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an assembled booklet of checks, which may be used in exchange for money or in settlement of an account. In the USSR, checkbooks are made by banks and issued by the credit institutions in which the check writer (whether an organization or an individual citizen) has an account. The checkbook bears the name of its owner, the number of the bank account on which the checks are drawn, and the numbers of the checks. In addition, limited checkbooks (which are made out for a specified sum of money, covered by the payer’s funds on deposit) and unlimited checkbooks (for unlimited amounts, covered by bank loans in special loan accounts) indicate the effective period of the checkbook, allocation of payments, and—where applicable—the established limit.
In the case of checks used for the settlement of accounts, the checkbook may be valid for a limited period that is fixed by bank regulations (up to one year); a limit may also be imposed on the amount available for writing checks from a given checkbook. Unless a checkbook is issued for the settlement of accounts with certain designated organizations, the checks may be used to settle accounts with any supplier or transport organization.