_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.