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131

(1889) [MARC] Author: Leo Mechelin Translator: Charles J. Cooke
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ADMINISTRATIVE ORGANISATION. 131

branches of the bank are appointed by the
Senate, on the presentation of the delegates.
The bank officials are chosen by the board of
directors.

The authority of the delegates and of the
board of directors respectively is determined
by the bank charter.

The functions of the delegates consist more
particularly—

In supervising the operations of the bank,
paying special attention to everything
connected with the issue and circulation of bank
notes ;

In fixing the rates of discount and of advances
on securities, as also in making other important
arrangements relating to investments ;

In selecting correspondents or agents
abroad ;

In deciding as to the establishment of new
branches in the country, or as to the closing
of those already established—their
determination in such cases to be submitted to the
Senate for ratification ;

In determining, when the annual report of

k 2

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