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Customers
1) налоговая скидка 2)'денежное пособие
1) ассигновать
2) предназначать, распределять
1) бенефициар
2) получатель денег (по аккреди
тиву, страховому полису, ренты и
т. д.)
право, которое дает владельцу акция
- 1) принимать участие в торгах
2) предлагать цену
- претензия, требование
- инкассировать, получать деньги
- обыкновенные акции
- комиссионный сбор
- корнорационпая облигация
- купон, отрезная часть ценной
бумаги /
- обсуждать, совещаться I
- кредитор
- 1) покрытие
2) уплата, обеспечение
3) страхование
| demand empower (v) |
- требование, спрос
- унолномачивать, доверять
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| Banker: MrW.: В.: MrW.: В.: MrW.: |
| В.: MrW.: В.: MrW.. В.: |
Dialogue
Read Иге dialogue in parts: Part 1. Brokerage Services
Mr Watson: 1 have some corporate bonds lhal 'II mature liexl month. Can yon help me to present them for redemption?
executor flier
income
industrial bond inheritance insure (v) inventory liability
market mature (v) policy
preferred slocks premium probate (v) proceeds redemption registered bond safe-deposit box (US) seat
slock broker strong room
- душеприказчик
- амер. 1) рекламный листок
2) игра па бирже
- доход
- промышленная облигация
- наследство
- страховаться)
- опись, инвентаризация
~ 1) обязательство
2) задолженность, пассив
- рынок
-подходить сроку платежа
- политики
- нривилигированные акции
- н|>емия, надбавка
- утверждать
- поступления
- погашение кредита
- именная облигация
- сейф в банке
- "место", членство на фондовой
бирже
маклер
хранилище, сейфовая комната
Surely. Where are they payable? At one of the banks in New York. Are they the registered or the coupon type? They're registered in the names ol'bolh me and my wife.
You'll both have to assign them. Yes, 1 know. And when the proceeds have come in, could you help me reinvest the funds in some preferred stocks?
Oh, yes. Our brokerage house can bid on some shares for you.
They charge the usual broker's commission, 1 suppose?
Yes, they charge the same as any reliable house. They have a seat on both the New York and the American Exchanges.
I've also thought of taking a flier on some common stocks, if you could find a good growth industry. Well, the market looks favorable right now.
Part II. Trust Services
Banker: Mrs Wesl, I was sorry to hear of your husband's
death. Mm West: Thank you. I'm pleased that the bank was
named executor of the estate. /
B.: We'll help you in every way we can. W^'vc
looked through the contents of the safe-deposit
box and made an inventory. Everything seems
to be in good order,
Mrs W.: 1 know so liltle about my husband's affairs.
В .: Our counseling service is for people in just your
position.
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Mrs W.: I'm most concerned about my immediate expenses.
B.: Well, we're empowered under the terms of the
will to provide you with an allowance until the estate has been probated.
Mrs W.: Oh, that's fine.
В .: And there are three life insurance policies. You
are the beneficiary in each of them.
Mrs W.: Yes, I knew about those.
B.: The benefits from these policies will be paid di-
rectly to you within the next two weeks.
Mrs W.: Oh, I don't have to worry, then,
В .: No. The income from your inheritance is going
to be quite sizable. Of course, we don't know yet what demands will be made against the estate.
Mrs W.: As far as 1 know, there arc no large creditors.
B.: We hope not. You understand, also, that this
bank is named trustee under the will. This means that we will take care of the portfolio of securities and give an annual report of all transactions.
Mrs W.: Yes, 1 understand that. I feel much better about the future now.
Questions on the dialogue:
Part I:
1. What sorl of securities did Mr Watson invest his funds in? 2.What does he want the banker to help him in? 3.Why will he have to assign his bonds to the bank?
4. What does he intend to do with the proceeds?
5. In what way can the bank help him reinvest his funds?
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Part II:
1. In what circumstances did Mrs West turn to the bank?
2. What did the banker inform her about?
3. What was Mrs West most concerned about?
4. What was Mrs West provided with by her late husband?
5. When will the banker be able to estimate the income from
her inheritance? t
6. Who will lake care of the portfolio of securities left by the
late Mr West?
7. How did Mrs West feel after her visit to the bank? Why?
Text 1
Inveslment in stock and shares can be made through any branch of the bank on behalf of its customers. All quoted Stock Exchange securities can be bought or sold with maximum security and minimum formality through the bank. Being in constant touch with leading slock brokers in London and the country, the bank is in a position to obtain information regarding all classes of stocks and shares in which customers may be interested. Shares maybe bought or sold without any charges beyond those payable lo a slockbrokcr and the bank is responsible for the collection of the proceeds of a sale and for the delivery of the certificate on a purchase. An investment report service is also often available for the\cus-lomer who needs a second opinion on a portfolio being managed personally. In addition, professional advice can be given on investments in foreign stock not quolcd on the London Slock Exchange.
Share certificates, documents, jewellery and other valuables can be stored in the strong rooms of the bank. They
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will he safer with the bank than at the customer's home hut it is his responsibility to insure them.
