Like the other central banks described above, it receives on deposit and disburses the funds of the Imperial Government; administers the coin reserves of the country; conducts the domestic exchanges, and serves as a bankers' bank. It is free to do business with the general public, but the legal and other limitations under which it must operate give the other banking institutions of the country the advantage in competition for this kind of business. It shares the right of note issue with four other banks, which, out of thirty-two that retained that privilege at the time the Imperial banking system was established, alone retain it at the present time. The issues of these four institutions, however, are relatively small in volume, and the Imperial Government has the right to deprive them of it January 1, 1921, or any tenth year thereafter, on condition of giving one year's notice of its intention so to do. The issues of the Imperial Bank are subject to the following regulations: they must be covered by cash and discounted bills maturing in not more than three months, and signed by at least two solvent persons, the proportion of cash being not less than one-third of the total. If the total amount issued exceeds the Bank's holdings of gold bullion, specie, and government notes by more than 750,000,000 marks at the end of March, June, September, and December, and 555,000,000 marks at other times, a tax of five per cent per annum is levied on the excess. The law confers upon the Bank the following powers: a. To buy and sell gold and silver coin and bullion. b. To discount, buy and sell bills of exchange whose maturity shall be three months at the longest, and for which usually three, and in no case less than two, accredited vouchers shall stand good; furthermore, to discount, buy and sell bonds of the Empire or of any German state, or domestic municipal corporations, provided such bonds mature within three months at the longest and conform to the new standards of value.