File 74/1915 Pt 2 'German War: Banks at Basra +c. - the Eastern Bank' [‎153v] (315/436)

I
Bank to credit
the current
account with
moneys paid
in and to
honour
cheques
drawn by
duly author
ised persons.
3 The Bank shall receive and place to the credit of the current
account of the Government at the Office where the same shall be paid
all moneys which shall be paid into the Bank by or for the account of
the Government and which shall be legal tender at the place where
the same shall be so paid and such moneys it paid into any Office of
the Bank in the Protectorate shall be credited to the Government at
the current rate of exchange for the time being. Subject to the
provisions of this Agreement the Bank shall pay on presentation at
the Office of the Bank on which the same are drawn all cheques
drawn on any current account of the Government at any Office of the
Bank in the Protectorate or elsewhere or at the London Office by any
persons or person duly authorised m writing by the Government or
the Crown Agents to draw against such account.
The Govern
ment to pay
interest on
the deficiency
of the current
account
below
Rs. 150,000
and the Bank
on the excess
over that sum
4. During every period during which the balance standing to
the credit of the Government on the current account shall for the time
being not amount to the sum of Rs. 150,000 the Government shall pay
to the Bank interest at the rate of 5 per cent, per annum on the
difference between the amount of such balance and the said sum of
Rs. 150,000. And during every period during which the balance
standing to the credit of the Government on the current account shall
for the time being exceed the sum of Rs. 150,000 the Bank shall pay
or allow to the Government interest at the rate of 2^ per cent, per
annum on the difference between the amount of such balance and the
said sum of Rs. 150,000 or if the amount of such balance shall exceed
the sum of Rs. 300,000 then only on the difference between the said
sum of Rs. 300,000 and the said sum of Rs. 150,000.
Bankto allow 5. The Bank shall from time to time and at any time during the
exceeding n0t continuance of this Agreement advance to the Government such sums
Rs. 300,000. -j^ wa y 0 £ overdraft on the current account of the Government at any
of the Offices of the Bank as the Government may from time to time
demand. Provided that the aggregate of such advances for the time
being remaining unpaid shall not at any one time exceed the sum of
Rs. 300,000 but within such limit as aforesaid the Bank shall not during
the continuance of this Agreement be entitled to require any such
advances to be repaid, the Government nevertheless being at liberty to
repay all or any part of the same as and when they may think fit.
And the Government shall pay interest at the rate of 5 per cent, per
annum on the amount of such advances for the time being owing by
them on the said overdraft if any.
interest to be 6 . All sums payable by the Government to the Bank or by the
cmiitcuto Bank to the Government under any of the provisions hereinbefore
account half- contained shall be debited or credited (as the case may be) to the
yearly. current account half-yearly on the 30th day of June and the 31st day