The hank also provides a continuing service for personal income tax payers, checking lax liabilities and generally assuming the main burden of work involved in the preparation of tax returns and claims. Because if the sources of income and allowances are complicated, it is not easy lo know lor Ihe individual if he is paying the right amount of lax. The bank helps the customer on particular problems resulting from Capital Gains Tax and Capital Transfer Tax. It may be able to point oul ways in which Ihe customer can quite legitimately minimise the effect of these taxes.
Insurance need not be a problem for the bank's customer either. Insurance cover for life, house, accident or anything else may be effected through any Bank Insurance Service which employ highly experienced brokers in this field. They can usually arrange lo oblain the best possible terms consistent with absolute safely.
No mailer whal Ihe customer's age it is a wise and considerate precaution lo make a will. When one dies, il will be his executor's responsibility to protect, lo account'('or and lo distribute all his "worldly goods" in accordance with his last will and testament. Therefore the choice of an executor should be carefully considered. One of the best answers lo this problem is to appoint (he bank's Irusl company sole or joinl executor. The appointment of the bank as the will executor ensures that the estate will be dealt with promptly, efficiently and in strict confidence.
Questions on the text:
1. Why is il the besl way lo buy stocks and shares through a
bank?
2. How much does the bank charge for the investment ser
vice?
3. Whal is Ihe besl way of keeping valuables safe?
4. In whal way may Ihe bank help individual lax payers? o. Whal measures can be taken to protect your life and possessions?
6. Whal are the advanlagcs of writing a will?
7. Why do many people appoint the bank as the executor of
Iheir will?
Vocabulary Exercises
I
Find proper definitions:
| Terms | Definitions |
| 1. Flier 2. Corporate bond | a) a unit of ownership in a company b) a document which slates how a person wishes his estate lo be divided, made public only after his death |
| 3. Preferred slock 4. Registered bom. | c) a list of items of properly d) an amount of money regularly given lo a person for current expenses |
| 5. Common slock | e) Ihe party lo whom properly or a sum of money is given under Ihc terms of a will or trust |
| 6. Share | f) a sum of money payable in case of loss of life |
| 7. Life insurance | g) a bond issued by a corporation or group of people who have a charter to ad as an individual |
| X. Will 9. Beneficiary | h) a bond having Ihe owner's name placed on il i) ordinary stock, wilh no fixed dividend rale |
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10. Inventory
j) stock on which dividends are paid before those on common stock and which gives the holder some rights to any assets that are distributed
k) a speculative transaction
11. Allowance
II
Using the words in brackets as a guide, explain the. mean ing of the following terms:
1. mature (due for payment, become)
2. proceeds (some transaction, the money, received from)
3. broker (stocks, bonds, for others, buys, sells)
4. broker's commission (in a sale, for services, a charge, the
amount of the transaction, based on)
5. assign (ownership, transfer)
6. good growth industry (development, giving promise of,
will increase, an investment, the value of, so that)
7. estate (left by a dead person, holdings, obligations)
8. safe-deposit box (kept in a bank, important papers, valu
ables)
9. income (loan individual, the total sum of, coming in, earn
ings)
10. inheritance (an estate, money or properly, received
from)
11. creditor (is owed, a debt, a party to whom)
HI
Choose Ihe right answer: 1."present bonds for redemption" means:
a) collect at maturity the money invested in a bond,
b) estimate the value of bonds presented.
2."the coupon type of bonds" is:
a) a premium bond a price of which may be obtained on collecting a certain number of coupons,
b) a bond with a removable printed statement of the interest due at a particular time. 3."bid on some shares for you" means:
a) make an offer to buy at a certain price from you,
b) make an offer to buy at a certain price on behalf of you.
4. "they have a seat on the New York Exchange" indicates:
a) they have the right to lake part as a member,
b) they have an office at the New York Exchange.
. 'the market looks favourable" indicalcs:
a) downward movement of prices on the market,
b) upward movement of prices on the market.
6."the bank was named executor of the eslale" means:
a) the bank was appointed lo carry oul Ihe requests in
a will,
b) the bank was appointed to divide the eslate.
7. "we're empowered" means:
a) we're not allowed lo,
b) we're given authority to.
8. "under the lerms of Ihe will" means:
a) within Ihe specified period of lime slated in a will.
b) following Ihe condilions staled in a will.
9. "the eslale has been probaled" means:
a) Ihe eslale has been proved genuine and placed on Ihe
records of Ihe proper court,
b) the eslale has been Ihouroughly examined and all the
demands againsl il have been settled. /
10. "the benefits from these policies" means:
a) payments arising from an insurance contract, \
b) obligations arising from an insurance conlracl.
11. "demands made againsl Ihe estate" denote:
a) requests for payments made by the crcdilors of the dead
man,
b) payments made by the debtors of the dead man.
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IV
Say what is true and ivhal is false. Correct the false sentences:
1. Registered bonds are non-negotiable.
2. The bank is not allowed to pass any information on the
Stock Exchange securities.
3. The market value of common stocks is stable.
4. The bank is not responsible for the collection of the pro
ceeds of selling shares.
5. Bonds at maturity can be presented for redemption only
through your bank.
