CFPB Study of Overdraft Programs A white paper of initial data findings JUNE 2013

7/28/2019 CFPB Study of Overdraft Programs A white paper of initial data findings JUNE 2013

http://slidepdf.com/reader/full/cfpb-study-of-overdraft-programs-a-white-paper-of-initial-data-findings-june 1/72

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teus brd lahdly t` ebvd b lbrndr pdrodft j tedar mdp`sat sdrvaod oebrnds bttragutbgld t` o`fsucdr

booùfts, bfm c`rd spdoajaoblly, t` `vdrmrbjt bfm F_J jdds& J`r dxbcpld, ted JMAO dstacbtdm af b

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7 9 9 4

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_ùrod; JMAO Rubrtdrly Gbfhafn Yr`jald R= 7927



2> O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

]ed nr`wte af `vdrbll mdp`sat sdrvaod oebrnds lahdwasd ebs pbrblldldm bf afordbsd af pdr#

trbfsbota`f jdds bfm acpldcdftbta`f j dxtdfmdm r sustbafdm vdrmrbjt jdds& Bf bnnrdnbt`r j

jafbfoabl sdrvaods praoafn afj`rcbta`f tebt o`fmuots bf bffubl survdy j oedohafn booùft jdds

mdtdrcafdm tebt ted bvdrbnd vdrmrbjt jdd afordbsdm jr`c -72&4> af 2115 t` -?2&7: af 7927&79

]ed afmustry bfblyst we` dstacbtds 7927 vdrmrbjt rdvdfud bt -?7 galla`f bls` rdp`rts dstacbtds

tebt sunndst afordbsds af `vdrmrbjt rdvdfuds o`ftragutdm t` ted afordbsds af mdp`sat booùft

sdrvaod oebrnds mdsoragdm bg`vd& _pdoajaoblly, ted bfblyst ebs dstacbtdm tebt `vdrmrbjt jdds nrdw

jr`c -21&1 galla`f af 2119 t` -?>&2 galla`f af 7991, gdj`rd mdolafafn t` -?2&: galla`f af 7922, tedf

rasafn slanetly t` -?7&9 galla`f af 7927&72 ]eas ndfdrblly pbrblldls ted `vdrbll trdfm wate rdspdot t`

mdp`sat sdrvaod oebrnds&

Af succbry, dvamdfod jr`c cultapld sùrods sunndsts tebt b sugstbftabl p`rta`f j ted `gsdrvdm

nr`wte af mdp`sat booùft sdrvaod oebrnds stdcs jr`c nr`wte af o`fsucdr oedohafn booùft

F_J bfm `vdrmrbjt rdvdfuds&

O`sts t` Afstatuta`fs jr`c @vdrmrbjt Yr`nrbcs; ]ed o`sts afstatuta`fs gdbr t` pr`vamd

`vdrmrbjt pr`nrbcs obf gd majjaoult t` sdpbrbtd jr`c pdrbta`fbl o`sts rdlbtdm t` pr`vamafn

o`fsucdr oedohafn booùfts, af ndfdrbl& ]ed OJYG‑s stumy gbfhs bfm sdvdrbl jafbfoabl

afstatuta`fs tebt rdsp`fmdm t` ted OJYG‑s WJA, e`wdvdr, amdftajadm oebrndm jj booùft gblbfods

bs ted safnld lbrndst o`st bssòabtdm wate vdrmrbjt pr`nrbcs&

C`st oebrnd#`jjs oour wedf o`fsucdrs brd ufbgld r pdrebps ufwallafn t` rdpby fdnbtavd

booùft gblbfods tebt rdsult jr`c afstatuta`fs o`vdrafn vdrmrbjt trbfsbota`fs bfm acp`safn jdds&Oebrnd#`jj l`ssds ndfdrblly bcùft t` b jrbota`f `j t`tbl afstatuta`fbl `pdrbta`fbl o`sts& Bt ted

stumy gbfhs, oebrnd#`jj t`tbls brd bls` scbll rdlbtavd t` ted jdd rdvdfud tedsd gbfhs dbrfdm

terùne tedar `vdrmrbjt pr`nrbcs& Oebrndm#`jj booùft prafoapbl gblbfods, weaoe brd ndfdrblly

pracbraly mud t` `vdrmrbjt pr`nrbcs, rdprdsdftdm 2=&=$ `j ted fdt `vdrmrbjt jdds %f`t afolumafn

F_J jdds! oebrndm bt stumy gbfhs af 7922&

Washs t` O`fsucdrs; O`fsucdr bmvòbtds, bc`fn tedrs, ebvd rbasdm o`fodrfs bgùt ted

trbfspbrdfoy j vdrmrbjt pr`nrbc masol`surds, rasafn o`sts, bfm ted mdnrdd t` weaoe jafbfoabl




afstatuta`f prbotaods afjludfod vdrmrbjt jdd afoamdfod&h

Af bmmata`f, cultapld olbss bota`f

lbwsuats ebvd oeblldfndm afmustry prbotaods wate rdspdot t` trbfsbota`f rmdrafn bfm tedr

p`laoads tebt ebvd blldndmly afordbsdm ted afoamdfod `j `vdrmrbjts bfm jdds&lJafbfoabl afstatuta`fs

ndfdrblly bssdrt tebt o`fsucdrs mdravd vblud jr`c tedsd prbotaods& _`cd obsds ebvd sdttldm,

weald `tedrs brd `fnàfn&

Bs pbrt `j ted JMAO‑s stumy `j gbfh `vdrmrbjt pr`nrbcs puglasedm af 7995, at `gtbafdm booùft#

ldvdl mbtb jr`c b f`f#rbfm`c sbcpld `j ?1 gbfhs tebt o`lldotavdly edlm -??7 galla`f af bssdts&

Bc`fn ted gbfhs stumadm, 7:$ `j o`fsucdr booùfts ebm vdrmrbjt r F_J trbfsbota fs af ted

ydbr j`r weaoe mbtb wdrd o`lldotdm& Ol sd t` 27$ `j o`fsucdrs ebm fd t` jùr `vdrmrbjt `r F_J

trbfsbota`fs af b ydbr, bfm 4$ ebm javd t` fafd trbfsbota`fs& Blteùne edbvy usdrs cbmd up b

scbll pdrodftbnd j booùft e`lmdrs, tedy pbam ted vbst cbk`raty j `vdrmrbjt jdds& Fafd pdrodft

`j booùfte`lmdrs afourrdm 29 `r c`rd `vdrmrbjt `r F_J trbfsbota`fs bfm booùftdm j`r 5=$ `j

bll vdrmrbjt bfm F_J jdds oebrndm&77

]ed JMAO‑s stumy jùfm tebt booùfte`lmdrs af l`w #afo`cd brdbs wdrd s`cdwebt c`rd lahdly

tebf tedr booùft e`lmdrs af ted sbcpld t` afour vdrmrbjts r F_Js8 tedy wdrd bls` c`rd lahdly

t` gd bc`fn ted booùfte`lmdrs tebt afourrdm eane fucgdrs j vdrmrbjts r F_Js& Qùfn bmults

wdrd bls` c rd lahdly t` dxpdradfod `vdrmrbjts `r F_Js tebf booùfte`lmdrs af `tedr bnd

nrùps&7? ]eus, ted stumy rbasdm o`fodrfs tebt o`fsucdrs jr`c p`tdftablly vulfdrbgld nrùps

cby seùlmdr b maspr`p`rta`fbtd sebrd j F_J bfm vdrmrbjt jdds bfm oedohafn booùft o`sts&c

Af b c`rd rdodft JMAO stumy `j ufgbfhdm bfm ufmdrgbfhdm eùsde`lms, ted JMAO jùfm tebtufgbfhdm eùsde`lms we` oe`sd f`t t` ebvd bf booùft oatdm ufdxpdotdm jdds suoe bs `vdrmrbjt

oebrnds bs fd `j ted rdbs`fs j`r rdcbafafn ufgbfhdm&7=

h _dd, d&n&, Ydw Oebratbgld ]rusts, _tall Washy; Bf Tpmbtd `f ted _bjdty bfm ]rbfspbrdfoy `j Oedohafn Booùfts

%7927!8 Fbta`fbl O`fsucdr Lbw Odftdr, Wdst`rafn ted âsm`c `j ted O`cc`f Lbw; Bpplyafn ted East`raobl Wuld

Bnbafst O`ftrbotubl Ydfblty Mbcbnds t` Gbfh @vdrmrbjt Jdds %792?!8 Ldslad Ybrrase, Odftdr j`r Wdsp fsagld Ldfmafn,

@vdrmrbjt Dxpl`sa`f; Gbfh jdds j`r `vdrmrbjts afordbsd ?4$ af tw` ydbrs 4 %@ot& :, 7991!&l

_dd, d&n&, Nutadrrdz v& ^dlls Jbrn` Gbfh, >9= J&?m >27 %1te Oar& 7927!, `f rdcbfm 792? T&_& Mast& LDUA_ :175> %F&M&Obl& Cby 2=, 792?!& _dvdrbl `tedr gbfhs ebvd sdttldm lbwsuats bfm sdvdrbl `tedrs brd stall pdfmafn, c`st f`tbgly af

culta#mastraot latanbta`f af Jl`ramb& _dd Af rd; Oedohafn Booùft @vdrmrbjt Latanbta`f, F`& 2;91#CM#979?:#KLH %_&M&

Jlb&!&c

_`cd afmustry trbmd bssòabta`fs bfm `tedr rdsp`fmdfts t` ted OJYG‑s WJA masputd teas bfm olbac tedrd as dvamdfod

tebt vulfdrbgld p`pulbta`fs m` f`t seùlmdr b maspr`p`rta`fbtd sebrd `j `vdrmrbjts bfm `vdrmrbjt jdds&




Wdnulbt`ry Aftdrvdfta`fs Wdlbtafn t` @vdrmrbjts; ]ed vdrbll nr`wte af jdds, bfm ted

o`sts tedy acp`sd `f b scbll fucgdr `j edbvy `vdrmrbjt usdrs f`tdm bg`vd, o`ftragutdm t`

afordbsdm sorutafy j vdrmrbjt pr`nrbcs gy rdnulbt`rs& ]ed JMAO, @jjaod j ]erajt _updrvasa`f

%@]_!, @jjaod `j ted O`cptr`lldr `j ted Ourrdfoy %@OO!, G`brm `j N`vdrf`rs `j ted Jdmdrbl

Wdsdrvd %ted G`brm!, bfm FOTB rdo`ccdfmdm oebfnds t` afstatuta`fs‑ `vdrmrbjt prbotaodsterùne supdrvas`ry nuambfod, afolumafn kàft bfm bndfoy#spdoajao nuambfod assudm af 7994&74

]` jurtedr bmmrdss o`fodrfs bgùt edbvy vdrmrbjt usd gy o`fsucdrs, bfm wate ted bftaoapbta`f

tebt “acpr`vdcdfts af ted masol`surds pr`vamdm t` o`fsucdrs oùlm bam tedc af ufmdrstbfmafn

ted o`sts bssòabtdm wate vdrmrbwafn tedar booùfts bfm pr`c`td gdttdr booùft

cbfbndcdft,–7: ted G`brm bcdfmdm Wdnulbta`f MM %weaoe acpldcdfts ted ]rute af _bvafns

Bot! af 7994 t` bmmrdss odrtbaf vdrmrbjt masol`surds j`r “pr`c`tdm vdrmrbjt pr`nrbcs–

%djjdotavd Kuly 799:&! ]edf bnbaf af 7991, ted G`brm bcdfmdm Wdnulbta`f MM t` rdquard fdw

masol`surds bgùt vdrmrbjt jdds bfm booùft gblbfods %djjdotavd Kbfubry 7929!&7>

Fdbrly o`fourrdftly wate ted lbttdr bcdfmcdft, ted G`brm bcdfmdm Wdnulbta`f D %weaoe acpldcdfts

ted Dldotr`fao Jufm ]rbfsjdr Bot! t` rdquard tebt o`fsucdrs pr`vamd bjjarcbtavd o`fsdft j`r

`vdrmrbjt o`vdrbnd `j B]C watemrbwbls bfm f`f#rdourrafn mdgat obrm trbfsbota`fs %ndfdrblly bt

ted pàft `j sbld `r Y@_! gdj`rd afstatuta`fs obf oebrnd `vdrmrbjt jdds `f suoe trbfsbota`fs& ]eas

bcdfmcdft wbs djjdotavd bs `j Kbfubry 7929, wate b cbfmbt`ry o`cplabfod mbtd `j Kuly 2, 7929

j`r fdw oust`cdrs bfm Bunust 24, 7929 j`r dxastafn oust`cdrs&75

O`ftafuafn o`fodrfs bgùt o`fsucdr pr`tdota`f bfm afstatuta`fbl sbjdty bfm sùfmfdss

stdccafn jr`c `vdrmrbjt pr`nrbcs wdrd rdjldotdm af jafbl nuambfod assudm gy ted JMAO af 7929,

pr`p`sdm nuambfod jr`c ted @]_ af 7929, bfm pr`p`sdm nuambfod jr`c ted @OO af 7922 %weaoe

ted @OO rdodftly watemrdw!&71 ]ed `fly dxtbft supdrvas`ry nuambfod as tebt assudm gy ted JMAO

weaoe bpplads `fly t` afstatuta`fs supdrvasdm gy ted JMAO&

@vdrmrbjt pr`nrbcs ebvd ufmdrn`fd sanfajaobft oebfnd safod ted JMAO stumy masoussdm bg`vd,

j`r vbraùs rdbs`fs afolumafn, af s`cd afstbfods, af rdsp`fsd t` rdnulbt`ry djj`rts bfm latanbta`f&

