The Sun.
London, England, 1855-11-07 00:00:00

AUSTRIA.

VIENNA, Nov. 3.—lt was fully expected that the
statutes of the new Credit Institution would have
appeared in the Wiener Zeitung of this morning,
but the official organ acts on the principle of
" Fair and softly go far iu a day," and conse-
quently it has been distanced by the Presse, which
has made public the subjoined principal stipula-
tions of the convention just concluded between the
State and the Austrian Credit Mobilier

" FIRST SECTION.
" Paragraph 1. An Imperial Royal Patented Credit
Institution for Commerce and Trade has been formed,
which is placed under the protection and superintend
ence of the State.

"Par. 2. 'The Company, which is resident at Vienna
can, with the consent of Government,' form branch
establishments in all parts of the Empire.
" Par. 3. The Company has a patent for 90 years.
" SECOND SECTION.
"Par. 4. The Company has to keep its accounts in
the lawful currency of the country.
" Par. 5. The Company is privileged :—a. To ad-
vance money on all Austrian stock, shares, and bonds,
and on wares and produce. h. To subscribe to Austria!,
loans, to take shares in industric/ enterprises, and to
buy all kinds of public or private stock. c. To found
companies for the construction of railways, for mining,
for building dock!), and for the establishment of al•

institutions which can conduce to the public weal ; to
change common companies into joint-stock compaeies
i.nd to emit the shares and bonds of the same. d.'
To bargain for and share in, to fake and again dis-
pose of, Austrian loans, to undertake credit operations
is the provinces, to farm state monopolies and taxes.
o. To sell, mortgage, or exchange against other articles
of value all the above-mentioned objects. f. To buy
up interest-coupons, dividends, and to do all such like
business. g. To advance money on stock and all paper
of value. h. To do all kinds of discount and banking
business. i. The company is entitled to emit bonds,
bearing interest, for an amount which shall not surpass
the sums expended in the subscriptions, purchases, and
establishments which are mentioned in paragraphs a, b,
and c.
" The bonds or shares emitted are never to exceed
the value of the stock, effects, and bonds of which the
company may be in possession, and under no circum-
stances are they to amount to more than five times the
capital actually paid up. The bonds cannot be emitted
for a shorter period than one year.
" Par. 6. The privilege of the company does not ex-
tend to any business not mentioned in Par. 5. All time
business, as also business done for a premium or bonus,
is expressly prohibited.
" Par. 7. The companycan neither purchase the shares
which it has emitted for the formation of its own capital,
nor can it exchange them for other paper of value.
" THIRD SECTION.
" Par. 8. The capital of the company to be 100,000,0001
in Austrian metallic currency.
" Par 9. This capital will be represented by 500,000
shares of 200 fl., with coupons. At present only 300,000
of these shares will be emitted. The other 200,000 to
be issued when and as circumstances may render their
emission advisible. When they are to be emitted the
founders of the Institution will have the right to claim
one-third of them, and the shareholders the other two-
thirds. No share to be emitted under the full nominal
value.

" Par. 14. Shares only to be emitted after full pay-
ment of their nominal value. After payment of 30 per
cent., that is 60 fl., the prices of the interim receipts may
be quoted on 'Change.
"Par. 15. Subscribers will have to deposit 10 per
cent. (20 ff.) within a month from the day of the signs
ture of the Imperial patent ; a second It per cent, a
month after the first was paid, and a third 10 per Cent.
a month after the second was due. The other 70 p.r
cent. to be paid in instalments, which the Administra-
tive Council will arrange in such a way that the whole
sum must be paid up by the end of the year 1856.
" Par. 16. Payments to be made in Austrian metallic
currency, or in foreign coins at the value which will from
time to time be fixed by the Administrative Council.

" FOURTH SECTION.
Par. 21. The business of the Company will be car-
ried on by a General Assembly, which will meet at cer-
tain fixed periods, by an Administrative Council, and a
Direction.
" Par. 22. The General A ssembly to be composed of
all persons in possession of 20 shares.
" Par. 23. The holder of 20 shares to have one vote ;
of 50, two ' • of 100, three ; of 200, four ; and of 400,
five votes. Each 200 shares more will entitle the holder
to another vote, but no plenipotentiary acting for one or
more persons can have more than 10 votes.
"Par. 24. A General Assembly %11l be held regularly
in the months of March or April of each year. An ex-
traordinary assembly can, however, be convened if two-
thirds of the Administrative Council wish it, or if 60
shareholders who are entitled to vote, send in a written
application to that effect to the Administrative Council.
"Par. 27. The General Assembly can only form a re-
solution having validity when 60 shareholders are pre-
sent, who shall together have at least 100 votes.
" Par. 34. The Administrative Council to be composed
of 21 members, who are to be elected by shareholders
who are entitled to vote, but no election is valid unless
confirmed by the State.
"Par. 35. The Administrative Council can be com-
posed of Austrians or foreigners, but at least two-thirds
of its members must reside in Vienna. Within a week
after his appointment each member of the Council has
to deposit 100 shares, which will remain in the hands
of the company as long is he is in office.
"Par. 36. The members of the Council are to be
elected for seven years, but during the first five years
the Administrative Council will be composed of 10 per-
sons (probably the founders of the institution), who may
if thsy please, nominate 11 others.
"Par. 46. The direction to be composed of several
persons, who will be appointed by the Administrative
Council, The directors may be foreigners, but their ap-
pointment must be sanctioned by Government.
" Par. 50. The profits of the institution to consist of
the proceeds after all expenses have been deducted. The
first payment will be 5 per cent, oa the capital ad-
vanced. At least 5 per cent, and at most 20 per cent. will
be allotted to the Reserve Fund. The other profits will
be disposed of as follows :-1. Ten per cent. to the Ad-
ministrative Council which, on the motion of the presi-
dent and with the approval of the majority, shall be
divided among the members. 2. Five per cent, will be
divided between the direction and the most useful and
trust worthy employes of the company. 3. The remain-
ing profits will be divided between the shareholders on
the Ist of the month of July in each year."
The four paragraphs which relate to the supvin-
tendence of the State are as follow :

"Par. 69. The State will continually be on the ust'ch
to see that the Credit Institution remains strictly within
the limits of the Statutes.
" Par. 70. The Imperial commissaries hare a right to
examine into the business, books, and documents belong-
' ing to the institution ; to be present at all meetings
should they consider it necessary. The Imperial com-
missaries are bound to be present at all general as-
semblies.
" Par. 71. Every Imperial commissary has a right to
protest against a re elution tak, ■ by the Administra-
tive Council or the General Assembly, if he considers
that the interests of the State or of the public have been
encroached on or the statutes transgressed against. The
matter must, however, be immediately referred to the
Minister of Finance.
" Pko. 72. In all matters in which the co-operation of
the Imperial Government or the consent of the Emperor
is necessary, the Credit Institution has to apply to dm
Ministry (1 Finance."