Part 6

The rate of interest for savings deposits, which is never to exceed 3 per cent per annum, after having been placed before the special Council (art. 1) will be fixed by the Minister of Commerce in concert with the Ministers of the Interior and of Finances, by way of ordinances, and every alteration is to be published in the Imperial Law Pamphlets (_Reichs-Gesetz-Blatte_) in the official part of the «Vienna Gazette» (_Wiener Zeitung_) and in the various official gazettes.

The new rate of interest will begin to come into operation on the 1^{st} and 16^{th} of the month which follows its publication and will also apply to deposits made previously.

ARTICLE 9.

Savings deposits bear interest commencing from the 1^{st} or the 16^{th} day of the month following the date of their payment, and the interest ends on the 15^{th} or last day of the month preceding the arrival of the notice of the expiration of the agreement with the Post Office Savings Bank at Vienna.

Sums under a florin are not to bear interest.

The 31^{st} of December, each year, the interests accruing are to be added to the capital and from that time forward they also bear interest.

In the calculation of interest each month is to be regarded as 30 days.

The officially prepared table of interest is to be publicly posted up in the receiving offices (post offices).

ARTICLE 10.

Any amount exceeding 1,000 florins to the credit of a savings deposit is not to bear interest.

ARTICLE 11.

The Post Office Savings Bank is obliged as soon as the deposits and capitalized interest of a depositor surpasses the figure of 1,000 florins, by a registered letter, to require the depositor to lessen his capital.

If during the month following the depositor has not lessened the balance to his credit, then at the expiration of the period, bonds of the state debt bearing interest in notes will in the course of the day be officially bought to the nominal amount of 200 florins, and the depositor is to be informed of the fact.

From the time of the sending out of the notice until the reduction is effected in the balance to the credit of a depositor no interest will accrue.

In case the depositor on whose account the bonds were bought, does not withdraw the documents, the Post Office Savings Bank will receive the interest falling in on the bonds under its care and will enter these interests in the books of the institutions as a new deposit in favour of the depositor.

For the State funds belonging to a depositor lying at the Post Office Savings Bank a book is to be issued.

ARTICLE 12.

At the request of a depositor and that the balance in his favour is sufficient, it can be employed in the purchase of Austrian State Funds.

ARTICLE 13[S].

The payment back of the balance in favour of a depositor or any part of it to him or to his legal heir or authorised agent, will take place upon a notice which can be made by the party giving it, at the receiving office (Post Office) which he names in the notice.

The payment back is to made through the receiving office (Post Office) named in the notice, on production of the deposit-book, on the basis of an assignment by the Post Office Savings Bank, except the payment is according to Article 14 barred by legal proceedings having been instituted, or according to Articles 6 and 17, by a protest having been made.

When such notice has been given with reference to sums up to 10 florins, the assignment will be sent by the Post Office Savings Bank by return of post and the payment back will be made by the receiving office (Post Office) immediately after its arrival.

The repayment of sums between 10 and 100 florins will be made in a fortnight at the latest, that of sums between 100 and 500 florins in a month at the latest, that of sums above 500 florins, at the latest within two months after the arrival of the notice.

The Administration is however authorised, with power of countermand and under necessary precautions to permit sums up to 20 florins of which notice has been given to be immediately paid at one of the authorised receiving offices without waiting for the arrival of the foregoing assignment from the Post Office Savings Bank.

ARTICLE 14.

If a deposit-book proves to be lost the following proceedings occur:

The owner has, in order to obtain a duplicate to give immediate notice of the loss, either directly to the Post Office Savings Bank, or to the nearest receiving office (Post Office) with as exact an account as possible of its characteristic marks.

The Post Office Savings Bank immediately orders a note of the characteristic marks to be entered in its books with the result that meanwhile no payment is made to anyone on the lost deposit-book.

At the same time the Post Office Savings Bank causes a public placard to be put up at the Post Office where the lost book was issued, and also in that to which perhaps it might be forwarded, by which all persons are informed that at the expiration of a month from the date of its publication, if no claim to the lost book is made in the interval, it will be cancelled and declared null and void, and a new one issued.