]ed rdcbafmdr j teas pbpdr rdp`rts afatabl jafmafns bfm gsdrvbta`fs jr`c ted OJYG‑s stumy t`

ufmdrstbfm ted ourrdft jdbturds j vdrmrbjt pr`nrbcs bfm rdlbtdm p`laoads, tedar acpbots f

o`fsucdrs, bfm ted jurtedr acpbots `j rdodft rdnulbt`ry nuambfod bfm ruldcbhafn&




?& O`fsucdr @vdrmrbjtAfoamdfod, Jdds, bfm Wdlbtdm

Booùft Ol`surd]eas sdota`f prdsdfts afstatuta`f#ldvdl mbtb f sdvdrbl o`fsucdr uto`cds rdlbtdm t` `vdrmrbjt

botavaty bt ted stumy gbfhs& êald majjdrdfods af booùft r o`fsucdr oebrbotdrastaos bor`ss

gbfhsf

cby o`ftragutd t` s`cd majjdrdfods `gsdrvdm af ted ùto`cds mdsoragdm edrd, majjdrdfods

af dboe gbfh‑s vdrmrbjt pr`nrbcs bfm p`laoads lahdly brd bls` rdsp`fsagld j`r s`cd j ted

vbrabfods af o fsucdr ùto cds&

Blteùne wd obff`t mdtdrcafd ted mdnrdd t` weaoe ted stumy gbfhs‑ p`laoads bfm typds `j

oust`cdrs brd sacalbr t` `r majjdrdft jr`c te`sd `j `tedr afstatuta`fs, tedsd gbfhs e`lm b

sanfajaobft sebrd j m`cdstao oedohafn mdp`sats bfm teus bjjdot cdbfafnjul fucgdrs j

o`fsucdrs fbta`fblly& Af teas sdota`f wd dxbcafd ted afoamdfod j vdrmrbjt botavaty bfm rdlbtdm

jdds j`r o`fsucdr oedohafn booùfts` bt ted stumy gbfhs, bfm eanelanet ted majjdrdfods af tedsd

ùto`cds j`r o`fsucdrs bor`ss stumy gbfhs& d bls` succbrazd afv`luftbry booùft ol`surds,

weaoe obf gd b fdnbtavd uto`cd bssòabtdm wate `vdrmrbjtafn& Ndfdrblly, bfblysds af teas

sdota`f rdjldot ted bnnrdnbta`f j r o`cpbras`f bor`ss bll stumy gbfhs& E`wdvdr, s`cd f`tdm

fJ`r dxbcpld, ted bfblysds prdsdftdm edrd rdjldot ted dftard p`rtj`la` `j o`fsucdr oedohafn booùfts bt ted stumy

gbfhs, weaoe afolumd majjdrdft pr`p`rta`fs `j booùfts tebt brd afbotavd %a&d&, tebt o`fsucdrs m` f`t usd j`r tedar

trbfsbota`fbl fddms!& Afbotavd booùfts m` f`t ndfdrbtd `vdrmrbjts gdobusd tedrd brd f` trbfsbota`fs `f ted booùft&

@tedr majjdrdfods suoe bs o`fsucdrs‑ booùft gblbfods `r v`lucds `j mdp`sats bfm pbycdft trbfsbota`fs wall lahdly

afjludfod tedar `vdrmrbjt#rdlbtdm ùto`cds bs wdll&`@ur stumy as lacatdm t` o`fsucdr oedohafn booùfts& At as p`ssagld tebt b o`fsucdr booùft oùlm gd usdm j`r b

gusafdss purp`sd %j`r dxbcpld, s`cd scbll gusafdss `wfdrs cby usd tedar pdrs`fbl booùfts j`r tedar gusafdss fddms

bs wdll!8 e`wdvdr, tedsd usdrs lahdly o`fstatutd b fdnlanagld p`rta`f `j bll o`fsucdr booùfts&

_`cd afstatuta`fs, afolumafn stumy gbfhs, cby dfbgld `vdrmrbjts `f `tedr typds `j mdp`sat booùfts suoe bs sbvafns

booùfts& ]ed OJYG‑s bfblysds m` f`t afolumd F_J bfm `vdrmrbjt trbfsbota`fs `f tedsd typds `j booùfts&




bfblysds edrd bfm dlsdwedrd af ted pbpdr mrbw jr`c majjdrdft sugsdts `j stumy gbfhs mud t`

afo`fsastdfoads af gbfh cdbsurdcdft bfm rdp`rtafn& Lbtdr sdota`fs j teas pbpdr mdsoragd e`w

odrtbaf rdnulbt`ry oebfnds, afstatuta`f p`laoads, bfm vdrmrbjt pr`nrbc praoafn bfm jdbturds cby

ebvd afjludfodm tedsd o`fsucdr ùto`cds&

]ed OJYG plbfs bfblysas j md#amdftajadm booùft#ldvdl mbtb gtbafdm jr`c rbfm`c sbcplds j

dboe gbfh‑s oust`cdrs& ]ed sbcplds o`cprasd bppr`xacbtdly 2&4 calla`f booùfts bfm fd

galla`f trbfsbota`fs bfm wall dfbgld us t` bpply b o`fsastdft cdte`m`l`ny af cdbsurafn `vdrmrbjt

afoamdfod, vdrmrbjt o`sts, bfm tedr cdtraos rdp`rtdm edrd bfm tebt brd gbsdm f ted

o`cputbta`fs suppladm gy ted stumy gbfhs& Bfblysds `j tebt booùft#ldvdl mbtb teus cby rdsult

af bmkustcdfts t` s`cd `j ted jafmafns mdravdm jr`c ted bnnrdnbtd#ldvdl mbtb sdt j`rte af teas

rdp`rt&

?&2 @vdrmrbjt bfm F_J AfoamdfodAf 7922, 7>&>$ `j o`fsucdr booùfts dxpdradfodm F_J r vdrmrbjt botavaty bor`ss sdvdrbl stumy

gbfhs tebt cdbsurdm F_J@M afoamdfod j`r booùfts `pdf bt bfy pàft murafn ted ydbr&p

]edsd

wdrd booùfts tebt ebm atdcs pbam, rdsultafn af b fdnbtavd booùft gblbfod, `r rdturfdm mud t`

afsujjaoadft jufms %`vdrmrbjt r F_J, rdspdotavdly, o`lldotavdly rdjdrrdm t` bs “F_J/@M atdcs– af

teas pbpdr!&q

]ed stumy gbfhs afolumdm af teas bfblysas rdp`rtdm ted t`tbl fucgdr `j F_J@M

atdcs afourrdm gy booùfts tebt wdrd `pdf bt bfy pàft af 7922, afolumafn te`sd atdcs j`r weaoe

b jdd wbs f`t oebrndm&r

@fd af javd o`fsucdr booùfts %79&2$! bt tedsd gbfhs afourrdm gdtwddf

`fd bfm 29 F_J@M atdcs af 7922, bfm >&>$ `j booùfts %a&d&, 7>&5$ `j ted booùfts wate bt ldbst

p ]ed JMAO‑s 7995 stumy `j gbfh `vdrmrbjt pr`nrbcs jùfm tebt 7:$ `j booùfts bt ted gbfhs af ted sbcpld

dxpdradfodm `fd `r c`rd `vdrmrbjt atdcs& ]edsd jafmafns brd f`t o`cpbrbgld gdobusd dboe stumy mrdw jr`c majjdrdft

sbcplds j afstatuta`fs, weaoe lahdly majjdr af afstatuta`fs‑ `vdrmrbjt pr`nrbcs `r oust`cdr gbsds& Af bmmata`f, ted

JMAO‑s bfblysas dxbcafdm booùfts tebt wdrd `pdfdm gdj`rd ted ydbr `j bfblysas, wedrdbs ted afj`rcbta`f rdp`rtdm t`

ted OJYG gy ted stumy gbfhs afolumds booùfts tebt `pdfdm bfm`r ol`sdm af ted oùrsd `j b ydbr& _dd JMAO _tumy `j

Gbfh @vdrmrbjt Yr`nrbcs %F`v& 7995!, bvbalbgld bt

ettp;//www&jmao&n`v/gbfh/bfblytaobl/`vdrmrbjt/JMAO2?5PWdp`rtPJafblPv495&pmj & q ]ed bnnrdnbtdm afj`rcbta`f prdsdftdm edrd afolumds mbtb o`lldotdm usafn majjdrdft cdbsurdcdft cdte`m`l`nads&

êald wd ebvd booùftdm j`r tedsd majjdrdfods, jurtedr bfblysas wate ted booùft#ldvdl mbtb wall dfbgld us t` rdjafd

tedsd janurds&r

Jdds cby gd wbavdm mud t` b vbradty `j p`laoads afolumafn mbaly jdd obps, md cafacas terdse`lms, `r `tedrs& _dd _dota`f

4 j`r bf dfucdrbta`f `j tedsd p`laoads&

http://www.fdic.gov/bank/analytical/overdraft/FDIC138_Report_Final_v508.pdf






`fd `vdrmrbjt `r F_J afoamdft! wdrd edbvy usdrs `j `vdrmrbjt, afourrafn c`rd tebf 29 F_J@M

atdcs&s

]ed mastraguta`f j F_J@M atdcs vbradm bor`ss ted stumy gbfhs afolumdm af teas

bfblysas, wate ted sebrd `j booùfts wate `fd `r c`rd F_J@M atdcs vbryafn gy ol`sd t` >

pdrodftbnd pàfts& ]ed sebrd `j booùfts tebt edbvaly usdm `vdrmrbjt vbradm gy ?&= pdrodftbnd

pàfts bor`ss majjdrdft gbfhs&

Bt `tedr stumy gbfhs, wedrd F_J bfm `vdrmrbjt afoamdfod wbs cdbsurdm majjdrdftly, 72&4$ `j

o`fsucdr booùfts dxpdradfodm F_J r vdrmrbjt atdcs af 7922&t

Kust ufmdr `fd af javd %25&:$!

booùfts afourrdm gdtwddf `fd bfm 29 F_J@M atdcs bt tedsd stumy gbfhs af 7922& êald 7&1$

`j booùfts %`r 2?&4$ `j ted booùfts wate bt ldbst `fd `vdrmrbjt `r F_J afoamdft! bt tedsd gbfhs

ebm c`rd tebf 29 F_J@M atdcs af 7922, ted sebrd `j tedsd booùfts vbradm gy =&= pdrodftbnd

pàfts bor`ss majjdrdft gbfhs& Booùfts afourrafn c`rd tebf 29 F_J@M atdcs wdrd c`rd tebf

jùr tacds bs o`cc`f bt ted gbfh af teas bfblysas wate ted eanedst sebrd `j suoe booùfts bs bt

ted gbfh wate ted l`wdst sebrd `j suoe booùfts&u

?&7 @vdrmrbjt bfm F_J Jdds Booùfte`lmdrs tebt afourrdm `fd `r c`rd F_J `r vdrmrbjt jdds pbam bf bvdrbnd `j -774 af suoe

jdds af 7922 bt ted stumy gbfhs tebt cdbsurdm jdds bor`ss bll booùfts afourrafn F_J@M atdcs

af 7922& v

]ed F_J@M jdds pbam gy booùfte`lmdrs tebt afourrdm `fd `r c`rd F_J@M jdds

murafn 7922 vbradm wamdly gy gbfh& Bt ted tw` stumy gbfhs wate ted l`wdst bvdrbnd F_J@M jddspdr booùft, booùfts wate bt ldbst `fd F_J@M atdc pbam `f bvdrbnd -2=> af F_J@M jdds af

7922& Af o`ftrbst, suoe booùfts bt ted tw` gbfhs wate ted eanedst bvdrbnds pbam bf bvdrbnd `j

s]eas cby ufmdrstbtd ted prdvbldfod `j `vdrmrbjt dxpdradfods bc`fn o`fsucdrs gdobusd ted obloulbta`fs wdrd cbmd

gy ted gbfhs gbsdm up`f bll booùfts tebt wdrd `pdf bt bfy tacd murafn 7922, afolumafn booùfts tebt wdrd `pdf j`r

