Bank of Pyrus Act: 1772

== The Bank of Pyrus Act: 1772 – 0 Cun. I. c.2 ==
Be it enacted by the King's Divine Majesty, by and with the advice and consent of the Councils of Nobles and of Ministers, in this present Parliament assembled, and by the authority of the same, as follows:-
The Kingdom of Pyrus does hereby ordain and establish the Bank of Pyrus as herein described.
1ai)    The Bank of Pyrus shall have its head offices in Bachstadt.
1aii)   Other offices may be opened at the discretion of the banks Board of directors.
1bi)    A staff shall be employed for the effective running of the bank.
1ci)    The Board of Directors shall have a maximum of five members, including:
            a) The President.
            b) The Executive Chief Cashier.
1cii)   The Board of Directors is the only authority which has control over the banks running.
2ai)    Investors can invest in the Bank of Pyrus.
2aii)   The Board of Directors determines the rate of interest on accounts.
2bi)    The Bank of Pyrus may loan money at a rate of interest decided upon by the Board of Directors.Repealed by 9 Cel. I c. 3
3ai)    The Board of Directors may print paper money.
3aii)   The ratio of reserve to money will be one to five.
3bi)    The Bank of Pyrus is the only organisation within The Pyrusian Empire that is authorised by the state to print paper money.Repealed by 8 Cel. I c. 2
== Footnotes ==
<references>
Category:Pyrusian Statutes
Category:Repealed Statutes