Belgian Association for Scripophily
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GUTT's law : bonds and shares issued after 6 October 1944

Minister of Finance, Camille Gutt, taken refuge in London with Prime Minister Pierlot, the Minister of the Foreign affairs, Paul-Henri Spaak and the Minister of the Colonie De Vleeschauwer established the government officially recognized by the Allies and exercising the authority of Belgium during the second world war.
Esteemed for his competence, Camille Gutt took the opportunity of his stay in London to work out the operation which was going to wear its name and put back Belgium on the road of a new prosperity from the end of the War.

It was necessary, first of all, to neutralize the terrible inflation provoked by the Germans who had made the "banknote plate" work without any scruples.

It was necessary also to attack the important irregular profits that were by unscrupuleaous persons during the occupation. Some days after the liberation all the accounts were blocked, the money was brought in and replaced by a 2.000-franc sum a person. The new bank notes, printed in big secret in England, were shipped to Belgium secretly also. Without going into details, this operation was very beneficial although very unpopular.

Bearer bonds and shares had to be replaced by new ones or be settled by the Belgian-Luxemburg Institute of the Exchange. This operation can be seen on the papers itself by the apposition, in the back, of a slip in the name of the IBLC. For the new issues, they had to wear the mention: " title created after October 6th, 1944 ". Without going into details, all bonds and shares not carrying this mention had from then no value and could thus not be exchanged in the stock market anymore. Exceptions exist, as for example, the shares with small values or the holdings of certain NPO as the religious orders or the charities.

picture of a share of the company Solbelair isued after 1944
Opposite, share of the S.A. Sobelair created after October 6th,1944.
Below, enlargement of the mention being in the center of the superior border.
enlargement of the mandatory mention found on the shares issued after 1944

Opposite, slip affixed on the back of the securities brought in for the regularization of 1944