted by law, a depository for a public entity other than a state agency may deposit with a custodian a security pledged to secure a deposit of public funds.

(b)  At the request of the public entity, a depository for a public entity other than a state agency shall deposit with a custodian a security pledged to secure a deposit of public funds.

(c)  A depository for a state agency shall deposit with a custodian a security pledged to secure a deposit of public funds.  The custodian and the state agency shall agree in writing on the terms and conditions for securing a deposit of public funds.

(d)  A custodian must be approved by the public entity and be:

(1)  A state or national bank that:

(A)  Is designated by the comptroller as a state depository;

(B)  Has its main office or a branch office in this state; and

(C)  Has a capital stock and permanent surplus of $5 million or more;

(2)  The Texas Treasury Safekeeping Trust Company;

(3)  a Federal Reserve Bank or a branch of a Federal Reserve Bank;

(4)  a federal home loan bank; or

(5)  a financial institution authorized to exercise fiduciary powers that is designated by the comptroller as a custodian pursuant to Section 404.031(e).

(e)  A custodian holds in trust the securities to secure the deposit of public funds of the public entity in the depository pledging the securities.

Sec. 2257.042.  DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION.

(a)  A custodian may deposit with a permitted institution an investment security the custodian holds under Section 2257.041.

(b)  If a deposit is made under Subsection (a):

(1)  The permitted institution shall hold the investment security to secure funds the public entity deposits in the depository that pledges the investment security;

(2)  The trust receipt the custodian issues under Section 2257.045 shall show that the custodian has deposited the security in a permitted institution; and

(3)  The permitted institution, on receipt of the investment security, shall immediately issue to the custodian an advice of transaction or other document that is evidence that the custodian deposited the security in the permitted institution.[10]

 Sec. 2257.043.  DEPOSITORY AS CUSTODIAN OR PERMITTED INSTITUTION.

(a)  A public entity other than a state agency may prohibit a depository or an entity of which the depository is a branch from being the custodian of or permitted institution for a security the depository pledges to secure a deposit of public funds.

(b)  A depository or an entity of which the depository is a branch may not be the custodian of or permitted institution for a security the depository pledges to secure a deposit of public funds by a state agency.[11]

Sec. 2257.044.  CUSTODIAN AS BAILEE.

(a)  A custodian under this chapter or a custodian of a security pledged to an institution of higher education, as defined by Section 61.003, Education Code, whether acting alone or through a permitted institution, is for all purposes the bailee or agent of the public entity or institution depositing the public funds with the depository.

(b)  To the extent of any conflict, Subsection (a) prevails over Chapter 8 or 9, Business & Commerce Code.[12]

Sec. 2257.045.  RECEIPT OF SECURITY BY CUSTODIAN

  On receipt of an investment security, a custodian shall:

(1)  Immediately identify on its books and records, by book entry or another method, the pledge of the security to the public entity; and

(2)  Promptly issue and deliver to the appropriate public entity officer a trust receipt for the pledged security.[13]

Sec. 2257.062.  PENALTIES.

(a)  The comptroller may revoke a depository’s designation as a state depository for one year if, after notice and a hearing, the comptroller makes a written finding that the depository, while acting as either a depository or a custodian:

(1)  Did not maintain reasonable compliance with this chapter;  and

(2)  Failed to remedy a violation of this chapter within a reasonable time after receiving written notice of the violation.

(b)  The comptroller may permanently revoke a depository’s designation as a state depository if the comptroller makes a written finding that the depository:

(1)  Has not maintained reasonable compliance with this chapter; and

(2)  Has acted in bad faith by not remedying a violation of this chapter.[14]

Sec. 2257.082.  FUNDS OF EXEMPT INSTITUTION.