If within the month no claim is made, the Post Office Savings Bank will on payment of a fee of 10 kreutzers Austrian currency, issue a duplicate and declare the deposit-book proved lost, to be null and void.

If a claim is made during the course of a month, the Post Office Savings Bank must refer the parties to the ordinary tribunals, and no duplicate is to be issued nor any proceedings permitted with reference to the lost book until the validity of the outstanding claim has been decided by a legal judgement.

ARTICLE 15.

The statement of paragraph 1480 of the General Civil Code, by which claims to arrears of interests are lost after three years, has no application to interests of depositors in the Post Office Savings Bank.

In relation to the lapse of Post Office Savings Bank deposits the ordinary legal decisions will be relied upon. Lapsed deposits fall into the postal treasury. Such a lapsing of deposits will be stopped by every new payment, every notice for payment back, every entry of interest in the deposit book.

ARTICLE 16.

State bonds bought officially, or at the request of depositors, and kept at the Post Office Savings Bank fall into the postal treasury, if, during a lapse of 40 years, no one has laid claim either to the deposit or to the interest, and the depositor has not forwarded to the Post Office Savings Bank any order whatever with reference to them.

ARTICLE 17.

Neither savings deposited at the Post Office Savings Bank, nor the Post Office Savings Bank deposit-books can be sequestered, and in like manner they cannot be used as security. Nor can a deposit-book be seized or taken in distraint.

These restrictions have no application to the books mentioned in Articles 11 and 12, as issued for the state bonds bought for a depositor.

If a depositor declares himself insolvent, the Official Receiver is empowered to give notice to the Post Office Savings Bank to pay him the balance in favour of the depositor, and thereon to give a receipt.

A protest against the payment back of a savings deposit can only be considered in case a lawsuit has been entered into with reference to the right of property in a deposit-book, or on the hypothesis which Article 6 meets.

ARTICLE 18.

The reserve fund which is primarily intended to cover every possible loss which may occur to the Post Office Savings Bank is to be formed by the laying aside of the surpluses which remain at the close of the administrative years from the produce of the savings-money deposited, after deduction for interest paid, administrative and other expenses, and after restitution of the advances made from the postal budget.

The reserve fund is to be gradually stored up until it reaches 5 per cent of the total amount of the deposits, but it must never go beyond the point of two million Austrian florins.

ARTICLE 19.

The reserve fund capital is to be placed at interest and whatever it brings in is to be added to the reserve fund so long as this last has not reached the maximum fixed.

When the reserve fund has reached the above mentioned point, all the business profits will be entered to the credit of the Postal Revenue.

ARTICLE 20.

The Post Office Savings Bank is to render a formal account of the administration of the savings-money paid in at the receiving offices (Post offices), and the duty of the control lies with the supreme audit-office.

At the end of each solar year the Minister of Commerce will communicate to both Houses of the Imperial Council, a detailed business statement with reference to the administration, working and position of the Post Office Savings Bank and will publish the same in the official part of the «Vienna Gazette».

The Post Office Savings Bank will periodically make known the actual position of the institution in the «Vienna Gazette».

ARTICLE 21.

The correspondence of the Post Office Savings Bank and its organs with the depositors is post free.

The revenue of the Post Office Savings Bank is exempt from duty.

In the business of the Post Office Savings Bank all legal documents passing between the Bank, the authorities or the organs of the Bank and the depositors, their legal heirs or authorised agents, are free from stamp duty and taxes. In like manner the interest of savings-deposits is exempt from the Income-tax and from any tax which may replace it in time to come.

ARTICLE 22.

The exact time when the Post Office Savings Bank in Vienna, as well as the receiving offices will commence their work will be fixed by the Minister of Commerce.

ARTICLE 23.

The carrying out of this law is entrusted to the Minister of Commerce.