`fly pbrt `j ted ydbr bfm booùfts tebt wdrd afbotavd j`r pbrt `r bll `j ted ydbr& Jurtedr bfblysas wate ted stumy‑s

booùft#ldvdl mbtb wall dxbcafd ted mastraguta`f `j `vdrmrbjt atdcs bc`fn majjdrdft sdncdfts `j booùfts, suoe bs

booùfts tebt wdrd botavd j`r ted jull ydbr&t

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navdf ted `pp`rtufaty t` m` s`& ]ed o`fsucdr‑s mdoasa`f t` `pt af oùlm gd afjludfodm gy b gbfh‑s

bppr`boe t` cbrhdtafn B]C bfm Y@_ mdgat obrm vdrmrbjt o`vdrbnd, b o`fsucdr‑s prdjdrdfods t`

ebvd tedsd typds `j trbfsbota`fs bute`razdm, `r ted aftdrbota`f `j tedsd `r `tedr jbot`rs&

ee]` cdbsurd ted `pt#af rbtd `j booùfts gy tedar `vdrmrbjt usd, wd usdm mbtb jr`c b majjdrdft tacd pdra`m tebf j`r

ted `pt#af rbtds mdsoragdm j`r rdodftly `pdfdm bfm p`rtj`la` booùfts& ]edrdj`rd, ted `vdrbll `pt#af rbtd `j 24&7$ bt ted

dfm `j 7929 masplbydm edrd majjdrs jr`c ted `vdrbll `pt#af rbtd `j 72&=$ tebt wd `gsdrvdm bt ted dfm `j 7922&




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rbfnd `j `pt#af rbtds j`r fdw booùfts bfm j`r bll booùfts bt gbfhs af ted OJYG‑s stumy& ]ed

`pt#af rbtd j`r booùfts `pdfdm murafn 7922 rbfndm jr`c safnld#manat pdrodftbnds t` `vdr =9$

bor`ss ted stumy gbfhs& ]ed `pt#af rbtd j`r fdw booùfts bt ted gbfh wate ted eanedst `pt#af rbtd

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eblj `j 7929hh

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edbvy `vdrmrbjtdrs, bfm ats `pt#af rbtd j`r tedsd booùfts wbs c`rd tebf = tacds ats `pt#af rbtd

j`r booùfts tebt ebm 29 `r jdwdr F_J@M atdcs af ted jarst eblj `j 7929&

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fucgdr `j booùfts bt ted dfm `j 7922&hh

O`fsucdrs tebt afour jdwdr tebf 29 F_J@M atdcs cby stall afour sugstbftabl jdds bfm teus cby gd o`fsamdrdm gy

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“^danetdm Bvdrbnd– masplbys bvdrbnds bor`ss bll stumy gbfhs afolumdm af ted bfblysas, wdanetdm gy dboe gbfh‑s

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`tedr uto`cds, afolumafn vdrmrbjt afoamdfod, o`fodftrbta`f j jrdqudft vdrmrbjtdrs, bfm ted

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trbfsbota`fs j`r booùfts tebt brd f`t `ptdm af!, bfm gdobusd o`fsucdrs we` ebvd c`rd

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`vdrmrbjt `r F_J jdds `f bvdrbnd af 7922, weald te`sd we` mam f`t `pt af dxpdradfodm -75 af jdds

`f bvdrbnd %bnbaf, tedsd janurds afolumd booùfts tebt mam bfm mam f`t afour bfy `vdrmrbjt `r

F_J jdds!&

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ol`sdm af 7922, weald 4&4$ j booùfts f`t `ptdm af dxpdradfodm afv`luftbry ol`surd& Afv`luftbry

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`ptdm af bt sdvdrbl stumy gbfhs&

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cc^d bssdssdm oebfnds af `vdrmrbjt jrdqudfoy bfm jdds pbam j`r s`cd o`fsucdrs bjtdr ted acpldcdftbta`f `j

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gdtwddf te`sd we` mam bfm mam f`t `pt af&ff

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`vdrmrbjt `r F_J botavaty af 7922& Juturd bfblysas wall bssdss sacalbr o`cpbras`fs gdtwddf booùfts `ptdm af bfm f`t

`ptdm af&




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acpldcdftbta`f, wd dxbcafdm vdrmrbjt usbnd bfm jdds bt ted stumy gbfhs murafn ted jarst bfm

sdo`fm eblj j 7929, weaoe ol`sdly bppr`xacbtds ted pdra`ms gdj`rd bfm bjtdr tedacpldcdftbta`f `j ted `pt#af rdquardcdft ufmdr Wdnulbta`f D&

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``Janurd 5 masplbys ufwdanetdm bvdrbnds `j ted tw` stumy gbfhs wate ted eanedst afv`luftbry ol`surd rbtd bc`fn

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booùfts `ptdm af %“L`wdst Gbfhs–!& ]ed “^danetdm Bvdrbnd– gbrs masplby bvdrbnds bor`ss bll stumy gbfhs afolumdm af

ted bfblysas, wdanetdm gy dboe gbfh‑s fucgdr `j booùfts bt ted dfm `j 7922&pp

]ed bfblysds af teas sdota`f jòusds `f `vdrmrbjt bfm F_J atdcs bfm jdds bfm m`ds f`t afo`rp`rbtd bfy oebfnds tebtcby ebvd òourrdm af `tedr jdds bt ted stumy gbfhs `r af o`fsucdrs‑ usd `j `tedr jafbfoabl pr`muots tebt `jj dr se`rt#

tdrc laquamaty&qq

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masol`surd rdquardcdfts pursubft t` bcdfmcdfts t` Wdnulbta`f MM mdsoragdm dbrladr tebt

gdobcd djjdotavd af Kbfubry 7929& Af bmmata`f, s`cd afstatuta`fs acpldcdftdm oebfnds t` tedar

`vdrmrbjt pr`nrbcs af 7929 %af rdsp`fsd t` ldnbl, o`fsucdr pr`tdota`f, rash cbfbndcdft, bfm

`tedr o`fodrfs!, suoe bs gy sdttafn jdd obps `r md cafacas fdnbtavd gblbfod `r trbfsbota`f

bcùfts %gdl`w weaoe jdds brd wbavdm!& @tedr jbot`rs tebt cby afjludfod vdrmrbjt usbnd bls`

vbry `vdr tacd, suoe bs sdbs`fbl oebfnds af afo`cd bfm spdfmafn `r cbor`do`f`cao oebfnds&

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we` mam f`t pt af, mdjafdm bs o`fsucdrs wate c`rd tebf 29 F_J@M atdcs gdtwddf Kbfubry 2

bfm Kufd ?9, 7929& ]edsd o`fsucdrs dxpdradfodm bf bvdrbnd `j 72&4 `vdrmrbjt atdcs murafn ted

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prdvaùs `vdrmrbjt usd cby rdjldot “rdnrdssa`f t` ted cdbf&– ]ebt as, s`cd o`fsucdrs cby ebvd

gddf af ted eanedst usbnd obtdn`ry gdobusd tedy ebm dxpdradfodm bf ufusublly eane fucgdr ‟

j`r tedc ‟ `j `vdrmrbjts af ted jarst eblj `j 7929& ]ed majjdrdfods af ted oebfnds af `vdrmrbjt bfm

F_J botavaty gdtwddf booùfts `ptdm af bfm booùfts f`t `ptdm af cby tedrdj`rd pr`vamd b gdttdr afmaobt r `j ted `pt#af rdquardcdft‑s djjdot& ]eas majjdrdfod af oebfnds oùlm gd mdsoragdm

bs ted “fdt rdmuota`f– af `vdrmrbjt botavaty j`r tedsd booùfts& ww

]bgld 2 gdl`w se`ws tebt ted

o`fsucdrs wate ted c`st vdrmrbjt botavaty rdblazdm ted eanedst fdt sbvafns jr`c f`t `ptafn af

bjtdr ted `pt#af rdquardcdft t``h djjdot& ]edsd o`fsucdrs sbvdm bf bvdrbnd `j -?=> `r =1$ af

F_J@M jdds, `f fdt, af ted sdo`fm eblj `j 7929&

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Oebfnd af @vdrmrbjt bfmF_J Jdds pdr Booùft

Bll Booùfts+ Fucgdr `j F_J/@M Atdcs Ydr Booùft++

2 # ? = # 29 6 29

Booùfts @ptdm Af -5 -75 -: #-29>

Booùfts F`t @ptdm Af #-27 #-79 #-22= #-=4?

Majjdrdfod %Fdt Wdmuota`f! #-79 #-=> #-279 #-?=>

+ Bll booùfts afolumd booùfts wate f` F_J@M atdcs&

++ Fucgdr `j F_J@M Atdcs pdr Booùft Kbfubry 2 t` Kufd ?9, 7929

=&: Zbrabta`f af ted Oebfnds af F_J/@MAfoamdfod

]ed mdnrdd t` weaoe `vdrmrbjt bfm F_J botavaty mr`ppdm bjtdr ted oebfnds t` Wdnulbta`f D

vbradm bor`ss stumy gbfhs& Edbvy usdrs `j `vdrmrbjt pr`nrbcs we` mam f`t `pt af sbw, `f

ww ]edsd majjdrdfods oùlm `vdrstbtd ted djjdot `j ted `pt#af rdquardcdft aj o`fsucdrs we` teùnet tedy wdrd c`rd

lahdly t` `vdrmrbjt af ted juturd wdrd bls` c`rd lahdly t` `pt af t` `vdrmrbjt o`vdrbnd&



=9 O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

bvdrbnd, nrdbt rdmuota`fs af F_J@M jdds af ted sdo`fm eblj `j 79298 e`wdvdr, ted rdmuota`f af

jdds j`r tedsd o`fsucdrs rbfndm gy ol`sd t` twdfty pdrodftbnd pàfts bor`ss majjdrdft gbfhs&

Jdds mr`ppdm j`r edbvy `vdrmrbjtdrs tebt oe`sd t` `pt af bt dboe gbfh bs wdll, bfm tedsd

o`fsucdrs bls` dxpdradfodm b rbfnd j uto`cds bor`ss stumy gbfhs bjtdr ted acpldcdftbta`f j

oebfnds t` Wdnulbta`f D& Bt ted stumy gbfhs wate ted nrdbtdst mr`p af jdds j`r `pt#af booùfts,

tedsd booùfts dxpdradfodm b 21&4$ rdmuota`f af tedar F_J@M jdds gdtwddf ted jarst bfm

sdo`fm eblj `j 7929& @pt#af booùfts bt ted stumy gbfhs wate ted scblldst mr`p af jdds j`r suoe

booùfts dxpdradfodm b ?&?$ rdmuota`f& ]edsd majjdrdft rdmuota`fs af jdds j`r edbvy vdrmrbjtdrs

we` `ptdm af cby rdjldot majjdrdfods bor`ss gbfhs af tedar vdrmrbjt pr nrbc o`fjanurbta`fs `r

`tedr p`laoads tebt afjludfodm ted afoamdfod `j `vdrmrbjts %af bmmata`f t` ted majjdrdfods af

o`fsucdrs bor`ss gbfhs bfm tedr jbot`rs masoussdm dbrladr!& ]ed j`ll`wafn sdota`f mdsoragds

tedsd p`laoads bfm tedar vbrabta`fs bor`ss gbfhs&




4& @vdrmrbjt Y`laoads bfmYrbotaods bor`ss Afstatuta`fs

]ed rbfnd `j o`fsucdr ùto`cds bor`ss stumy gbfhs masoussdm af _dota`f ? cby rdjldot af pbrt

ted majjdrdft pr`p`rta fs `j o`fsucdrs bt dboe gbfh tebt `ptdm af t` B]CY@_ mdgat obrm

`vdrmrbjt o`vdrbnd& _dota`f = allustrbtdm e`w ted mdoasa`f wedtedr t` pt af cby afjludfod

o`fsucdr uto`cds, afolumafn ted uto`cds `j o`fsucdrs we` prdvaùsly afourrdm vdrmrbjts&]ed wamd vbrabta`f af pt#af rbtds bor`ss gbfhs, dvdf bc`fn edbvy vdrmrbjtdrs we`

mdc`fstrbtdm ted eanedst pr`pdfsaty t` `pt af, sunndsts b fucgdr `j jbot`rs cby afjludfod `pt#

af rbtds&

_dvdrbl jafmafns af _dota`f = afmaobtd tebt `tedr jbot`rs gdsamds ted majjdrdfods bor`ss gbfhs af

`pt#af rbtds bls` bjjdot o`fsucdr uto`cds& Af pbrtaoulbr, majjdrdfods bor`ss stumy gbfhs af ted

sebrd j o`fsucdrs we` wdrd edbvy `vdrmrbjtdrs pra`r t` ted acpldcdftbta`f j Wdnulbta`f D‑s

`pt#af rdquardcdft, bfm af ol`surd rbtds bfm jdd rdmuota`fs j`r o`fsucdrs wate ted sbcd

Wdnulbta`f D dldota`f, sunndst tebt `tedr jbot`rs plby b r`ld af ted vbrabta`fs af o`fsucdrùto`cds bor`ss gbfhs&

]eas sdota`f mdtbals pròdssafn p`laoads, vdrmrbjt pr`nrbc jdbturds bfm praoafn, bfm tedr

prbotaods tebt cby bjjdot ted ùto`cds tebt o`fsucdrs dxpdradfod bfm tebt vbry bor`ss gbfhs&xx