An exempt institution is not required to have its funds fully insured or collateralized at all times if:

(1)  the funds are held by:

(A)  a custodian of the institution’s assets under a trust agreement;  or

(B)  a person in connection with a transaction related to an investment;  and

(2)  the governing body of the institution, in exercising its fiduciary responsibility, determines that the institution is adequately protected by using a trust agreement, special deposit, surety bond, substantial deposit insurance, or other method an exempt institution commonly uses to protect itself from liability.

Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.

Sec. 2257.083.  INVESTMENT; SELECTION OF DEPOSITORY.  This chapter does not:

(1)  Prohibit an exempt institution from prudently investing in a certificate of deposit;  or

(2)  Restrict the selection of a depository by the governing body of an exempt institution in accordance with its fiduciary duty.

SUBCHAPTER F.  POOLED COLLATERAL TO SECURE

DEPOSITS OF CERTAIN PUBLIC FUNDS

Sec. 2257.101.  DEFINITION.  In this subchapter, “participating institution” means a financial institution that holds one or more deposits of public funds and that participates in the pooled collateral program under this subchapter.[15]

Sec. 2257.107.  PENALTY FOR REPORTING VIOLATION.

The comptroller may impose an administrative penalty against a participating institution that does not timely file a report required by Section 2257.105.[16]

Sec. 2257.109.  PENALTY FOR FAILURE TO PAY ASSESSMENT.

The comptroller may impose an administrative penalty against a participating institution that does not pay an assessment against it in the time provided by Section 2257.106(c).

Sec. 2257.110.  PENALTY AMOUNT; PENALTIES NOT EXCLUSIVE.

(a)  The comptroller by rule shall adopt a formula for determining the amount of a penalty under this subchapter.  For each violation and for each day of a continuing violation, a penalty must be at least $100 per day and not more than $1,000 per day.  The penalty must be based on factors that include:

(1)  the aggregate[17] average weekly deposit amounts during the state fiscal year of the institution’s deposits of public funds;

(2)  the number of violations by the institution during the state fiscal year;

(3)  the number of days of a continuing violation; and

(4)  the average asset base of the institution as reported on the institution’s year-end report of condition.

(b)  The penalties provided by Sections 2257.107-2257.109 are in addition to those provided by Subchapter D or other law.

Sec. 2257.111.  PENALTY PROCEEDING CONTESTED CASE.

A proceeding to impose a penalty under Section 2257.107, 2257.108, or 2257.109 is a contested case under Chapter 2001.

Sec. 2257.112.  SUIT TO COLLECT PENALTY.

The attorney general may sue to collect a penalty imposed under Section 2257.107, 2257.108, or 2257.109.

9. LIABILITIES AND RIGHTS FOR THE ACCEPTOR OF HONOR:

According to the Negotiable Instrument Act, the following are the liabilities and rights of an Acceptor for Honor:

  1. A.     An acceptor for honor binds himself to all the parties coming after the party for whose honor he accepts to pay the amount of the bill of the drawer does not and such party and all priors parties are in their respective capacity to compensate the acceptor for honor for all loss or damage sustained by him in consequence of such acceptance.

But an acceptor for honor is not liable to the hosderof the bill unless it is presented for in case the address given by such acceptor on the boll is a place other than the place where the bill is made payable  for warded for presentment ,not eater than the day next after the day of its maturity,section-3

  1. B.     An acceptor for honor cannot be charged unless the bill has at its maturity, been presented to the drawer for payment and has been dishonored by him and noted or protested for such dishonor section 112.

10. LOAN COURT:

The Committee   has made all told12 recommendations, or. Recommendations are given below:

Such

a          Loan Courts should be full-lime courts engaged[18] only in trial of loan cases. ‘

b.         Judges qualified to be district judge should be appointed in loan courts for a minimum of three year.

c.         Such courts should have recovery and other officers and

d.         Appellate courts under the law should also be established.

e.         Loan Courts may try cases of Taka five lac and above.

11. RECOVERY ACT.

f.   For appeal in such cases, at least 15 percent of the loan under dispute should be repaid by the borrower.

g.   Cases should be tried in full within six months and hearing may be adjourned[19] only for a maximum three times.

h.   For implementation of the decree, maximum one year should

be given.