II

Law of November 19^{th} 1897

_containing alterations in the Law of May 28^{th} 1882 (R. G. Bl. N^o 56) and decisions with regard to the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank (R. G. Bl. N^o 133)._

With the consent of the two Houses of the Imperial Council I ordain as follows:

§ 1.

The arrangements of the Law of May 28^{th} 1882, contained in the Articles 5, 6, 7, 8 and 13 (_R. G. Bl._ N^o 56) will no longer be in force.

In their stead will come the following arrangements, indicated in the articles bearing the same numbers.

(_The articles altered: 5, 6, 7, 8 and 13, are with their new text given in Appendix I, containing the Law of May 28^{th} 1882._)

§ 2.

To the existing Orders' (Cheque and Clearing) Service of the Post Office Savings Bank the modifications in the Law of May 28^{th} 1882 (_R. G. Bl._ N^o 56) as well as the alterations refered to in § 1 of the present Law, have no application.

An exception, however, occurs with reference to articles 1, 20 and 21 of the above mentioned Law which are to be applied to the aforesaid service conformably to their sense.

In addition to which the Government is authorized to regulate this service by way of ordinances.

Apart from such regulations the service is to proceed according to the following determinations.

§ 3.

The administration and keeping of the accounts of the Orders' (Cheque and Clearing) Service at the Post Office Savings Bank are to be carried on separately from those of the Savings' service.

Participation in the Cheque service with or without inclusion in the Clearing service is to be granted by the Post Office Savings Bank on paying in a guarantee deposit.

The Post Office Savings Bank will open an account for each participant.

§ 4.

The guarantee deposit remains in the Post Office Savings Bank as long as the holder of the account continues a participant in the Cheque service and contingently also in the Clearing service.

In case a holder of an account on the one side, or the Post Office Savings Bank on the other, wishes to give notice to withdraw, which either can do at any time, the guarantee-deposit will, within a fortnight at latest after receiving the notice, be repaid.

To the Post Office Savings belongs also the right by giving notice of the repayment of the guarantee-deposit to cause the immediate withdrawal of a participant and it has also the right to decline, without giving any reason a request to participate in the Cheque and Clearing service.

§ 5.

The amount of the guarantee-deposit, which is on every occasion to be paid in specie, will be always fixed by way of ordinance.

This fixing can be arranged in such a way, that in the event of the whole transactions exceeding an agreed maximum sum the guarantee deposit is to be increased.

§ 6.

The rate of interest for deposits in the Orders' (Cheque and Clearing) service cannot rise higher than two per cent per annum.

The Government is empowered within this maximum point to fix the rate of interest for deposits.

The Government can also ordain that the abovementioned deposits, especially the guarantee deposits shall either bear no interest at all or only partially do so.

§ 7.

Of the money paid into the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank there will always be kept in hand a portion in specie adequate to meet probable needs.

The surplus remaining is to be placed out at interest in such a way as always to assure the complete fulfilment of the engagements entered into.

The placing out can be made:

1. By acquiring partially mortgaged bills of exchange (salt mine, treasury bonds).

2. By opening at a banking establishment a running account at short dates of payment (a deposit running account).

3. By advances on security of bonds of the United National Debt and of the National Debt of the kingdoms and lands represented in the Imperial Council, also those Austrian bills upon which loans are permitted by the statutes of the Austro-Hungarian Bank, finally upon stock and other securities in the Austro-Hungarian Bank. (Advances with the exception of accounts booked.)

4. By discounting coupons of the funds pointed out in N^o 3, also in prize-tickets in the Austrian State Lottery, also of other funds indicated in N^o 3, repayable by draft, last on discharge certificates of Customs duties.

5. By discounting Bills of Exchange to be cashed at a Bank, a Savings Bank, or else at a Deposit or Credit Company, registered according to the Law of April 9^{th} 1873 (Z. 70 R. G. Bl.).

6. By purchase of bonds of the National Debt, deeds of mortgage or bonds having priority rights, in so far as such stocks are, in conformity with N^o 3, capable of being taken in deposit.

