N ationa l Mone tary Commission


other arrangements was recorded in favor of a third party prior to the pledge of the right to the Reichsbank. The pledge of the right of claims may also be used for the purpose of defraying the cost incurred in the issue of the certificates of indebtedness.
  The debt administration shall inform the Reichsbank, at the time of issuing certificates of indebtedness to the latter of the later transfers of the right to the claim.
  The provisions of section 20 stipulate for the compensation to be demanded by the Reichsbank out of the certificates of indebtedness to be issued by the debt administration.
Article 7.
  Section 22 of the Bank Act is to be changed to the following provision:
  The Reichsbank is required to take charge of the business of the imperial treasury without compensation.
  The Reichsbank is authorized to assume the obligation of administering the similar business of the federated States.
Article 8.
  Articles 3, 4, 5, and 6 of this law shall go into effect on the 1st of January, 1910. The other provisions shall go into effect on the 1st of January, 1911.
  Issued over our imperial signature and seal.
  Given at the New Palace, the 1st of June, 1909.
           (Signed)       William,
von Bethmann Hollweg.

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