12.Private Bank:

Third highest number of recommendation has been taken for the private bank. There are 33 recommendations for the private bank. Of these some of recommendation is given below.

  • Criminal cases should be filed against directors responsible for fraudulently taking loan from the bank.
  • A bank company must be public limited company under company act- 1994.
  • Sponsor capital should be minimum twenty laces.
  • Proposal for foreign bank should be reciprocal basis.
  • Chief Executive Officers will be held responsible to the Board of day to day management of the affairs of the bank within rules.
  • Duties and responsibility of Board of directors should be framed.

 13. Bangladesh Bank Can Not Do

Though the name includes the word bank after it, Bangladesh Bank is no1 like other banks. It does not deal with the member’s public except in the case of treasury functions. Neither receipts deposit from nor does it lend money to the people like other banks. Many other functions are also by law forbidden for Bangladesh Bank. For example, as per Article-19 of Bangladesh Bank Order-1972,

Bangladesh Bank shall not:

  • Engage in trade or otherwise have a direct interest in any commercial, industrial or other undertaking except for some specific purposes;
  • Advance money on the mortgage of immovable property or documents of title except for some specified purposes;
  • Some the owner of any immovable property except for some specified purposes;
  • Make unsecured advances and loans and
  • Draw or accept bills payable otherwise than on demand

 14. CONSEQUENCE OF UNDUE INFLUENCE:

 It has been stated under section 19A-that a contract is voidable at the option of the party who has given consent to an agreement being persuaded[20] by undue influence. The affected person /party can cancel such agreement completely. If the party so affected has received any benefit by such contract, in that case the court can set aside on the basis of terms and conditions as considered just. Of course, the affected party may, act his option; treat the agreement as binding and enforceable.

15. LAW RELATING TO NEGOTIABLE INSTRUMENTS:

 ‘Definition: Section 13(1) of the Negotiable Instrument A: of 1881 has defined Negotiable Instrument asNegotiable Instrument means promissory Note. Bill of Exchange or Cheque payable either to order or to thereafter.” From definition it appears that In Bangladesh only three kin is of instruments are recognized in” i the Act as negotiable instruments, namely promissory notes. Bills of Exchange and cheques. Despite some discrimination about 3:11 of Lading, Dividend Warrant, etc., have also been accepted as ‘Negotiable Instruments. The law .relating to negotiable instruments is contained in the Negotiable Instrument Act of – 1881 Act is based on English Law. It is more_ or less a codification of the English common law rules on the subject. Negotiable instruments are controlled by the Negotiable Instrument Act, 1881 Characteristics of Negotiable Instruments act

The   following are Instruments—

Characteristics   of Negotiable

  1. A.     Promissory Note:

Definition— Section- 4 of the Negotiable Instrument Act, 1851 has defined promissory note as “An instrument in writing (not being bank Note or a Currency Note) containing an unconditional undertaking, signed by the maker, to pay” a certain some of  money to or to the order of a certain person, or to the bearer of the instrument.” There are two parties in a promissory note, namely promissory and Promise. Promissory is one who makes the promissory note. The promise is one who receives the money mentioned in the promissory note.

  1. B.      Bill of exchange:

Definition:

Section 5 of the Negotiable instrument Act defines a Bill of Exchange in the following way –“A Bill of Exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument.

Characteristics of bill of exchange the following are the characteristics of the bill of exchange .These essentials are required to be fulfilled for the instrument to be valid

  • The bill must be writing
  •  The bill is to be signed by the drawer .If it is not signed it will not be considered as complete bill of Exchange.
  • In the bill there must be an express and unconditional order to pay money .This element contains three things namely
  • There must be an order (not request)
  • The order must be for paying money .It is not for giving any material or thing.
  • The order should be unconditional
  • The amount of money payable must be certain and it must be in the legal tender money o Bangladesh
  • The drawe, drawer and the payee must be certain and definite persons. If the instrument contains wrong name of the payee or his official designation in that faces are the instrument will be considered a valid bill
  • The bill must be properly stamped otherwise it will not be accepted as proof .If any of the above discussed elements is not present in the instrument in that cease no boll will be treated as lawful bill of exchange.

