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CIHM/ICMH
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CIHM/ICMH
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Canadian Institute fpr Historical Microreproductions
Institut Canadian de microreproductions historiques
1980
i^
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CONSTITUTION
OF THE
Halifax Glearing-House
Association.
JANUARY, 1888.
124 GRANVILLE ST., HALIFAX, N. S. :
T. C. AiiLEN & Co., Booksttllere, Stationers, and Printers.
PaWk Archives of Nova Scotia
HALIFAX, ti, &
T
i^tm.^ Mcroi'M tl Itovi Seoti
CONSTITUTION
OF THE
Halifax Glearing-House
Association.
-», .' .»-«.
JANUARY, 1888.
124 GRANVILLE ST., HALIFAX, N. S. :
T. C. Allen & Co., Booksellers, Stationers, and Printerfl.
rii:l
^
Public Archives of Nova Scotia
HALIFAX, N. S<
CONSTITUTION
OF THE
Halifax ©learing-House Assosiation.
The undei'sijTiied Banks in the City of Halifax, for tlie pur-
pose of efiectintr a more perfect and s iti.si'actory setthnnent of
the daily balances between them, hereby agree upon the follow-
incf Articles of Association :
ALTICLE I.
Tlie name of the Association shall be " TiiE Halifax
Clearing House Association."
ARTICLE II. .
The daily exchanges between the several Banks shall be
made at one place and at one time, an<l the payment of balances
resultinc*" from such exchano;es shall be made as hereinafter set
fo!-th.
ARTI(7.E III.
The Cashiers and Managers of the several Banks sliall con-
stitute a Board of Management, the Chairman of which shall be
elected annually at a meeting held the first Thursday of Decem-
ber, at Three o'clock, p. m. At all meetings of the Board a
quorum for the transaction of business shall consist of Five, and
a majority of the members present shall at all times determine
whatever questions may be submitted. ;
ARTICLE IV.
It shall be the duty of the Board to procure from time to
time a suitable room, to provide stationery, furniture, and what-
ever else may be deemed necessary ; and the sevei-al Banks shall
bear the expenses incurred, share and share alike.
4
ARTICLE V.
The Board shall armiitre with a Bank to net an the Clearinfr
Bank. It shall be the duty of such Bank to receive the balances
due from debtor Banks, ^nvin^rthe usual receipt therefor, and
pay the creditor Banks, and be in all respects responsible for the
money received by it in payment of the balances due by the
respective Banks in the daily exchancres as for deposits received
by tlie said Bank in its re^rnlar business, but the responsibility
of the Clearing Bank is strictly limited to distribution among
the creditor Banks; of the balances actually paid in by the debtor
Banks on presentation of the usual Clearing-House Certificate
properly discharged.
ARTICLE VI.
The hour for making the exchanges at the Clearing Room
shall be 10.15 o'clock a.m., precisely. Between the hours of
11.30 and 12.80 the debtor Banks shall pay at the Clearing Bank
the balances due by them respectively in Dominion legal tender
notes. Between the hours of 12.30 and 1 the creditor Banks
shall receive from the Clearing Bank the respective balances due
to them, provided all the balances due from the debtor Banks
shall then have been paid, but on no condition is any creditor
balance, or portion thereof, to be paid until all the debtor bal-
ances have been settled.
ARTICLE Vn.
Should any Bank fail to pay the balance due from it by
12.30 o'clock of the same day, such Bank shall be ruled out by
such default, and notice thereof given immediately by the Cashier
or Manager of the Clearing Bank to the respective banks, who
shall furnish forthwith to the Clearing Bank the amount of such
balance in proportion to their respective balances against the
M.
>i,
Pi5biic Archives of Nova
HALIFAX, M, a.
.1
■4
/'(
defaultiiiiT Bunk resultinc; from tlie exchaiiijes of that dav, and
tlifc amounts so furnished to the Clearing Bank sliall constitute
claims on the part of the responding Banks respectively aiijainHt
the defaulting Bank.
ARTICLE VIII.
Errors in the exchanges and claims arisinj; from the return
of clie([ues, or other causes, are to be adjusted by 11.45 o'clock of
the same day, directly between the Banks which are parties
thereto, and not throuirh the CleariniX Bank.
In case of the refusal or inability of any Bank to pronn)tly
refund to the Bank presenting such che(|ues, drafts, or other
items returned, the Banks holding them shall report to the
Clearing Bank the amount of same, and it shall be the Cleai-ing
Bank's duty to take from the settling sheets of both Banks, the
amount of such che(|ues, drafts, or other items so reported and
to re-adjust the clearing statements and declare the correct
balance in conformity with the changes so made ; provided,
that such report shall be given to the Cashier or Manager of the
Clearing Bank not later than 12 o'clock of the same day.
ARTICLE IX.
The foregoing Rules and Regulations may be amended at
any meeting of the Board by a vote of the majority of the mem-
bers present, notice in writing of the proposed amendments
having been given at a previous meeting and lodged with the
Chairman, who shall forthwith furnish each Bank with a copy.
ARTICLE X.
The Chairman shall call a meeting of the Board within 48
hours, on receiving in writing a requisition signed by three
members.
Archives of Nova Scotia
HALIFAX, M, a.
6
ARTICLE XI.
The AHsistant Receiver-General of the Dominion of Canada,
located at Halifax, may be admitted to tlie privileges of the
Clearing House.
ARTICLE XII.
Any Bank may retire from this Association by giving
written notice to the Chairman of the Board between the hours
of I and 8 o'clock, p. m., and pa^'ing its share of any expenses
which may be then due, the retirement to take effect from the
close of business of the day on which such notice is given. It
shall be the duty of the Chairman to })romptly notify the other
Banks of such withdrawal.
ARTICLE XIII.
Article viii does not refer to cheques deposited between
the different Banks in the afternoons, and it is understood that
after the che(iue slip deposited in the afternoon has been initial-
ed and returned to the depositing Bank, the items specified
thereon shall be considered as certified, except those payable at
other places or at other Branches or Agencies or the receiving
Bank.
Pufelic Archivas of Nova Scotia
HALIFAX, N. S<
1