The Modern Credit Company Its Place in Business Financing
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The credit company makes use of this collateral in a manner very similar to that which is employed by the member banks of the Federal Reserve Banking System in increasing their working capital. A great amount of the commercial paper which these banks hold in their port- folios is eligible for rediscount with the central Federal Reserve Banks of their respective districts. The Central Bank gives the member banks credit in return for the re- discounted commercial paper. Although the credit com- p...any is not allowed by law to rediscount its paper with the Federal Reserve Bank, it employs the next best procedure. It has already ratified a collateral trust agreement, by con- sent of its stockholders, with a trustee, with whom it de- posits the collateral which has been received as security for its loans. This collateral is properly assigned and trans- ferred to the trustee with the full right and power to exer- cise all the rights and privileges conferred on the credit company by the original holder.
What to read after The Modern Credit Company Its Place in Business Financing?
You can find similar books in the "Read Also" column, or choose other free books by Robert Graff Merrick to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The credit company makes use of this collateral in a manner very similar to that which is employed by the member banks of the Federal Reserve Banking System in increasing their working capital. A great amount of the commercial paper which these banks hold in their port- folios is eligible for rediscount with the central Federal Reserve Banks of their respective districts. The Central Bank gives the member banks credit in return for the re- discounted commercial paper. Although the credit com- p...any is not allowed by law to rediscount its paper with the Federal Reserve Bank, it employs the next best procedure. It has already ratified a collateral trust agreement, by con- sent of its stockholders, with a trustee, with whom it de- posits the collateral which has been received as security for its loans. This collateral is properly assigned and trans- ferred to the trustee with the full right and power to exer- cise all the rights and privileges conferred on the credit company by the original holder.
What to read after The Modern Credit Company Its Place in Business Financing?
You can find similar books in the "Read Also" column, or choose other free books by Robert Graff Merrick to read onlineMoreLess
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