 16. Conclusion:

 The banking system is one of the few institution that impinge on the economy and affect its performance for better or worse .Banks as the development agency are the source of hope and aspirations of the masses. The commercial bank plays an important role in mobilizing savings of economically surplus units, which are widely scattered. They also help in capital formation and capital accumulation which are very necessary for building infrastructure and setting up of basic c and key industries in the economy .The banks are very important instrument of macro –economic policy to stabilize economy.

 Bibliography:

1. Money, Credit, and Banking

Vol. 30, No. 3 (August 1998, Part 2

ROSS LEVINE: 597

 2. GOVERNMENT CODE AND

   SUBTITLE F. STATE AND LOCAL

   CHAPTER 2257. COLLATERAL FOR PUBLIC FUNDS

 3. Bank and Legal Enviroment

    Dr.R.M Debnath

 4. Depository Participant

    Law and Practice

    Vijay J.Gaba

5. Graduation and Individual Loan

    Malcolm Harper

 6. Commercial Banking

    G.P Kapoor

 7. Commercial Law

    M Ahmed

  [1] When some happens in periodic time,occurance then it is called cyclical fluctuation

[2] Cheques

[3]  According to these act a sum of money to be deposited, Bank and legal system, page-32.

[4] A national Commission on Money and Credit (CMC) was established November 21, 1957, by Donald K. David, Chairman of the Committee for Economic Development (CED), [1] to make the first extensive investigation of the U.S. monetary system since the Aldrich Commission of 1908-1911. The report of the Commission was published in June 1961 and it was subsequently disbanded.

[5]“forceful, vigorous, especially in effecton bowels,” from Gk. drastikos “effective,”from drasteon “(thing)

[6]  interpret,” from ex- “out” +hegeisthai “to lead, guide

[7] SECTION 3. Amends Section 2257.041(d), Government Code, as follows: (d)  Requires a custodian to be approved by the public entity and to meet certain requirements, including being a financial institution authorized to exercise fiduciary powers that is designated by the comptroller as a custodian pursuant to Section 404.031(e).  Makes no substantive changes.

[8] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.48(a), eff. Sept. 1, 1995;  Acts 1995, 74th Leg., ch. 914, Sec. 5, eff. Sept. 1, 1995;  Acts 1997, 75th Leg., ch. 254, Sec. 1, eff. Sept. 1, 1997;  Acts 1997, 75th Leg., ch. 891, Sec. 3.22(4), eff. Sept. 1,1997;  Acts 1997, 75th Leg., ch. 1423, Sec. 8.70, eff. Sept. 1, 1997;  Acts 1999, 76th Leg., ch. 62, Sec. 7.63, eff. Sept. 1, 1999.

[9] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1999, 76th Leg., ch. 344, Sec. 5.006, eff. Sept. 1, 1999.

[10] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.

[11] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.

[12] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.

[13] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.

[14] Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1997, 75th Leg., ch. 891, Sec. 3.19, eff. Sept. 1, 1997.

[15] Added by Acts 2009, 81st Leg., R.S., Ch. 486, Sec. 1, eff. September 1, 2009.

[16] Added by Acts 2009, 81st Leg., R.S., Ch. 486, Sec. 1, eff. September 1, 2009

[17] formed by the conjunction or collection of particulars into awhole mass or sum; total; combined

[18] to occupy the attention or efforts of (a person or persons)

[19] An adjournment is a suspension of proceedings to another time or place. To adjourn means to suspend until a later stated time or place.

[20] Cause (someone) to do something through reasoning or argument