GIPE-PUNE-OIIOI2 - DSpace@GIPE

AND THE BANQUE DE FRANCE 77
l'eceives his appointment for life. By the law of Nov. 17,
1897 the governor and the deputy~governors cannot be~
·come members of the Chamber of Deputies or of the
Senate.
The 3 regents and the 3 governors represent the
government on the constitution of the Banque. To this
extent it may be described as a state bank, if one so
desires, especially when one considers the regulations
relating to branch~banking.
The branches of the Banque de France are governed
by boards of directors. The list of persons to sit on these
boards is made up by local shareholders or even by the
shareholders of the head office. And the appointment
is finally made by the governor. The branches are thus
administered and controlled under state supervision. The
.manager of the branches is, besides, a government offi~
cial like the governor of the entire Banque.
Constitutionally speaking, the old Reichsbank's
connections with the government were more intimate than
those of the Banque de France. Both the president as
well as the •• council" of the Reichsbank were appointed
by the government. But there was a "committee"
through which the shareholders could exercise their in~
fluence on the management of its affairs.
Further, the provision in regard to the distribution
of profits by which the state received %ths of· the entire
.amount after the payment of dividend rendered the
Reichsbank's affairs al~ost a government business.
. The government's share in the "net profits" of the
Reichsbank was fixed at certain percentages on various
.oc~sions, for instance. by the Act of 1875 as well as by
.the decrees of Dec. 18, 1889, June 7, 1899 and June 1,