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Definition
Article 49
- (1)
- A broker shall be a merchant which by occupation acts as an intermediary so that transactions may be entered into.
- (2)
- As far as brokerage for contracts for the carriage of goods by sea and for stock exchange transactions are concerned, the provisions for the said activities shall apply even when the brokerage is performed by a mercantile broker.
Broker's Journal
Article 50
- (1)
- A broker shall keep a journal in which it shall record on a daily basis all executed contracts. At the end of each day the broker shall date and undersign all entries for that day.
- (2)
- Contracts shall be recorded consecutively in the order of their execution; an entry shall include the names of the contracting parties, the time of execution of the contract and the essential arrangements.
- (3)
- A broker must, upon request, provide the parties with an abstract from its journal containing the full entry concerning their contract.
Brokerage
Article 51
A broker shall be entitled to a commission from one or both parties in accordance with the arrangement reached. Absent such an arrangement, the customary brokerage for the type of transaction in the specific circumstances shall be owed by both parties.
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