Minas Geraes, which experienced significant development in the 18th century thanks to the gold and precious stones that were discovered there, is one of the largest states in Brazil and the second most populated after São Paulo.

Loan of 50 million francs, known as Municipalities, created under the law and decree of September and October 1910 to facilitate the main municipalities the execution of building works, water supply, electrical installations, etc.

The loan was represented by 100,000 bonds of 500 francs at the annual interest rate of 4.5% gold or 22 fr. 50, net of present or future Brazilian taxes and French taxes, payable by semi-annual coupons from 1917 to 1974.

As of December 31, 1920, 1,625 securities were amortized. The guarantee was constituted by all the resources of the State of Minas Geraes and more specifically by the product of the municipal revenues. The government of the State of Minas Geraes, having been able to meet the interest payments for these bonds in 1915, created 5.5% 1916 consolidation bonds of 250 francs each, redeemable over 25 years and intended for the partial settlement of interest and amortization overdue for three year.

The payment of the coupons and the redemption of the shares were to take place at MM. Perier & Cie, 59 rue de Provence in Paris.

Excerpt from the Law of September 27, 1910 on the back.

Uncancelled, with coupons.

Nice design by L. Leclerc.

VF condition: stains (see picture)