The Farmers Bank of China’s Land Bond Act
1949-01-12
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Article 1
The Farmers Bank of China shall abide by this Act when issuing land bonds for its concurrent land finance business.
Article 2
The land bonds issued by the Farmers Bank of China shall be guaranteed by all assets of its Land Finance Department and all land mortgages the Land Finance Department has acquired from the loans it has made.
Article 3
The aggregate issue amount of the land bonds shall not exceed the total amount of secured land loans under the preceding article, and the bond repayment amount each year shall not be less than 80% of the land loans recovered.
Article 4
The par value of the land bonds shall be denominated in Fifty (50), One Hundred (100), Five Hundred (500), One Thousand (1,000) and Five Thousand (5,000) Gold Yuan Notes.
Article 5
The land bonds shall be registered. However, if deemed necessary, the land bonds may be bearer bonds.
Article 6
The coupon rate of the land bonds may be lower than the land mortgage rate of the Farmers Bank of China. However, the difference between the two may not exceed 2%.
Article 7
Land bonds shall be issued at face value without a discount.
Article 8
The interest on land bonds shall be paid at least once every year. The principal of land bonds may be repaid in a single payment or installments at specified dates for registered bonds, and repaid in installments through lot drawing for bearer bonds. However, when necessary, the repayment of principal may begin after five (5) years have elapsed from the date of bond issuance, and the principal may be paid back early at any time after two (2) years have elapsed from the date of bond issuance.
Article 9
When a repayment of a land bond is about due, the Farmers Bank of China shall publish the number of bonds due or lot drawing results, the amount of repayment and the payment date in newspapers, and notify the bondholders in case of registered bonds.
Article 10
For bonds that mature or are selected by lot drawing and for coupon payments that are due, the bondholders shall collect from the Farmers Bank of China the principal repayment within ten (10) years and interest payment within five (5) years by presenting the bond coupon, and the coupons are deemed voided past the aforementioned deadlines.
Article 11
The issue of land bonds shall be dealt with directly between the Farmers Bank of China and the bondholders. The same provision applies at the time of bond redemption.
Article 12
For the convenience of the bondholders, the Farmers Bank of China may entrust other financial institutions or post offices to pay principal and interest on its behalf.
Article 13
Land bonds may be traded and served as collateral freely, in addition, they may be accepted as security deposits or performance bonds for dealings with government agencies.
Article 14
The Farmers Bank of China shall formulate a detailed plan every year for the issuance of land bonds, which states the total issue amount, issuance methods, repayment period and other necessary conditions, and it shall be submitted along with the coupon specimens to the Ministry of Finance for approval.
Article 15
When bondholders lose their land bond, they may request a replacement from the Farmers Bank of China by going through the loss reporting and announcement procedures.
Article 16
People who forge or damage the creditability of land bonds shall be subject to punishment according to law by the judicial organ.
Article 17
This Act enters into force on the date or promulgation.