Agricultural Bank of Bulgaria

Cover Agricultural Bank of Bulgaria
Agricultural Bank of Bulgaria
Denison Olmsted
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As regards its object, the Bank re- sembles most of the associations or companies formed for the purpose of aiding their own members or out- side persons, such as friendly societies and more par- ticularly the credit associations belonging to the Raiff- eisen type. But if the object is the same, the other principles have nothing in common. Thus, in the case of the Bulgarian Agricultural Bank the principle of an outlay (mise de fonds) is absent, as are also all shares such as exist in most of th...e credit associations. Nei- ther do we find any trace of the principle of unlimited liability which forms the essence of the Raiffeisen loan banks. On the other hand, there are elements ente- ring in the organization of ordinary credit associations which are common to the Bulgarian Agricultural Bank. For instance, this latter reposes on the voluntary coope- ration of the parties interested, viz. The Bulgarian agri- culturalists, the object of the bond uniting them being mutual assistance in matters of credit.

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