Polski Bank Komunalny S.A.
Bond 500 in PLN, Issue III
The 3rd issue of bonds of Polski Bank Komunalny was issued for a total of 5,000,000 zlotys in gold. This issue was fully executed and sold out in 1927 - a total of 47 loans were issued to 22 cities, 19 counties and 1 rural municipality. The loans were issued for a term of 10 years, and were repaid in semi-annual amortization installments. Coupons were payable on May 1 and November 1. Coupons were valid for 5 years, and drawn bonds were valid for 30 years from the date of payment - after this period they expired. The bonds were listed on the Warsaw Stock Exchange. Text on the terms of issue on the reverse side in two languages - Polish and French. There are currently no known bonds of the PBK's third issue without the imprint changing the interest rate.
In accordance with the law of December 20, 1932 (Journal of Laws of the Republic of Poland 1932 No. 115 item 950), a conversion of bond loans was carried out by the Polish Municipal Bank. The PBK converted all previously issued issues for a total of PLN 16,460,133 - including bonds of Issue III - reducing their interest rate from 8% to 5% and changing the redemption period to 33 years. The conversion of the bonds was carried out by appropriate imprinting informing of the changes. The balance of Issue III bonds was as of December 31, 1934. 4,696,890 zlotys. Issue known for extremely rare pieces converted with denominations of 100 and 500 zlotys in zloty.
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