Memorandum

check. When a bank sends through the clearing house a check payable by another bank and it is rejected } by that bank because there are no funds on deposit with which to meet it or for some other reason the second bank returns it by me enger to the first bank. The first bank having been credited with it and the second bank having been debited with it at the clearing house the first bank must pay the amount of it to the second bank. It accordingly delivers the amount of it in money to the second bank’s me enger if the check is small; if the amount is large it i ues to the second bank a memorandum check which the second bank sends through the clearing house the next day for collection.; Memorandum of a ociation. London term used in connection with the incorporation of companies; it means the charter of the company, which defines its powers and states its objects. The Secretary’s Manual on the Law and Practice of Joint- - Stock Companies quotes a statement by Lord Justice Bowea which thus distinguishes the Memorandum and Articles of A ociation: “The Memorandum contains the fundamental conditions upon which alone the company is allowed to be in-; corp orated. They are conditions introduced for the benefit of the creditors and the outside public as well as shareholders. ‘The Articles are the internal regulations of the company.”. Mercantile. Pertaining to the busine of buying and selling merchandise; commercial.