Juturd bfblysds wall dvblubtd e`w tedsd p`laoads cby o`ftragutd t` ted o`fsucdr uto`cds

ùtlafdm af _dota`f ?&

xx@tedr p`laoads f`t masoussdm af teas sdota`f cby bls` acpbot ted o`fsucdr ùto`cds bfblyzdm af teas pbpdr& J`r

dxbcpld, majjdrdfods af oebrnd `jj p`laoads bor`ss ted stumy gbfhs cby o`ftragutd t` s`cd `j ted majjdrdfods af

afv`luftbry ol`surd rbtds&




4&2 Obloulbtafn Bvbalbgld Jufms]` mdtdrcafd wedtedr b o`fsucdr‑s trbfsbota`fs obusd eas r edr booùft gblbfod t` gdo`cd

fdnbtavd, mdp`sat`ry afstatuta`fs obloulbtd bf booùft‑s bvbalbgld jufms& Afstatuta`fs‑ afj`rcbta`f

bfm booùftafn systdcs usd b sdt `j rulds t` mdtdrcafd wedf fdwly mdp`satdm atdcs brd mddcdmt` afordbsd ted bvbalbgld jufms gd bvbalbgld af bf booùft bfm wedf b pbycdft `r mdgat

trbfsbota`f as mddcdm t` rdmuod ted bvbalbgld jufms af ted booùft& êdf b o`fsucdr cbhds b

oedoh mdp`sat aft` eas `r edr booùft, tedrd wall `jtdf gd b mdlby gdj`rd ted mdp`satdm oedoh

oldbrs bfm ted gbfh rdodavds jufms jr`c ted gbfh `f weaoe ted atdc as mrbwf& _acalbrly, wedf b

o`fsucdr wratds b oedoh, usds b mdgat obrm, `r bute`razds bf BOE pbycdft, tedrd obf gd b mdlby

gdtwddf ted tacd ted o`fsucdr afatabtds ted pbycdft bfm ted tacd ted atdc as sdttldm gy ted

afstatuta`f bfm jufms brd masgursdm t` o`vdr ted trbfsbota`f&

Bute`razbta`f, _dttldcdft bfm Bvbalbgld Gblbfod; êdf b o`fsucdr bttdcpts b mdgatobrm puroebsd `r B]C watemrbwbl, ted o`fsucdr‑s jafbfoabl afstatuta`f rdodavds bf

afstbftbfdùs rdqudst t` bute`razd ted trbfsbota`f&

_`cd bute`razdm trbfsbota`fs, suoe bs YAF#gbsdm mdgat obrm bfm B]C trbfsbota`fs, fdbrly

blwbys sdttld ted sbcd gusafdss mby tedy brd bute`razdm& @tedr bute`razdm trbfsbota`fs, c`st

f`tbgly sanfbturd#gbsdm mdgat obrm trbfsbota`fs, cby f`t gd prdsdftdm j`r sdttldcdft j`r b mby

`r tw` bjtdr bute`razbta`f& Cbfy afstatuta`fs, up`f bute`razafn b trbfsbota`f, wall tedf cbhd bf

dftry %rdjdrrdm t` bs “cdc` p`stafn–! tebt rdmuods ted jufms mddcdm t` gd bvbalbgld t` ted

o`fsucdr&

yy

]eas dfbglds tedsd afstatuta`fs t` tbhd tedsd trbfsbota`fs aft` o`fsamdrbta`f afmdtdrcafafn wedtedr t` bute`razd sugsdqudft dldotr`fao trbfsbota`fs murafn ted oùrsd `j ted

mby& Ndfdrblly, bvbalbgld jufms brd rdmuodm gy ted bcùft `j ted bute`razdm trbfsbota`f&

E`wdvdr, j`r odrtbaf typds j trbfsbota`fs wedrd ted bcùft bute`razdm as jtdf majjdrdft tebf

ted bcùft tebt wall sdttld ‟ j`r dxbcpld, nbs`lafd puroebsds ‟ afstatuta`fs cby rdmuod ted

bvbalbgld jufms gy ted jull bute`razbta`f bcùft %weaoe oùlm dxoddm tebt botubl puroebsd

bcùft!, rdmuod ted bvbalbgld jufms gy bf bcùft tebt cby gd sugstbftablly ldss tebf ted

puroebsd bcùft %suoe bs -2!, `r dldot f`t t` cbhd bfy rdmuota`f af bvbalbgld jufms&

yy Bs masoussdm af jurtedr mdtbal gdl`w, “cdc` p`stafn– as usdm gy afstatuta`fs tebt p`st trbfsbota`fs af gbtoe,

ndfdrblly af b fanetly pròdssafn oyold& _`cd afstatuta`fs p`st trbfsbota`fs af rdbl tacd, af weaoe dvdft tedrd as f`

fddm t` cdc` p`st tedsd atdcs&



=? O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

Jufms Bvbalbgalaty f Mdp`sats Y`laoads; Afstatuta`fs brd gùfm gy ted Dxpdmatdm Jufms

Bvbalbgalaty Bot t` pr`vamd bt ldbst ted jarst -799 `j odrtbaf oedohs mdp`satdm af pdrs`f bt ted

stbrt `j ted fdxt gusafdss mby, `r `f ted sdo`fm gusafdss mby j`r mdp`sats cbmd bt pr`pradtbry

B]Cs&?4 Bf afstatuta`f obf oe``sd t` “e`lm– bfy bcùft `f odrtbaf oedohs dxoddmafn -799 %a&d&,

b “e`lm– as plbodm `f tebt pbrt `j ted mdp`sat! bfm f`t ordmat ted booùft uftal ted e`lm asrdldbsdm& Af c`st obsds, e`lms wall f`t dxtdfm l`fndr tebf javd gusafdss mbys, gut afstatuta`fs

ndfdrblly rdldbsd jufms cuoe s``fdr& _`cd `j ted stumy gbfhs rdp`rt tebt tedy cbhd ted t`tbl

oedoh bcùft bvbalbgld accdmabtdly j`r cbfy mdp`sats, weald tedr gbfhs rdp`rtdm màfn s` af

tedar fanetly pròdssafn `j trbfsbota`fs `f ted mby ted mdp`sat as cbmd %pr`vamdm tebt ted mdp`sat

as cbmd pra`r t` ted out`jj tacd j`r ted fanetly pròdssafn, weaoe vbrads bc`fn gbfhs!&

Wdnulbta`f OO, weaoe acpldcdfts ted Dxpdmatdm Jufms Bvbalbgalaty Bot, sacalbrly rdquards tebt

jufms jr`c BOE mdp`sats gd cbmd bvbalbgld t` o`fsucdrs `f ted fdxt gusafdss mby jr`c wedf

tedy brd rdodavdm& C`st afstatuta`fs ndfdrblly cbhd BOE mdp`sats bvbalbgld bs tedy brd

rdodavdm&zz

Afstatuta`fs cby cbhd s`cd dxodpta`fs t` tedar ndfdrbl jufms bvbalbgalaty p`laoads& Wdnulbta`f

OO pdrcats afstatuta`fs t` plbod l`fndr e`lms `f mdp`sats t` fdw booùfts `r t` booùfts wate

rdpdbtdm vdrmrbjts, f mdp`sats tebt brd `j lbrnd bcùfts, bfm wedf rd#mdp`satafn oedohs tebt

ebvd gddf rdturfdm `r tebt rbasd “rdbs`fbgld obusd t` mùgt o`lldotbgalaty&–?: ]edsd dxodpta`fs

cby bmm t` ted vbrabta`f af jufms bvbalbgalaty gdtwddf afstatuta`fs bfm rdsult af majjdrdfods af

wedf bf booùft wall gd mddcdm t` ebvd afsujjaoadft jufms t` o`vdr b pbycdft&bbb

]` ted dxtdft

afstatuta`fs dldot t` cbhd jufms bvbalbgld dbrladr tebf rdquardm gy lbw, tedsd bvbalbgalaty p`laoads

pr`vamd o`fsucdrs wate eanedr bvbalbgld gblbfods bt bf dbrladr pàft af tacd bfm teus cby rdsult

af c`rd oldbrdm atdcs bfm p`tdftablly jdwdr vdrmrbjt r F_J oebrnds t` o`fsucdr booùfts&

zz ]ed JMAO‑s _urvdy `j Gbfhs‑ Djj`rts t` _drvd ted Tfgbfhdm bfm Tfmdrgbfhdm jùfm tebt s`cd afstatuta`fs pr`vamd

c`rd ndfdrùs jufms bvbalbgalaty `f mdp`sats tebf Wdnulbta`f OO rdquards& J`r dxbcpld, 71$ `j rdsp`fmdfts wate ldss

tebf -2 galla`f af bssdts rdp`rtdm tebt jufms j`r b -7,499 oedoh mdp`satdm wate b tdlldr `r vab bf B]C “wùlm

`rmafbraly gd bvbalbgld…`f ted sbcd gusafdss mby– bs ted oedoh wbs rdodavdm& _dd 7922 JMAO _urvdy `j Gbfhs‑ Djj`rts

t` _drvd ted Tfgbfhdm bfm Tfmdrgbfhdm, p&2: %Mdo& 7922!&bbb

Af Cbroe 7922, ted G`brm pr`p`sdm bcdfmafn Wdnulbta`f OO t` se`rtdf “dxodpta`f– e`lm pdra`ms `f mdp`satdm

jufms bfm cbhd odrtbaf `tedr oebfnds& _dd Bvbalbgalaty `j Jufms bfm O`lldota`f `j Oedohs %Yr`p`sdm Wuld!, >: Jdm&Wdn& 2:5:7 %Cbr& 74, 7922!& ]ed Dxpdmatdm Jufms Bvbalbgalaty Bot pr`vamds tebt tebt ted G`brm, kàftly wate ted

Mardot`r `j ted Gurdbu `j O`fsucdr Jafbfoabl Yr`tdota`f, sebll, gy rdnulbta`f, rdmuod ted tacd pdra`ms “t` bs se`rt b

tacd bs p`ssagld bfm dqubl t` ted pdra`m `j tacd boeadvbgld ufmdr ted acpr`vdm oedoh oldbrafn systdc j`r b rdodavafn

mdp`sat`ry afstatuta`f t` rdbs`fbgly dxpdot t` ldbrf `j ted f`fpbycdft `j c`st atdcs j`r dboe obtdn`ry `j oedohs&– _dd

Dxpdmatdm Jufms Bvbalbgalaty Bot, 27 T&_&O& § =997%m!%7!&



== O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

4&7 ]rbfsbota`f Yròdssafn bfm Y`stafn@rmdrs

Fanetly Gbtoe Yròdssafn; C`st jafbfoabl afstatuta`fs dfnbnd af b pròdss j p`stafn

trbfsbota`fs %ordmats bfm mdgats! t` ted booùft bjtdr ted ol`sd `j gusafdss dboe mby& ]ed fanetly

p`stafn pròdss c`majads bf booùft‑s ldmndr gblbfod gy bmmafn ordmats %jufms cbmd bvbalbgld

jr`c mdp`sats bfm `tedr p`satavd bmkustcdfts, suoe bs aftdrdst ordmats! bfm sugtrbotafn mdgats

blrdbmy pbam ut %watemrbwbls bfm wards! r o`fsamdrdm pbam ut %YAF mdgat trbfsbota`fs!, mdgats

dlanagld t` gd sdttldm %oedohs `r BOE atdcs prdsdftdm j`r pbycdft!, `r `tedrwasd mddcdm jafbl gy

ted afstatuta`f %`tedr oebrnds r fdnbtavd bmkustcdfts!& Bf booùft‑s ldmndr gblbfod as ted

gblbfod bjtdr dboe trbfsbota`f ebs sdttldm j`r ted booùft& C`st afstatuta`fs `fly p`st ordmat bfm

mdgat atdcs f wddhmby fanets %dxolumafn e`lambys!8 teus, wddhmby fanets brd jrdqudftly ted

`fly tacds wedf bf booùft‑s ldmndr gblbfod as bmkustdm& O`fsdqudftly, bt cbfy afstatuta`fs,

rdnbrmldss `j webt booùft botavaty ebs òourrdm murafn b wddhmby `r `vdr b wddhdfm, ted

booùft ldmndr gblbfod rdcbafs ufoebfndm jr`c ats dfmafn p`sata`f af ted lbst wddhmby fanet‑s

p`stafn pròdss uftal ted o`cpldta`f j ted fdxt wddhmby fanet‑s p`stafn pròdss&ggg

Y`stafn @rmdr; ]ed trdbtcdft j mdgat bute`razbta`fs bfm jufms bvbalbgalaty p`laoads t`ndtedr

wate bf afstatuta`f‑s out`jj tacd j`r pròdssafn trbfsbota`fsooo

mdtdrcafd ted mby `f weaoe, bfm

ted bcùft gy weaoe, b trbfsbota`f wall bjjdot ted bcùft `j jufms bvbalbgld af bf booùft t`

o`vdr tedr pbycdfts& Y`stafn rmdrs mdtdrcafd ted sdqudfod af weaoe tedsd obloulbta`fs brd

cbmd af b navdf mby&

Jafbfoabl afstatuta`fs mdtdrcafd ted rmdr af weaoe tedy pròdss mdgat bfm ordmat trbfsbota`fs&

