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The supplemental agreement signed between the government and the Ottoman Bank. 22 April, 1925

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  • Title: Agreement
  • Transcript:
    The following shall be appended to the agreement dated 10 March 1340. Article 1: In the event that a Turkish government bank with a right to issue banknotes should be established within the period of concession mentioned in Article 1 of the agreement dated 10 March 1340, the Ottoman Bank will not have the right to express any opposition in this respect. However, the government will advise the Ottoman Bank of the establishment of this bank four months in advance. At any rate, in the event of the establishment of a government bank, the agreement dated 10 March, 1340 as well as previous acts of concession and agreements will remain in effect. Therefore all the rights granted to the Ottoman Bank as a result of the aforementioned acts of concession and agreements will also remain in effect, particularly its right to issue banknotes in accordance with Article 3 of the agreement dated 10 March 1340. Article 2: The bank guarantees that it will not convert into foreign currencies the amounts in Turkish currency deposited by the government, by companies or by private individuals, whether they bear interest or not. Article 3: The Ottoman Bank guarantees that it will apportion £ 500,000 of its capital to its operations in Turkey and that it will administer and use these funds in pounds sterling. Article 4: The Ottoman Bank will grant the equivalent of half the amount five million lira which is allocated to the account opened in the name of the government in accordance with Article 2 of the agreement dated 10 March 1340, in pounds sterling at the market rate of the date of the loan. The government will also repay the said amount to the bank in pounds sterling. Article 5: The Ottoman Bank guarantees that within five years of the exchange of the agreement dated 10 March 1340, the number of Turkish Muslim employees mentioned in Article 11 of this agreement will be increased to no less than sixty percent, and that the salaries of the aforementioned employees, with the exception of the general manager and his deputy, will be increased to no less than forty percent of all the salaries. Article 6: Within one year at the most, the Bank shall keep in Turkish its books and documents concerning the government and individuals residing in Turkey. It may, if it so wishes, also keep them separately in French. The two copies of the present annex agreement were signed and exchanged in Ankara.
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