The duration of the loans described in N^o 3, as well as the paper to be discounted, described in N^o 4, and the bills of Exchange within the kingdoms and lands represented in the Imperial Council as described in N^o 5, is limited to three months.

In selecting what to take in deposit, or what to buy, in fixing the extent of the sum to be lent out, as well as the choice of the institutions with which it is to enter into business relations, the Post Office Savings Bank is to seek direction from the Ministry of Finance.

§ 8.

The Orders (Cheques) issued in the Orders' (Cheque and Clearing) Service are subject to no other tax than that fixed by the Law of February 29^{th} 1864, § 7 (R. G. Bl. N^o 20) of 2 kreutzers a piece.

The declarations which, in conformity with the regulations of the Orders Service are added to the order (cheque) by the Drawer, especially such as the declaration by which a third person is designated as Receiver of the sums assigned, or by which commissions are given for the issuing of post-office orders or the retiring of bills, etc.; also the authorisations for the Post Office Savings Bank and the receipt-vouchers, reciprocally given by the Post Office Savings Bank Office and participants, are free from stamp duty and taxation.

In like manner the extracts forwarded to parties from their accounts are free from stamp duty and taxation.

In respect of sums received in current account by the Post Office Savings Bank, the payment of the percentage tax fixed by the Law of February 29^{th} 1864, § 7, paragraph 2 (R. G. Bl. N^o 20) does not operate.

§ 9.

For the use of the Orders' (Cheque and Clearing) Service the Post Office is to impose special fees.

In addition to the already existing fees and repayment of the cost price of printed matter supplied to parties interested, the Government is empowered to impose to the amount stated below the following fees:

1. A record-fee of 2 kreutzers for each official act with reference to the account (Deposit, Assignment, Entry to credit or debit).

2. A commission up to the maximum of 1/4 the thousand on the paying out side of the account (Entering to the debit). These fees are to be taken by the Post Office Savings Bank deducting them from the account.

§ 10.

For the Orders' (Cheque and Clearing) Service, a special Reserve fund is to be formed, which is primarily intended to cover possible losses which may result from the service.

This Reserve fund is to be formed from what remains of the surpluses at the close of the administrative year after deduction resulting from the possible deficit in the Savings Service.

This allotment of the surpluses is to continue as long as the Reserve fund designated has not reached the point of 5 per cent of what remains of the deposit capital in the Orders' (Cheque and Clearing) Service, at the close of the year, after deduction of the payments back.

The money of the Reserve fund formed for the Orders' (Cheque and Clearing) Service is to be placed out at interest under the restrictions of § 7 as to the nature of such arrangements, and the produce accruing from time to time, is to be added to the Reserve until it has reached the abovementioned point.

The Reserve fund having reached this point, the whole of the profits on the business done in the Orders' (Cheque and Clearing) Service will accrue as receipts to the Postal Revenue.

To what remains the determinations of Article 4 of the Law of May 28^{th} 1882 (R. G. Bl. N^o 56) understood in conformity with their sense will apply.

§ 11.

The determinations of §§ 2 to 10 of the present Law apply from the time it comes into operation, also to deposits paid in before that time to the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank.

§ 12.

With the execution of this Law which comes into operation from the date of its publication, together with the partially altered Law of May 28^{th} 1882 (R. G. Bl. N^o 56) My Minister of Commerce and My Minister of Finance are charged.

III

Ordinance of the Ministry of Commerce

_in agreement with the Ministry of the Interior and with the Finance Ministry, November 22^{nd} 1887, by which on the basis of the Law of November 19^{th} 1887 (R. G. Bl. N^o 133) Regulations with reference to the Orders' (Cheque and Clearing) Service in the Post Office Savings Bank are issued._

In carrying out the Law of November 19^{th} 1887 (R. G. Bl. N^o 133) by which alterations were made in the Law of May 28^{th} 1882 (R. G. Bl. N^o 56), and determinations with regard to the Orders' (Cheque and Clearing) Service in the Post Office Savings Bank, the Ministry of Commerce in agreement with the Ministry of the Interior and the Finance Ministry ordains as follows:

A.--_Savings Service._

§ 1.