6. Only a bank may be named executor of an estate.
7. Businessmen usually keep their securities in safe-deposit
boxes.
8. You can take out only one life insurance policy.
9. The will must be probated by the proper court.
10. Life insurance is a good investment.
were named the...... First, we opened the locked box
where he kepi his important papers. We opened the ......
We made the list of the items of properly he held. We made
an ...... We didn't know at lhal lime whether Iherc were
any parlies lo whom he owed debls. We didn'l know
whether there were any ....... We didn'l know whal re
quests for payment might be made. We didn'l know what
.... might be made. Mrs West was named Ihc person who
would receive Ihe money and properly in Ihe estate. She
was the ...... She received quite a lot "of money and prop
erly. Her..... was sizable. However, she would not receive
il until Ihe will had been proved genuine and placed on the records of the court. She had lo wail until the estate was
..... In the meantime we were empowered lo give her an
amount of money regularly for current expenses. We gave
her an ......
Fill in the blanks:
This week Mr Watson is going to see the broker in his local bank. He has previously invested some money in some bonds which mature this month. So he will ask the broker to present
1 hem for..... He wan Is to reinvest the money he will receive
from this. He wants to invest the.. in slocks. He intends to
buy some ..... He will ask the broker to make an offer for
him. The broker will.... on them. He will make a charge for
doing so. He will charge a..... Mr Watson will also atsk the
broker's advice which shares to buy. He prefers this kind of
slock which pays dividends before those of ordinary type and
at the same time give the rights to any assets that may be
distributed. He wants...... He is not interested in any specu
lative transactions. He is nol interested in taking a......
Mr West died last week and left a document slating how
he wished his eslalc to be divided. He left a...... It named
our bank as the parly who would carry on I these requests.
VI
Demonstrate, the meaning of the following expressions in sentences of your own:
1. lo take the flier on the slock
2. Ihe market value of Ihc shares
3. bonds mature
4. lo reinvesl in some preferred slocks
5. proceeds of Ihe sale
H. 16 present your demand lo the executor
7. lo lake out life insurance policy
8. lo probate the will
9. under the terms of Ihc will
10. Ihe Iruslee of Ihe estate
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Text II
Read the whole passage and find the answers to thefo lowing questions:
1. What must an executor apply for before handling an
tate?
2. What are the first duties of an executor even before prc
bation?
3. Why are the knowledge and experience of an execute
essential in fiduciary services?
4. Which outstanding bills and claims docs an executor ha\
to settle?
5. When can an executor start the distribution of an estate|
6. What different features of character should an execute
possess?
7. What is the main duty of an executor?
8. Who is an executor responsible to?
Tasks Facing an Executor
An executor cannot safely commence the distribution of an estate until he has successfully applied to the Court for a Grant of Probate, i.e. until the will has been proved. Usually this is a less complex and protracted process than that facing the administrator of an intestacy when applying for his Grant of Letters of Administration, but problems can arise — and do arise'— sometimes involving lengthy and complicated litigation.
There are, however, a number of important responsibilities you must be able to rely upon your executor to fulfill even before applying for his Grant of Probate. For example, it will be up to him to ensure that appropriate funeral arrangements are made, bearing in mind any special wishes you may have expressed in this regard. Right from the start, he must see that all the various assets are kept safe and prop-
erly insured. If there is a business to look after it is your executor who must keep it alive. If there is freehold or leasehold property, it is his responsibility to maintain it for as long as it is in his care.
Before he is ready to apply for his Grant of Probate your executor must prepare a detailed written valuation of all the various assets comprising your estate. How m/my of these will require the professional services of specialist valuers will depend on the knowledge and experience of the executor you have chosen. Due account having been taken of all applicable exemptions and reliefs, your estate's liability to Capital Transfer Tax will be assessed on the basis of your executor's valuation and, if his application for Grant of Probate is to succeed, his figures must be sufficiently accurate to satisfy the Inland Revenue.
Another of your executor's first tasks will be to plan how he will raise sufficient cash to cover the estate's lax liabilities and to settle those outstanding bills and claims that he deems to be properly due, rejecting those he does not. In the latter case he must be prepared to defend his actions in court, if called upon to do so. In general, however, scltling the debts is a simple matter compared with his responsibility to quantity and discharge Ihe estate's tax liabilities.
Income Tax, Capital Gains Tax, Capital Transfer Tax — an executor must be able to cope with all of these. Once the lax liabilities have been discharged your executor will be in a position to distribule your eslale which he must do in slricl accordance with Ihe lerms of your will. Now, as al all limes when coining into contract with your beneficiaries, there are a number of important personal qualities which — if you have chosen wisely — your executor can be relied upon lo display. Sympathy and tact towards the bereaved, firmness and impartiality in the face of conflicting family pressures — technical skills alone will seldom enable an execulor lo perform his duties in the manner you would wish.
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For the whole lime thai Ihe eslale is in his care your ехеси:„ lor musl, of course, make every reasonable endeavour lo safe-: guard and maximise Ihe assets - maintaining accurate I records of all transactions - and his last duly will be to render a full account of his stewardship to the beneficiaries.
Adapted from Barclay Trust booklet, Choosing Your Executor.
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