7

A.—9

effect until these loans have been entirely repaid. (2.) The law of the 23rd January, 1856. (8.)- The decree of the 9th March, 1867. In the name of the Great Council. Zyro, President. Berne, 2nd April, 1875. M. de Sturler, Chancellor.

Decree Relating to the Execution of the Law on the Land-mortgage Bank. — (16th September, 1875.) The Great Council of the Canton of Berne, in execution of article 38 of the law of the 18th July, 1875, on the Land-mortgage Bank, on the motion of the Executive Council, decrees :— A. Officials of the Administration of the Land-mortgage Bank. I. Administrative Council. Article 1. The duration of the functions of the Administrative Council, composed of fifteen members, is fixed at six years. Every two years five members retire. The order of such retiring is, for the first time, determined by lot. The retiring members are eligible for re-election. At least five members of the Administrative Council must reside at Berne. Article 2. Relations in ascending and descending line, as well as brothers and brothers-in-law, cannot at the same time form part of the Administrative Council. Article 3. The ordinary meeting of the Administrative Council shall take place once a year at the summons of its President, and, besides, meetings shall be held as often as occasion requires on the order of the Directory. Extraordinary meetings shall also be held whenever five members wish it. The presence of at least eight members is necessary to make its decisions valid. The absolute majority of the members present is decisive. The President has the right of voting like the other members. The side on which the President has voted shall be considered in the majority. Article 4. The Administrative Council decides, on the advice and recommendation of the Directory to be nominated by it (article 32 of the law on the Land-mortgage Bank) —(I) Upon all the regulations regarding the organization and the conduct of business; (2) upon the main principles to be applied to matters concerning the loans to be granted by the Landmortgage Bank; (3) upon the rate of interest of the General f_and-mortgage Bank, and upon the charges to be collected upon loans to be granted (articles 15 and 16 of the law on the Landmortgage Bank) ; (4) upon the detailed conditions respecting the receipt of deposits bearing interest; (5) upon the more precise conditions upon which the extraordinary investment of funds may take place; (6) on the nomination of assistants, the selection of whom is also its duty. The Administrative Council examines, moreover, the accounts and reports of the working of the establishments. The Administrative Council has also the right-to adjourn, upon the advice of the Directory [refer to the Directory for its opinion], questions relating to the establishment. 11. Directory. Article 5. The Directory, consisting of five members, meet as often as occasion requires. The presence of at least three members is necessary to give Validity to its decisions. Its decisions are decided by the majority of votes when the law does not expressly require unanimity (article 3of the law of the Land-mortgage Bank). The President has the right of voting like the other members. When the votes are equal, the side on which the President has voted shall be considered to be in the majority. Article 6. The Directory, while guiding itself by the laws, decrees, and ordinances, has the care of the conduct of business as regards details. In particular, its duties are —(1) To decide on all applications to the Land-mortgage Bank for loans, or upon the funds intrusted to its administrators; (2) to decide on the withdrawal of mortgages and other equivalent matters; (3) to decide as to the extraordinary employment of funds, within the limits to be determined by regulation (article 27 of the law on the Land-mortgage Bank); (4) to decide as to the legal proceedings to be taken; (5) to supervise the officials' management in general, and to examine periodically the accounts, the cash, and the securities in particular. The Directory advises the Administrative Council respecting the appointment of the manager, the cashier, the accountant, as well as of the assistants that may be required. It decrees, moreover, upon the advice of the manager, as to the appointment of the necessary administrative staff, and fixes its rate of pay. Article 7. The members of the Administrative Council and of the Directory receive, in addition to travelling expenses, a daily allowance which is fixed by the Executive Council. The Administrative Council may allow suitable compensation for special work done by its members. 111. Officials. Article 8. The Land-mortgage Bank officials receive the following salaries : — (a) The manager, from 5,000f. to 6,000f.; (b) the cashier, from 4,000f. to 4,5001.; (c) the accountant, from 3,500f. to 4,000f. The detailed arrangement of these salaries shall be made by the Administrative Council. The amount of security to be found by the above-named officials is as follows : For the manager, 25,0001".; for the cashier, 25,000f., for the accountant, 10,000f. The term of their engagement is four years. Article 9. The manager, as the responsible administrator of the establishment, manages the