The highest point of the rate of interest, according to the determination of the Special Council of the Post Office Savings Bank, is to be fixed at _three_ per cent per annum.

§ 2.

Whoever pays the first deposit in favour of another--of the Depositor and signs the deposit-book in this name, is to be called the Payer.

The Depositor is at any time entitled without the intervention of the Payer to appear at a Receiving Office and to have his own signature accepted.

As long as the Depositor has not exercised this right, the Post Office Savings Bank will consider the Payer as authorised in the name of the Depositor to dispose of the balance in his favour, unless the Post Office Savings Bank has been made aware that it is against the depositor's will.

§ 3.

Until further notice Repayments may be made of sums up to 20 florins, immediately upon notice of recall, by duly authorised Receiving Offices, without previous assignment from the Post Office Savings Bank.

§ 4.

Business regulations which have been made by the Post Office Savings Bank not in present agreement with the arrangements of articles 5, 6, 7, 8 and 13 of the Law of November 19^{th} 1887 (R. G. Bl. N^o 133) in relation with §§ 2 and 3 of the present Ordinance are out of force.

B.--_Orders' (Cheque and Clearing) Service._

§ 5.

In carrying out § 2 of the Law of November 19^{th} 1887 (R. G. Bl. N^o 133), the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank is to be regulated by the rules existing with reference to them in the Post Office Savings Bank applied in such a manner as the alterations of the aforesaid Law as well as the following determinations render necessary.

§ 6.

The Post Office Savings Bank will keep separate the accounts and administration of the Orders' (Cheque and Clearing) Service from those of the Savings Service.

Participation in the Orders' (Cheque and Clearing) Service is also to be allowed to persons who are not depositors in the Savings Service. It will be granted on payment of a Guarantee-deposit, and of course if the participant wishes he can enter the Clearing as well as the Cheque Service.

In order to obtain permission to be a participant in the Orders' Service the person wishing to enter has to ask for an account to be opened and to pay in the Guarantee-deposit.

This request is to be made on one of the forms issued by the Post Office Savings Bank, which are to be delivered gratuitously at all post-offices and to be forwarded to Vienna post paid under an enclosure containing the sum for the desired Cheque and Receipt books.

To the Post Office Savings Bank belongs the right to refuse a request for admission as participant in the Orders' (Cheque and Clearing) Service without giving reasons (§ 4 of the Law).

The Guarantee-deposit is to be paid within a month at any Receiving Office after the grant of the said request by using a Receipt (Pay) certificate.

The Post Office Savings Bank opens an account for each participant. Deposit-books are no longer to be used in the Orders' (Cheque and Clearing) Service.

§ 7.

The amount of the Guarantee-deposit will until further notice be fixed at 100 florins.

The Guarantee-deposit will remain at the Post Office Savings Bank as long as the holder of an account continues a participant in the Orders' (Cheque and Clearing) Service. During participation in the Orders' (Cheque and Clearing) Service, the Guarantee-deposit cannot be disposed of and in case the participant should withdraw from the Service it can only be paid back upon 15 days notice (§ 4 of the Law).

§ 8.

The deposits in the Orders' (Cheque and Clearing) Service, including the Guarantee-deposit, will until further notice bear interest at 2 per cent per annum. The interest begins from the 1^{st} or from the 16^{th} of the month following the booking of the deposit, and terminates at the expiration of the 15^{th} or from the last day of the month which precedes the writing off from the account of the sum assigned for payment.

Sums under one florin will not bear interest.

On the 31^{st} of December in every year the interest accruing will be added to the capital and will in like manner bear interest.

In reckoning the interest every month will be regarded as thirty days.

§ 9.

The Post Office Savings Bank has always the right to give notice to a participant to withdraw his Guarantee-deposit, with the result that from the day the participant receives the notice he can no longer dispose of the balance to his credit by way of cheques (§ 4 of the Law).

§ 10.