Majjdrdfods af ted `rmdr af weaoe vbraùs trbfsbota`fs brd pròdssdm obf bjjdot ted gblbfods af bf

booùft bjtdr dboe trbfsbota`f, afolumafn wedf af ted sdqudfod bf booùft gblbfod gdo`cds

afsujjaoadft t` o`vdr rdcbafafn atdcs bfm wedf at gdo`cds fdnbtavd bs b rdsult `j bf `vdrmrbjt&

ggg Yrdlacafbry bfblysas `j trbfsbota`fbl mbtb jr`c gbfhs af ted OJYG‑s `vdrmrbjt stumy se`ws tebt b maspr`p`rta`fbtd

fucgdr `j pbycdft trbfsbota`fs, afolumafn `vdrmrbjt bfm F_J trbfsbota`fs, brd p`stdm `f C`fmbys& ]eas rdjldots ted

lbrnd fucgdr `j trbfsbota`fs tebt cby gd afatabtdm gy o`fsucdrs bjtdr Jramby‑s out`jj bfm murafn wddhdfm mbys& Gdobusd fanetly p`stafn as b gbtoe pròdss, afstatuta`fs cust mdjafd b pàft bt weaoe bll sugsdqudft trbfsbota`fs wall

gd o`fsamdrdm t`` lbtd j`r ted fanet‑s w rhl`bm& ]rbfsbota`fs rdodavdm bjtdr teas “out`jj tacd– brd edlm j`r ted fdxt

gusafdss mby‑s fanetl y pròdss& Out`jj tacds cby vbry gy afstatuta`f bfm gy grbfoe `r o`lldota`f `j grbfoeds wateaf b

safnld afstatuta`f&ooo

_dd prdvaùs j``tf`td j`r dxplbfbta`f `j out`jj tacds&




]ed dbrladr af b sdqudfod tebt bf booùft gdo`cds fdnbtavd, ted c`rd vdrmrbjt r F_J

trbfsbota`fs cby oour&

Ordmats#Gdj`rd#Mdgats; Bll afstatuta`fs tebt mdsoragdm tedar p`stafn `rmdrs af rdsp`fsd t` ted

OJYG‑s WJA bfm bll stumy gbfhs ndfdrblly p`st mdp`sats bfm `tedr ordmats af boo`rmbfod wate ted

afstatuta`f‑s jufms bvbalbgalaty p`laoy gdj`rd mdgat trbfsbota`fs %pracbraly pbycdfts! murafn

fanetly pròdssafn&mmm

Y`stafn ordmats gdj`rd mdgats, af o`cpbras`f wate bltdrfbtavd p`stafn

cdte`ms, afordbsds ted lahdlae``m b o`fsucdr wall ebvd sujjaoadft jufms t` o`vdr mdgats tebt brd

pròdssdm af ted fanetly gbtoe bfm tedrdj`rd rdmuods ted lahdlae``m tebt b o`fsucdr wall afour bf

`vdrmrbjt r F_J jdd&

@rmdrafn Mdgats gy ]ypd; Bjtdr p`stafn mdp`sats bfm tedr ordmats murafn fanetly pròdssafn,

afstatuta`fs p`st mdgats af `rmdrs tebt vbry sanfajaobftly jr`c `fd afstatuta`f t` bf`tedr& _`cd

afstatuta`fs o`ccafnld bll rdcbafafn mdgats afolumafn oedoh, BOE, bfm sdttldm B]C bfm Y@_

atdcs t`ndtedr j`r pròdssafn af b safnld gbtoe& @tedrs jarst obtdn`razd mdgats gy majjdrdft

trbfsbota`f typds bfm pròdss tedc af b sdqudfod `j sug#gbtoeds&ddd

Afstatuta`fs j`ll`wafn teas

lbttdr bppr`boe cby, j`r dxbcpld, sdpbrbtd bfm pròdss gbfh#afatabtdm bfm prd#bute`razdm

%“obse#ùt–! trbfsbota`fs jarst& Gbfh#afatabtdm trbfsbota`fs typaoblly afolumd rdturfdm mdp`sats

bfm booùftafn bmkustcdfts %d&n&, t` o`rrdot drr`rs cbmd af pra`r p`stafns!& Bt s`cd

afstatuta`fs, tedsd cby bls` afolumd `vdrmrbjt bfm F_J jdds bssdssdm `f atdcs pròdssdm ted

pra`r gusafdss mby&jjj

Obse#ùt atdcs brd f`f#rdvòbgld trbfsbota`fs blrdbmy bute`razdm gy ted

afstatuta`f bfm ndfdrblly afolumd tdlldr wafm`w bfm B]C obse watemrbwbls, obseadrs‑ oedohs, bfm

wards& Blteùne afstatuta`fs brd bls` labgld j`r prdvaùsly bute`razdm Y@_ mdgat obrm

trbfsbota`fs, tedsd brd jrdqudftly pròdssdm sdpbrbtdly& Bc`fn afstatuta`fs tebt pròdss af sug#

gbtoeds, p`laoads vbry wamdly af ted afmustry bfm bls` bc`fn ted stumy gbfhs rdnbrmafn webt

typds `j mdgats brd nrùpdm aft` sug#gbtoeds bfm ted sdqudfod `j ted sug#gbtoeds& ]ed `rmdr af

weaoe sug#gbtoeds brd pr odssdm obf bjjdot weaoe atdcs ‟ bfm e`w cbfy ‟ afour vdrmrbjt r

mmm

]ed `gsdrvdm ordmats gdj`rd mdgats afmustry “stbfmbrm– bpplads t` fanetly pròdssafn `fly bfm pdrtbafs `fly t`trbfsbota`fs rdodavdm `f ted sbcd obldfmbr mbtd&ddd

Afmavamubl sug#gbtoeds cby o`ftbaf trbfsbota`fs `j b safnld typd `r o`ccafnld cultapld typds `j trbfsbota`fs bs

dxplbafdm gdl`w&jjj

Afstatuta`fs bls` afatabtd c`ftely cbaftdfbfod bfm `tedr typds `j jdds8 e`wdvdr, tedsd jdds brd ndfdrblly f`t p`stdm

gdj`rd oust`cdr#afatabtdm trbfsbota fs&



=: O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

F_J jdds wedf bf booùft wate b p`satavd gblbfod m`ds f`t ebvd sujjaoadft jufms t` pby bll `j ted

mdgats af bll `j ted gbtoeds&

@rmdrafn Mdgats gy ]rbfsbota`f _azd; _`cd afstatuta`fs cby usd bmmata`fbl r bltdrfbtavd

bppr`boeds t` `rmdr atdcs wateaf b gbtoe %aj bll mdgats brd gbtoedm t`ndtedr! `r wateaf sug#

gbtoeds %aj mdgats brd pròdssdm gy typd!& Y`stafn scblldr atdcs gdj`rd lbrndr atdcs %“l`w #t`#

eane– pròdssafn! afordbsds ted pr`gbgalaty tebt c`rd atdcs wall gd pbam bfm jdwdr atdcs wall gd

bssdssdm F_J r `vdrmrbjt jdds& O`fvdrsdly, lbrndr atdcs cby dxebust bvbalbgld jufms dbrladr

wedf p`stdm gdj`rd scblldr atdcs %a&d&, af b “eane#t`#l`w– cbffdr! bfm afordbsd ted lahdlae``m

tebt c`rd atdcs wall tbhd ted gblbfod fdnbtavd `r p`st wedf at ebs blrdbmy gdo`cd fdnbtavd&

_`cd afstatuta`fs vbry e`w tedy `rmdr trbfsbota`fs gy sazd wateaf majjdrdft sug#gbtoeds %a&d&, ted

sbcd afstatuta`f cby rmdr wateaf fd sug#gbtoe l`w#t`#eane bfm wateaf bf`tedr sug#gbtoe

eane#t`#l`w!&

@rmdrafn mdgat trbfsbota`fs gy sazd obf ebvd vdry majjdrdft acpbots, mdpdfmafn `f wedtedr ted

mdgats brd o`ccafnldm `r nrùpdm aft` sug#gbtoeds gy trbfsbota`f typd& J`r dxbcpld, aj bf

afstatuta`f pròdssds obse#ùt bfm Y@_ mdgat obrm trbfsbota`fs gdj`rd oedoh bfm BOE pbycdfts,

at djjdotavdly pròdssds scblldr pbycdfts jarst gdobusd obse watemrbwbls bfm mdgat obrm Y@_

pbycdfts brd, f bvdrbnd, scblldr tebf oedoh bfm BOE pbycdfts,nnn

dvdf aj trbfsbota`fs wateaf

dboe sug#gbtoe brd `rmdrdm jr`c lbrndst t` scblldst&

Oer`f`l`naobl bfm _drabl @rmdrafn; _`cd trbfsbota`fs, suoe bs Y@_ mdgats bfm B]C

trbfsbota`fs, obrry b mbtd# bfm tacd#stbcp& _`cd afstatuta`fs oe``sd t` usd teas afj`rcbta`f t`

sdpbrbtd bfm p`st tedsd atdcs oer`f`l`naoblly& _acalbrly, s`cd afstatuta`fs pròdss oedohs gy

oedoh fucgdr bfm afo`cafn BOE mdgats %afolumafn oedohs tebt wdrd o`fvdrtdm aft` BOE

trbfsbota`fs gy ted cdroebfts t` we`c ted oedohs wdrd wrattdf `r ted gbfhs bt weaoe ted

oedohs wdrd mdp`satdm! af ted rmdr af weaoe tedy brd rdodavdm murafn ted mby&eee

nnn Mdgat obrm trbfsbota`fs” wedtedr dxdoutdm bor`ss b YAF `r sanfbturd fdtw`rh ”tdfm t` gd scblldr tebf oedohs bfm

BOE pbycdfts& Boo`rmafn t` Fals f, ted bvdrbnd afmustry#wamd mdgat obrm trbfsbota`f af 7929 wbs -?>, weald oedohsbvdrbndm -54 bfm BOE -22?& _dd ]ed Fals`f Wdp`rt /154 %Mdo& 7922!&eee

@tedrs cby usd ted tacd tebt b pbydd mdp`satdm `r obsedm b oedoh bs b tacdstbcp j`r ted oedoh wratdr, `r wall usd

ted tacdstbcp `f b tdlldr watemrbwbl aj ted afstatuta`f ebs bf `flafd tdlldr plbtj`rc&

BOE trbfsbota`fs brd rdodavdm af gbtoeds, bfm tedsd gbtoeds cby o`ftbaf g`te ordmat bfm mdgat trbfsbota`fs&

Afstatuta`fs ndfdrblly rdodavd cultapld gbtoeds pdr mby&



=> O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

âmd Zbrabta`f af Mdgat Y`stafn @rmdrs; Ndfdrblly, ted OJYG ebs jùfm tebt mdgat p`stafn

`rmdrs vbry o`fsamdrbgly jr`c afstatuta`f t` afstatuta`f& F` tw` pbrtaoapbfts af ted stumy j`ll`w

amdftaobl p`stafn rmdr p`laoads, bfm jafbfoabl afstatuta`fs rdsp`fmafn t` ted OJYG‑s WJA

mdsoragdm wamdly vbryafn p`stafn rmdr p`laoads bs wdll&

Janurd 22 gdl`w allustrbtds b rbfnd j p`ssagld rmdrafn bppr`boeds& ]ed “O`ccafnldm Eane#t`#

L`w – bppr`boe ebs gddf bm`ptdm gy b fucgdr `j gbfhs& ]ed “_ug#Gbtoedm Eane#t`#L`w –

dxbcpld se`ws sdpbrbta`f j mdgat atdcs gy trbfsbota`f typd bfm o`cgafds majjdrdft cdte`ms

j`r rmdrafn trbfsbota`fs wateaf gbtoeds& ]ed “Oer`f`l`naobl * _drabl @rmdr– dxbcpld mdpaots b

p`laoy af weaoe gbfh bmkustcdfts bfm obse#ùt atdcs brd rmdrdm jr`c eanedst t` l`wdst

bcùft, j`ll`wdm gy bll tacd#stbcpdm mdgats rmdrdm oer`f`l`naoblly, bfm tedf gy oedohs

`rmdrdm gy oedoh fucgdr& Af dboe j ted cdte`m`l`nads, F_J bfm vdrmrbjt jdds brd bssdssdm

bjtdr ted trbfsbota`fs p`st, datedr tebt fanet `r ted fdxt c`rfafn&

JANTWD 22; ALLT_]WB]AZD BYYW@BOED_ ]@ Y@_]AFN MDGA]_ GQ ]WBF_BO]A@F ]QYD, _A[D, BFM]ACAFN

]edrd brd cbfy bmmata`fbl o`cgafbta`fs j cdte`m`l`nads j`r gbtoeafn trbfsbota`fs, sdqudfoafn

sug#gbtoeds, bfm rmdrafn atdcs wateaf sug#gbtoeds&




Aftrbmby Yròdssafn bfm @tedr Yròdssafn Zbrabta`fs tebt Acpbot Y`stafn @rmdr;

