XI.1.1 The Omnibus Financial Act of 7530 (V ACG 1), as renewed and amended 7531, Article Two and Article Seven, Section One.

Article Two. The Central Bank.

Section One. His Highness the Lord Great Steward shall charter a corporation to be known as the Central Bank of Gondor and Arnor, and having the following officers, to wit, a President and two Governors, all of whom shall be appointed by the Privy Council, the President for a two year term, the Governors for three year terms, save that one of the first two Governors shall serve for only two years; which Officers shall be competent to transact all business of the Bank as hereinafter set out; and the Officers shall adopt a corporate seal & otherwise exercise all the privileges of the corporation.

Section Two. The Bank shall have two parts, the Currency Division and the Commercial Division, whose duties are set out hereinafter.

Section Three. Within three days from the time at which the Bank opens, the Lord High Treasurer shall cause to be conveyed to the Currency Division letters patent under his seal as Treasurer, which letters shall contain a promise to pay from the Royal Treasury when the Council-General or His August Majestie so directs the sum of one (1) kilogramme of mithril, or the equivalent in precious metals. These letters patent shall be retained by the Currency Division as a reserve. Upon receipt of these letters patent, the Currency Division shall issue Reserve Notes having a total face value of one (1) kilogramme, and shall deposit the said Reserve Notes to the account of His August Majestie's government in the Commercial Division. The Currency Division shall as circumstances may require receive worn Reserve Notes from the Commercial Division and replace them with new notes and shall exchange notes of one denomination for notes of another denomination having the same total value at the Commercial Division's request. The Currency Division shall, under circumstances hereinafter set out, receive further letters patent from the Treasurer, and shall upon such receipt issue new Reserve Notes having the same total value, which it shall immediately deposit to the appropriate account in the Commercial Division.

Section Four. The Commercial Division shall maintain checking accounts and may maintain interest-bearing savings accounts, offer loans, exchange foreign currencies and reserve notes, and otherwise conduct such useful commercial banking business as the Officers see fit, maintaining at least a sixty-five per centum (65 %) of the face value of its deposits as an operating reserve, except as is hereinafter provided.

Section Five. When and if the Officers determine that it is necessary for the continuance of good commerce that the total value of Reserve Notes in circulation should be increased, they shall so notify the Financial Committee of the Privy Council; and if the Committee consents, the Officers may surrender from the Commercial Division's own holdings items of value other than Reserve Notes (i.e., promissory notes or bonds other than Government Bonds); the said items shall be deposited in the Royal Treasury, and the Treasurer shall issue to the Currency Division letters patent like those provided for in Section Three of this Article, containing a promise to pat under the conditions aforesaid a sum which shall be discounted from the full value of the items tendered at a rate of discount set by the Financial Committee, which rate shall not be less than two (2) or more than twelve (12) per centum; upon receipt of which letters, the Currency Division shall issue new Reserve Notes to the Commercial Division as provided in Section Three of this Article.

Article Seven, Section One.

The rate of exchange shall be fixed at one hundred United States dollars to the mithril gramme ($100 = 1 G).