_`cd afstatuta`fs p`st atdcs `f bf aftrbmby gbsas `r ùtsamd `j fanetly pròdssafn& Afstatuta`fs

typaoblly rdodavd cultapld gbtoeds j BOE trbfsbota`fs murafn b gusafdss mby& ]edsd gbtoeds

afolumd g`te mdgats bfm ordmats&aaa

_`cd stumy gbfhs pròdss BOE trbfsbota`fs bs tedy brd

rdodavdm murafn ted gusafdss mby af ladu `j `r af bmmata`f t` %j`r ted mby‑s jafbl gbtoe! pròdssafntedsd trbfsbota`fs bt fanet wate bll `tedr ordmats bfm mdgats& _`cd afstatuta`fs tebt p`st

trbfsbota`fs f bf aftrbmby gbsas djjdotavdly mdjdr atdcs tebt wùlm tedrwasd rdsult af bf

aftrbmby `vdrmrbjt t` ted dfm `j ted mby t` mdtdrcafd wedtedr tedsd atdcs obf gd o`vdrdm wate

lbtdr#brravafn ordmats& @tedr afstatuta`fs sacalbrly pròdss tdlldr watemrbwbls bfm YAF fdtw`rh

trbfsbota`fs aftrbmby bs tedy òour& ]ed pròdssafn `j trbfsbota`fs bt ted tacd `j dxdouta`f as

oblldm “rdbl#tacd pròdssafn&–

Bmmata`fblly, s`cd gbfhs tebt pròdss s`ldly bt fanet cby mastafnuase atdcs tebt òourrdm bjtdr

ted out`jj tacd `f ted prdvaùs mby jr`c ourrdft mby atdcs af tedar pròdssafn& J`r dxbcpld,tedsd afstatuta`fs cby pra`ratazd bfm jarst pròdss pra`r mby ordmats, tedf pra`r mby mdgats,

ourrdft mby ordmats, bfm jafblly ourrdft mby mdgats& ]eas prbotaod bfm aftrbmby bfm rdbl#tacd

pròdssafn bll obusd s`cd mdgats t` p`st gdj`rd ordmats& ]eus, tedsd pròdssafn bppr`boeds cby

obusd o`fsucdrs t` afour c`rd F_J r vdrmrbjt trbfsbota`fs8 e`wdvdr, s`cd afstatuta`fs

acpldcdft dfm#`j#mby bmkustcdfts tebt djjdotavdly p`st ordmats gdj`rd mdgats&

4&? @vdrmrbjt O`vdrbnd Lacats bfmCbhafn Yby/Wdturf Mdoasa`fs@fod bf afstatuta`f mdtdrcafds tebt bf booùft ebs afsujjaoadft jufms t` o`vdr b oedoh `r BOE

pbycdft, at cust mdoamd wedtedr t` pby ted atdc `r rdturf at&kkk

]eas mdoasa`f as sacalbr t` ted

mdoasa`f t` bute`razd `r mdolafd b trbfsbota`f tebt b o`fsucdr bttdcpts bt bf B]C `r pàft `j

sbld gut òours murafn ted p`stafn pròdss afstdbm `j af rdbl tacd terùneùt ted mby& B pbam

oedoh `r BOE `vdrmrbjt atdc obf rdsult af bf `vdrmrbjt jdd& B rdturfdm oedoh `r BOE atdc obf

aaaBOE mdgats afolumd oedohs o`fvdrtdm t` BOE trbfsbota`fs bt pàfts `j sbld&

kkkBs masoussdm gdl`w, c`st afstatuta`fs bll`w o`fsucdrs ted `pp`rtufaty t` lafh tedar oedohafn booùft t` bf`tedr

mdp`sat `r ordmat booùft bt ted gbfh& êdrd b o`fsucdr dldots t` m` s`, ted pbyrdturf mdoasa`fs brd cbmd `fly bjtdr

jufms af ted lafhdm mdp`sat booùft, `r ted ordmat lacat `f ted lafhdm ordmat booùft, ebvd gddf dxebustdm&




rdsult af bf F_J jdd %typaoblly `j ted sbcd bcùft bs bf `vdrmrbjt jdd!&hhh

Afstatuta`fs dcpl`y b

fucgdr j majjdrdft prbotaods bfm p`laoads wedf cbhafn tedsd pbyrdturf mdoasa`fs&

Bs but`cbtdm pr odssds brd fdodssbry j`r afstatuta`fs tebt oe``sd t` bute`razd `r mdolafd B]C

bfm Y@_ trbfsbota`fs tebt wall vdrmrbw bf booùft, cbfy afstatuta`fs”afolumafn stumy gbfhs”

usd tedsd sbcd pròdssds t` cbhd pby#rdturf mdoasa`fs j`r oedoh bfm BOE trbfsbota`fs& ]edsd

afstatuta`fs ndfdrblly ruf pr`nrbcs tebt bssanf t` dboe booùft b lacat bs t` ted bcùft `j

`vdrmrbjt o`vdrbnd ted afstatuta f as wallafn t` dxtdfm& J`r booùfts tebt ebvd `ptdm af t` B]C

bfm Y@_ mdgat vdrmrbjt o`vdrbnd, wedf b rdqudst j`r bute`razbta`f as rdodavdm tebt dxoddms ted

bvbalbgld jufms, ted gbfh wall mdtdrcafd wedtedr t` bute`razd ted trbfsbota`f gy rdvadwafn at

bnbafst ted bssanfdm vdrmrbjt o`vdrbnd lacat& _acalbrly, af fanetly %`r aftrb#mby! p`stafn, ted

gbfh wall rdvadw p`tdftabl F_J bfm `vdrmrbjt atdcs bnbafst ted bssanfdm `vdrmrbjt o`vdrbnd

lacat&lll

Atdcs pròdssdm murafn fanetly %bfm aftrb#mby! p`stafn wall ndfdrblly gd pbam up t` ted

o`vdrbnd lacat8 fod ted booùft‑s lacat as rdboedm, sugsdqudft atdcs wall gd rdturfdm ufpbam&

]ed `rmdr af weaoe atdcs brd p`stdm cby bjjdot f`t `fly ted fucgdr `j `vdrmrbjt jdds bssdssdm

gut bls` ted lahdlae``m `j pbrtaoulbr atdcs gdafn rdturfdm bfm p`tdftablly bssdssdm F_J jdds& ]ed

jrdqudfoy wate weaoe teas òours cby gd bsodrtbafbgld terùne ùr juturd bfblysas `j ted

booùft#ldvdl mbtb jr`c ted stumy gbfhs&

_dttafn @vdrmrbjt O`vdrbnd Lacats; Ndfdrblly, afstatuta`fs tebt sdt vdrmrbjt o`vdrbnd

lacats bssanf b safnld lacat t` dboe booùft bfm usd tebt booùft lacat j`r cbhafn mdoasa`fs

rdnbrmafn oedoh bfm BOE trbfsbota`fs murafn fanetly pròdssafn bs wdll bs j`r bute`razafn B]Cbfm Y@_ mdgat obrm trbfsbota`fs j`r te`sd booùfts `ptdm af j`r `vdrmrbjt o`vdrbnd `f tedsd

atdcs&

@vdrmrbjt o`vdrbnd lacats cby gd stbtao %a&d&, ted afstatuta`f bssanfs bf ufoebfnafn lacat t` dboe

oust`cdr! `r myfbcao %a&d&, ted lacats brd obloulbtdm bfm cby vbry j`r dboe booùft bfm `vdr

tacd!& _tbtao lacats vbry bc`fn afstatuta`fs tebt dcpl`y tedc, bfm cby rbfnd jr`c ufmdr -299

hhh

B]C bfm Y@_ mdgat obrm trbfsbota`fs brd dxolumdm gdobusd tedy brd bute`razdm bt ted tacd ted o`fsucdr o`fmuotsted trbfsbota`f bfm typaoblly mdolafdm wedf rdkdotdm8 teus, tedsd atdcs m` f`t ndt prdsdftdm j`r pbyrdturf

mdoasa`fafn&lll

J`r dxbcpld, aj bf booùft ebs afsujjaoadft jufms t` pby `fd `r c`rd atdcs bfm bf afstatuta`f ebs mdtdrcafdm at wall

pr`vamd up t` -499 `j `vdrmrbjt o`vdrbnd `f ted booùft, ted afstatuta`f‑s but`cbtdm pròdss wall pby atdcs tebt tbhd

ted booùft gblbfod fdnbtavd gy bs cuoe bs -499&




t` wdll vdr -2,999& _`cd afstatuta`fs dcpl`y majjdrdft stbtao lacats j`r majjdrdft oedohafn

booùft pr`muots, weald `tedrs bssanf ted sbcd lacat t` bll oust`cdrs&

Myfbcao lacats, af o`ftrbst, vbry gy booùft bfm cby oebfnd pdra`maoblly bs bf booùfte`lmdr‑s

usbnd `r rdlbta`fseap t` ted afstatuta`f oebfnds& Cbfy afstatuta`fs sdt myfbcao lacats gbsdm `f b

“cbtrax– `r sdt `j j`rculbs tebt wdane vbraùs booùft bfm booùfte`lmdr oebrbotdrastaos af bf

bttdcpt t` cbfbnd c`rd prdoasdly booùft ordmat rash, vdrmrbjt pr`nrbc rdvdfuds, bfm

oust`cdr rdtdfta`f& ]edsd oebrbotdrastaos o`cc`fly afolumd booùft tdfurd, bvdrbnd gblbfod,

`vdrmrbjt east`ry, bfm mdp`sat pbttdrfs bs wdll bs tedr rdlbta`fseaps ted booùfte`lmdr cby

ebvd wate ted afstatuta`f&

Lacats bssanfdm t` booùfts bt afstatuta`fs usafn myfbcao `vdrmrbjt lacats cby oebfnd `vdr tacd

bs bf booùfte`lmdr‑s usbnd pbttdrfs bfm rdlbta`fseap t` ted afstatuta`f oebfnd& ]eus ted

mastraguta`f `j lacats bssanfdm t` booùfts gy bf afstatuta`f cby oebfnd gbsdm `f oebfnds af

p`laoy, oust`cdr gdebva`r, bfm cbrhdt o`fmata`fs tebt bjjdot g`te, bfm gbfhs rdp`rt pdra`maoblly

dvblubtafn bfm bmkustafn tedar bln`ratecs j`r sdttafn myfbcao o`vdrbnd lacats& eald cbfy lbrnd

afstatuta`fs usd myfbcao lacats, ted c`rd jrdqudft pdrj`rcbfod c`fat`rafn tebt myfbcao

c`mdls rdquard cby strbaf rdsùrods bt scblldr afstatuta`fs& Ydrebps bs b rdsult, cbfy scblldr

afstatuta`fs cbaftbaf stbtao lacats&

Afstatuta`fs tebt usd myfbcao lacats ndfdrblly m` f`t o`ccufaobtd tedsd lacats t`

booùfte`lmdrs& ]eas as trud j`r bll stumy gbfhs tebt usd myfbcao lacats& _`cd afstatuta`fs tebt

usd stbtao lacats o`ccufaobtd tedsd lacats t` booùfte`lmdrs&

Mastraguta`f `j @vdrmrbjt O`vdrbnd Lacat Bcùfts; J`r o`fsucdrs we` ebvd `ptdm af

t` B]C bfm Y@_ mdgat obrm `vdrmrbjt o`vdrbnd, ted sazd `r bcùft `j ted `vdrmrbjt o`vdrbnd

lacat bssanfdm t` b o`fsucdr‑s booùft wall mdtdrcafd ted pàft bt weaoe ted afstatuta`f odbsds t`

bute`razd suoe trbfsbota`fs& ]eus, j`r booùfts `ptdm af j`r `vdrmrbjt o`vdrbnd `f B]C bfm Y@_

mdgat obrm trbfsbota`fs, l`wdr vdrmrbjt o`vdrbnd lacats ndfdrblly rdsult af c`rd mdolafdm

bttdcpts bfm jdwdr bppr`vbls, bfm o`fsdqudftly, jdwdr vdrmrbjts bs b rdsult j tedsd typds j

trbfsbota`fs& ]ed sazd `j ted `vdrmrbjt o`vdrbnd lacat wall bls` bjjdot ted pàft bt weaoe ted gbfh

o`ccdfods t` rdturf oedoh bfm BOE atdcs& ]eus, j`r tedsd typds j pbycdfts, l`wdr vdrmrbjt

o`vdrbnd lacats ndfdrblly rdsult af c`rd F_J trbfsbota`fs bfm jdwdr `vdrmrbjt trbfsbota`fs&

Janurd 27 mdpaots ted bnnrdnbtdm mastraguta`f `j o`vdrbnd lacats `j stumy gbfhs bs `j Kufd 7927&

Ol`sd t` :9$ `j booùfts ebm `vdrmrbjt lacats rbfnafn jr`c -2 t` -4998 j`r cbfy stumy gbfhs,

tedsd lacats jbll gdl`w ted cbxacuc lacat tebt ted gbfhs‑ prdsoragd& Bppr`xacbtdly 5$ `j




booùfts”afolumafn gut f`t fdodssbraly lacatdm t` fdw booùfts, sdo`fm oebfod booùfts,

booùfts mddcdm t` prdsdft eane rashs `j f`t rdpbyafn fdnbtavd gblbfods, bfm booùfts rdodavafn

pr`tdotdm %d&n&, nbrfasedm! jufms” wdrd boo`rmdm f` `vdrmrbjt o`vdrbnd& C`st stumy gbfhs

afmaobtdm tebt tedy obp tedar o`vdrbnd lacats gdtwddf -2,499 bfm -7,499, bfm sdvdrbl rdp`rtdm

tebt tedy ebm rdoblagrbtdm tedar cbtraods safod 7929, l`wdrafn tedar cbxacuc obloulbtdm`vdrmrbjt o`vdrbnd lacat gy -7,999 r c`rd&

JANTWD 27; @ZDWMWBJ] O@ZDWBND LACA]_ J@W BOO@TF]_ B] _]TMQ GBFH_, KTFD 7927

Zbrabta`fs af @vdrmrbjt Lacats gy Gbfh; Bvdrbnd o`vdrbnd lacats, bfm ted rbfnd `j lacats

bc`fn gbfhs wate myfbcao lacats, vbradm gy stumy gbfh& C`st stumy gbfhs qu`tdm bvdrbnd

o`vdrbnd lacats rbfnafn gdtwddf -499 bfm -2,999& _`cd, afolumafn gbfhs wate myfbcao

`vdrmrbjt lacats, bssanf ted sbcd lacat t` c`st booùfts& C`st stumy gbfhs, e`wdvdr, bssanfdm b

nrdbtdr mavdrsaty j vdrmrbjt lacats, wate eanedr cbxacuc o`vdrbnd bcùfts bfm booùfts

bssanfdm lacats bor`ss ted rbfnd gdtwddf ted cbxacuc bfm -9& ]edsd vbrabta`fs af p`laoads wate

rdspdot t` sdttafn vdrmrbjt o`vdrbnd bcùfts stdc jr`c majjdrdfods af ted jbot`rs usdm t`

obloulbtd myfbcao lacats bfm wallafnfdss t` t`ldrbtd dxodpta`fs, suoe bs cbfublly bssanfdm

`vdrmrbjt lacats j`r ldnboy booùfts&

Cbfubl @vdrramds; C`st afstatuta`fs wate but`cbtdm `vdrmrbjt pr`nrbcs cbhd bt ldbst s`cd

pbyrdturf mdoasa`fs cbfublly& Afstatuta`fs wate suoe eygram pbyrdturf pròdssds jlbn s`cd j

ted but`cbtdm mdoasa`fs j`r rdvadw gy stbjj wate cbfubl vdrramd bute`raty& ]edsd rdvadwdrs

bpply afstatuta`fbl nuamdlafds tebt afo`rp`rbtd oust`cdr sdrvaod bfm jrbum mdtdota`f




o`fsamdrbta`fs t` mdoamd wedtedr t` pby `r rdturf p`tdftabl vdrmrbjt atdcs& ]ed afstatuta`fs

c`fat`r tedsd cbfubl `vdrramds bfm cdbsurd pdrj`rcbfod rdlbtavd t` jdd afo`cd, ordmat l`ssds,

bfm oust`cdr bttrata`f&

Bmmata`fblly, stumy gbfhs rdp`rtdm tebt tedy cby “ebrm o`md– eane vdrmrbjt o`vdrbnd lacats”

j`r dxbcpld, bt -4,999 `r c`rd”bfm `vdrramd tedar stbfmbrm `vdrmrbjt lacats j`r scbll fucgdrs

`j rdlbtavdly l`w rash o`fsucdr booùfts& _acalbrly, up`f suspaoa`f j jrbumuldft trbfsbota`fs,

s`cd stumy gbfhs cby tdcp`rbraly rdstraot bf booùft‑s `vdrmrbjt lacat t` -9&

4&= Oebrnd/F`#Oebrnd Mdoasa`fs, ^bavdrs,bfm Wdjufms

@fod b mdoasa`f as cbmd t` pby bf atdc j`r weaoe tedrd brd afsujjaoadft bvbalbgld jufms, ted

afstatuta`f tedf cust mdtdrcafd wedtedr t` oebrnd bf vdrmrbjt jdd wate rdspdot t` tebt atdc&

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`vdrmrbjt jdds wedf b gblbfod as mravdf `fly f`cafblly fdnbtavd gy ted suc `j atdcs p`stdm tebt

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ordmat lafd j`r `vdrmrbjt pr`tdota`f&qqq

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t` b oedohafn booùft j`r `vdrmrbjt pr`tdota`f& Gbfhs af ted OJYG‑s stum y ndfdrblly `jjdrdm s`cd

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brd but`cbtaoblly trbfsjdrrdm j`r vdrmrbjt pr`tdota`f&rrr

]wdfty#danet j ted ?? lbrndst

afstatuta`fs c`fat`rdm gy ted rdsdbroe jarc af 7927 oebrndm b trbfsjdr jdd, wate tedsd jdds

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jdd, bfm j`r tedsd afstatuta`fs, ted cdmabf jdd wbs o`cpbrbtavdly ldss bt -4&=2 Cbfy afstatuta`fs

wate md cafacas terdse`lms j`r bssdssafn vdrmrbjt jdds bpply tedsd sbcd terdse`lms wedf

mdtdrcafafn wedtedr `r f`t t` bssdss b lafhdm booùft trbfsjdr jdd&

Lafhdm booùfts cby ebvd `tedr o`sts bssòabtdm wate tedc& J`r dxbcpld, s`cd afstatuta`fs

oebrnd bf bffubl `r c`ftely jdd `f lafds `j ordmat& Ordmat pr`muots bls` obrry bf aftdrdst rbtd

tebt as bppladm t` ùtstbfmafn gblbfods& Lafhbgld mdp`sat booùfts cby gd sugkdot t` c`ftely

cbaftdfbfod rdquardcdfts bfm jdds, bs cby s`cd j ted o`fsucdr oedohafn booùfts t` weaoetedy brd lafhdm& _`cd gbfhs af ted OJYG‑s stumy jjdr jrdd %f` cafacuc gblbfod! lafhbgld

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_`cd afstatuta`fs `fly trbfsjdr jufms wedf ted trbfsjdrrdm suc as sujjaoadft t` o`vdr ted suc `j

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qqq

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af ted sbcd mby&

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edlp t` o`vdr bmmata`fbl pbycdfts bfm prdvdft bmmata`fbl `vdrmrbjt òourrdfods `r bmmata`fbl

trbfsjdr jdds& @f ted tedr ebfm, trbfsjdrrafn bf dxbot bcùft bvàms jafbfod oebrnds %af ted

obsd `j lafds `j ordmat! af dxodss `j webt ted o`fsucdr rdquards& _`cd afstatuta`fs utalazd g`te

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bcùft wedf trbfsjdrrafn jr`c b lafhdm ordmat booùft&

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bf`tedr mdp`sat booùft j`r vdrmrbjt pr`tdota`f bt ted dfm j 7922 wbs 75&9$& ]ed pdrodftbnd

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tbhd#up rbtds bc`fn stumy gbfhs rdjldots majjdrdft strbtdnads j`r pr`c`tafn suoe sdrvaods t`

booùfte`lmdrs, ted ldfnte `j tacd majjdrdft gbfhs ebvd gddf `jjdrafn ted sdrvaod, bfm p`ssagly

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dstacbtds tebt :2$ `j bmult aftdrfdt usdrs usdm `flafd gbfhafn sdrvaods af 7922,=7 bfm survdy

jafmafns jr`c ted G`brm afmaobtdm tebt :5$ `j o`fsucdrs wate b gbfh booùft bfm rdnulbr

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dfm `j 7922&ttt

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scbll afstatuta`f rdsp`fmdfts t` ted OJYG‑s WJA tebt m` f`t pr`vamd bldrts afmaobtdm o`st t` gd

tedar pracbry rdbs`f j`r f`t màfn s`& Bc`fn stumy gbfhs `jjdrafn ted sdrvaod, ted pdrodftbnd `j

`pdf booùfts dfr`lldm t` rdodavd l`w gblbfod tdxt bldrts bt ted dfm `j 7922 rbfndm gy `vdr 74

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oust`cdr wate cultapld oedohafn booùfts!&

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L`wdst Gbfhs

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`j oedohafn booùfts bfm tedar fddm r pr`pdfsaty t` usd `vdrmrbjt o`vdrbnd&

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booùft& vvv

F`td tebt bt cbfy afstatuta`fs, o`fsucdrs cby sanf up j`r tdxt bldrts dvdf aj tedy rdtbaf pbpdr stbtdcdfts&–




Afstatuta`fs‑ p`laoads j`r sorddfafn fdw booùft bpplaobfts j`r ordmat r oebrnd#`jj rash bfm t`

qublajy bpplaobfts j`r spdoajao pr`muots www

cby bls` plby s`cd r`ld af mdtdrcafafn ted cbhd#up

`j booùfte`lmdrs bfm tedar lahdly vdrmrbjt afoamdfod, jdds, bfm rdlbtdm booùft ol`surds& _tumy

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sorddfafn fdw booùfte`lmdrs&xxx

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tedar booùfts af wbys tebt put tedc bt rash `j afourrafn `vdrmrbjts `r `j dxpdradfoafn

afv`luftbry ol`surds&

www Bs f`tdm dbrladr, s`cd stumy gbfhs `jjdr o`fsucdrs we` m` f`t qublajy j`r stbfmbrm oedohafn booùft pr`muots

sbjdr, s`cdwebt rdstraotavd pr`muots tebt lacat afstatuta`fbl %bfm o`fsucdr! dxp`surd t` ordmat rash&xxx

Afstatuta`fs cust bls` o`cply wate ted Gbfh _dordoy Bot bfm cddt ted Oust`cdr Amdftajaobta`f Yr`nrbc

rdquardcdfts sdt ùt af _dota`f ?7: `j ted T_B YB]WA@] Bot& ]ed stumy gbfhs bls` bll rdp`rtdm sorddfafn j`r jrbum

rash bfm watee`lmafn booùfts jr`c o`fsucdrs wate pra`r afv`luftbry ol`surds mud t` jrbumuldft usd `j tedar booùfts&



:9 O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

:& O`folusa`f, @pdf Rudsta`fs,bfm Jurtedr Wdsdbroe _tdps

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afstatuta`fbl prbotaods&

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dfm `j 7922, ted pdrodftbnd `j booùfts `ptafn af bc`fn stumy gbfhs tebt `jjdr teas `pta`f wdrd

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ted sbcd ydbr&

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p`rta`f `j ted jdd rdvdfud ndfdrbtdm gy o`fsucdr oedohafn booùfts”bppr`xacbtdly :2$bc`fn ted stumy gbfhs& @vdrmrbjt bfm F_J jdds bls` o`cp`sd ?>$ `j stumy gbfhs‑ t`tbl mdp`sat

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`j rdsp`fmdft fdt afo`cd bjtdr tbxds&

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we` o`ftafud t` afour b lbrnd fucgdr `j `vdrmrbjt bfm F_J jdds& ]edsd o fsucdrs brd pbyafn

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wate c`rd c`mdrbtd `vdrmrbjt usd cby bls` pby eufmrdms `j m`llbrs af jdds pdr ydbr&

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sustbafafn fdnbtavd booùft gblbfods j`r bf dxtdfmdm pdra`m `j tacd& Af 7922, :&9$ `j booùfts

tebt wdrd `pdf bt ted gdnaffafn `j ted ydbr `r tebt wdrd `pdfdm murafn ted ydbr bt gbfhs af ted

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gdobusd o`fsucdrs we` ebvd ebm tedar booùfts afv`luftbraly ol`sdm brd lahdly t` gd rdkdotdm j`r

fdw booùfts bt cbfy afstatuta`fs&

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as ted vbrabta`f af o`fsucdr dxpdradfods bfm ùto`cds tebt wd ebvd `gsdrvdm& ]eas as trud bl`fn

b sugstbftabl fucgdr j ted macdfsa`fs wd ebvd cdbsurdm& J`r dxbcpld;

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ldbst `fd `vdrmrbjt `r F_J trbfsbota`f rbfndm gy bs cuoe bs =&= pdrodftbnd pàfts

bor`ss stumy gbfhs usafn sacalbr cdbsurdcdft cdte`m`l`nads&

]ed cdbf `vdrmrbjt jdds pbam gy booùfte`lmdrs we` afourrdm bt ldbst `fd F_J@M

atdc af 7922 vbradm gy `vdr -792 bor`ss ted stumy gbfhs&

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vbradm gy `vdr 49 pdrodftbnd pàfts bt ted dfm `j 7929&




Bc`fn ted stumy gbfhs, ted sebrd `j o`fsucdr oedohafn booùfts lafhdm t` `tedr

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prdjdrdfods& Gbfh booùfte`lmdr dlanagalaty rdquardcdfts bfm tbrndtafn prbotaods cby rdsult af

majjdrdft o`fsucdr pr`jalds bc`fn afstatuta`fs&

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t` majjdrdfods af `tedr prbotaods bfm p`laoads bc`fn afstatuta`fs& J`r dxbcpld, bt s`cd

afstatuta`fs, `fly b scbll jrbota`f `j fdw booùfte`lmdrs dldotdm t` `pt af& Bt `tedrs, b cuoe

nrdbtdr pdrodftbnd dldotdm t` m` s`& ]eas sunndsts tebt afstatuta`fs brd mdsoragafn r sdllafn

`vdrmrbjt pta`fs majjdrdftly t` fdw oust`cdrs& _acalbrly, ted rdcbrhbgld vbrabta`f af pt#af

rbtds bc`fn dxastafn oust`cdrs af 7929 we` ebm gddf edbvy vdrmrbjtdrs cby rdjldot hf`wf

majjdrdfods af cbrhdtafn bppr`boeds&

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ted stumy gbfhs& @ur stumy se`ws tebt b lbrnd fucgdr `j jbot`rs cby mdtdrcafd wedtedr bf

afstatuta`f wall mddc ted jufms af bf booùft afsujjaoadft t` o`vdr b pbycdft `r watemrbwbl, bfm

wedtedr at wall bssdss b jdd wate rdspdot t` suoe bf atdc& ]edsd afolumd;

]ed afstatuta`f‑s jufms bvbalbgalaty p`laoy8

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mby, r bt fanet!, wedtedr trbfsbota`fs brd o`ccafnldm r p`stdm af sug#gbtoeds gy

trbfsbota`f typd, bfm ted rmdrafn j trbfsbota`fs wateaf gbtoeds8 bfm

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j`rnavdfdss pdra`ms, bfm dxtdfmdm `vdrmrbjt jdds&

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cby afjludfod ted fucgdr `j `vdrmrbjt `r F_J jdds b o`fsucdr as oebrndm& Jrdqudftly, sdvdrbl `j



:? O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

tedsd jbot`rs brd f`t masol`sdm t` o`fsucdrs %d&n&, `vdrmrbjt o`vdrbnd lacats! `r brd masol`sdm af b

tdoefaobl cbffdr tebt cby f`t gd rdbmaly ufmdrstbfmbgld& C`rd`vdr, s`cd o`fsucdrs cby

afo`rrdotly trbfsp`sd b sdt j dxpdotbta`fs rdnbrmafn gbfh pròdssds jr`c fd afstatuta`f t` ted

fdxt& Bll `j teas rbasds qudsta`fs bgùt ted mdnrdd t` weaoe dvdf ted c`st s`peastaobtdm

o`fsucdr oùlm rdbmaly bftaoapbtd bfm cbfbnd ted o`st `j dfnbnafn af b sdrads `j trbfsbota`fs bt`fd afstatuta`f r o`cpbrd ted o`st j vdrmrbjtafn bt majjdrdft afstatuta`fs&

F`teafn af teas rdp`rt acplads tebt gbfhs bfm ordmat ufa`fs seùlm gd prdolumdm jr`c jjdrafn

`vdrmrbjt o`vdrbnd& Bmmata`fblly, ur stumy f`tds pr`nrdss af s`cd brdbs af rdodft ydbrs af

pr`tdotafn o`fsucdrs jr`c ebrc& F`fdtedldss, ùr jafmafns wate rdspdot t` ted fucgdr `j

o`fsucdrs we` brd afourrafn edbvy `vdrmrbjt jdds `r booùft ol`surds bfm ted wamd vbrabta`fs

bor`ss afstatuta`fs afmaobtd tebt odrtbaf prbotaods bfm pròdmurds cdrat jurtedr bfblysas t`

mdtdrcafd wedtedr tedy brd obusafn ted hafm `j o`fsucdr ebrc tebt ted jdmdrbl o`fsucdr

pr`tdota`fs lbws brd mdsanfdm t` prdvdft& ]ed OJYG wall o`ftafud ats stumy `j `vdrmrbjtpr`nrbcs, afolumafn terùne bfblysas j booùft#ldvdl mbtb, t` dxbcafd ted dxtdft t` weaoe

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jurtedr bota`f as wbrrbftdm t` acpldcdft bfm dfj`rod jdmdrbl o`fsucdr pr`tdota`f lbw

o`fsastdftly s` bs t` dfsurd tebt ted cbrhdt j`r o`fsucdr jafbfoabl pr`muots bfm sdrvaods as jbar,

trbfspbrdft, bfm o`cpdtatavd bfm tebt o`fsucdrs brd dcp`wdrdm t` tbhd c`rd o`ftr`l `vdr tedar

do`f`cao lavds&



:= O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

Nl`ssbry BOE %BOE trbfsbota`f! ‟ Bf dldotr`fao jufm trbfsjdr cbmd gdtwddf afstatuta`fs bor`ss webt

as oblldm ted But`cbtdm Oldbrafn Eùsd fdtw`rh& BOE as usdm j`r bll hafms `j jufm trbfsjdr

trbfsbota`fs, afolumafn mardot mdp`sat `j pbyoedohs bfm c`ftely mdgats j`r rùtafd pbycdfts&

Cdroebfts `jtdf dfbgld o`fsucdrs t` pby galls vab BOE gy pr`vamafn bf booùft fucgdr bfm

gbfh rùtafn fucgdr&

Bldrt %booùft bldrt! ‟ Dcbal `r tdxt cdssbnd sdft gy bf afstatuta`f t` bf dfr`lldm mdp`sat

booùfte`lmdr t` f`tajy j booùft `r trbfsbota`f stbtus8 j`r dxbcpld, tebt ted booùft‑s gblbfod

ebs mr`ppdm gdl`w b odrtbaf terdse`lm `r tebt b soedmuldm pbycdft ebs gddf cbmd&

B]C ‟ But`cbtdm tdlldr cboeafd8 dfbglds booùft boodss, afolumafn gblbfod afquarads,

watemrbwbl j jufms, mdp`sats, `r booùft trbfsjdrs, typaoblly wate mdgat obrm bfm YAF

ordmdftabls&

Bute`razbta`f ‟ Mdoasa`f gy ted afstatuta`f t` pby `r bll`w b mdgat obrm trbfsbota`f& Ndfdrblly

mastafot jr`c trbfsbota`f sdttldcdft& Bute`razbta`fs typaoblly rdmuod jufms bvbalbgld t` ted

o`fsucdr&

But`cbtdm @vdrmrbjt Yr`nrbc ‟ B pr`nrbc af weaoe b jafbfoabl afstatuta`f mdtdrcafds

wedtedr t bute`razd `r mdolafd atdcs prdsdftdm bnbafst afsujjaoadft jufms vab b o`cputdr

bln`ratec bfm bf vdrmrbjt o`vdrbnd lacat j`r dboe booùft& @vdrmrbjt o`vdrbnd lacats usdm af

tedsd pr`nrbcs cby gd myfbcao %obloulbtdm! `r stbtao&

Bvbalbgld Gblbfod %bvbalbgld jufms! ‟ ]ed gblbfod usdm t` mdtdrcafd wedtedr ted booùft

e`lms sujjaoadft jufms j`r bf bute`razbta`f8 obloulbtdm gy sugtrbotafn utstbfmafn mdgat obrmbute`razbta`fs bfm e`lms f mdp`satdm jufms jr`c ted ldmndr gblbfod&

Gbtoe Yròdssafn %fanetly gbtoe pròdssafn `r fanetly pròdssafn! ‟ Dfm `j mby

mdgatafn j rdodavdm bute`razbta`fs, ordmatafn j mdp`sats, bfm mdgatafn j trbfsbota`fs rdodavdm

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http://www.answers.com/topic/automated-clearing-house




bfm prdsdftdm j`r p`stafn bnbafst ted booùft ldmndr gblbfod& ]eas as ted pròdss af weaoe

pbyrdturf mdoasa`fs brd cbmd j`r oedoh bfm BOE trbfsbota`fs&

Oebrnd @jj ‟ ^ratd#`jj j b pbst#mud mdgt r fdnbtavd gblbfod mdp`sat booùft& edf bf

booùft as oebrndm jj, ted booùft as ol`sdm bfm dlanagld j`r o`lldota`fs&

Oebrnd/F` Oebrnd Mdoasa`f ‟ Mdoasa`f gy bf afstatuta`f wedtedr t` bssdss b jdd `f bf F_J

`r vdrmrbjt atdc&

O`ccafnldm Mdgats ‟ Cax j majjdrdft typds `j mdgat %pbycdft! trbfsbota`fs j`r ted purp`sd

`j cbhafn pbyrdturf mdoasa`fs bfm p`stafn t` b mdp`sat booùft ndfdrbl ldmndr& J`r dxbcpld, bf

afstatuta`f canet cax BOE bfm oedoh trbfsbota`fs, rbtedr tebf p`stafn bll `j ted BOE

trbfsbota`fs gdj`rd p`stafn ted oedohs&

Out`jj ]acd ‟ Yàft af tacd murafn b gusafdss mby bt weaoe bll sugsdqudft trbfsbota`fs wall gdo`fsamdrdm t`` lbtd j`r ted fanet‑s gbtoe pròdssafn& ]rbfsbota fs rdodavdm bjtdr ted out`jj tacd

brd edlm j`r ted fdxt gusafdss mby‑s fanetly pròdss&

Md Cafacas ‟ ]erdse`lm tebt mdtdrcafds wedtedr F_J@M atdcs brd bssdssdm b jdd&

Afstatuta`fs cby acpldcdft md cafacas p`laoads f b pdr#trbfsbota`f r fdt#gblbfod gbsas& ]ed

j`rcdr bppr`boe prdvdfts vdrmrbjt jdds f scbll#m`llbr atdcs& ]ed lbttdr cdte`m rdstraots

`vdrmrbjt jdds wedf b gblbfod as mravdf `fly f`cafblly fdnbtavd gy b p`stdm atdc&

Dxtdfmdm @vdrmrbjt Jdd %sustbafdm `vdrmrbjt jdd! ‟ B jdd bssdssdm `f booùfts tebt

rdcbaf bt b fdnbtavd gblbfod gdy`fm b spdoajadm pdra`m `j tacd& ]edsd jdds cby gd bppladm `f b

`fd#tacd r pdra`mao gbsas bjtdr bf vdrmrbjt ebs oourrdm bfm m` f`t typaoblly mdpdfm up`f ted

fucgdr `j atdcs tebt obusdm bf booùft t` `vdrmrbjt&

Jdd Obp ‟ Lacat t` ted fucgdr `j F_J bfm `vdrmrbjt jdds bf booùft cby gd bssdssdm pdr

pròdssafn mby& @jtdf dxprdssdm bs b terdse`lm m`llbr bcùft gut oùlm gd spdoajadm af tdrcs `j

atdcs&

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boodss”a&d&, watemrbw, cbhd pbycdfts jr`c, `r trbfsjdr”mdp`sats cbmd t` bf booùft& ]edJdmdrbl Wdsdrvd G`brm‑s Wdnulbta`f OO spdoajads cafacuc jufms bvbalbgalaty rdquardcdfts j`r

gbfhs&

J`rnavdfdss Ydra`m ‟ ]acd bll`wdm bjtdr bf atdc as pbam aft` `vdrmrbjt murafn weaoe

o`fsucdrs obf cbhd o`cpdfsbtafn mdp`sats bfm bvàm gdafn oebrndm bf vdrmrbjt jdd&



:: O@F_TCDW JAFBFOABL YW@]DO]A@F GTWDBT _]TMQ @J @ZDWMWBJ] YW@NWBC_

E`lm %e`lm f mdp`sat! ‟ Mdsanfbta`f `j s`cd `r bll `j b mdp`sat bcùft t` gd ufbvbalbgld t`

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trbfsbota`fs&

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F`tds

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7 Am &

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http://www.gpo.gov/fdsys/pkg/FR-2012-02-28/pdf/2012-4576.pdf


http://www.fdic.gov/unbankedsurveys/2011survey/2011report.pdf







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http://www.bankrate.com/finance/checking/checking-fees-record-highs-in-2012.aspx#slide=5

http://www.bankrate.com/brm/news/checkingstudy2004/interest/nsf-fee.asp



http://www.bankrate.com/finance/checking/checking-fees-record-highs-in-2012.aspx#slide=5



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?4 27 O&J&W& § 771&2&

?: 27 O&J&W& § 771&2?&

http://www.fdic.gov/news/news/financial/2010/fil10081b.pdf


http://www.cbanet.org/News%20and%20Media/press%20releases%202011/10272011_pressrelease.aspx








?> Afj`rcb Wdsdbroe _drvaods, Afo& %F`v& 7927!, Oblbgbsbs, OB& www&afj`rcbrs&o`c& Blteùne ted

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http://www.informars.com/




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