• Update: 2023-03-16 20:19

The Gutt law

The Minister of Finance, Camille Gutt, in London with Prime Minister Pierlot, Foreign Minister Paul-Henri Spaak and Colonial Minister De Vleeschauwer constituted the government officially recognized by the Allies and exercising the authority of Belgium during the Second World War. 
Highly regarded for her expertise, Camille Gutt took advantage of her stay in London to develop the operation that would bear her name and put Belgium on the path to a new prosperity at the end of the war..

It was necessary, first of all, to neutralize the terrible inflation caused by the Germans who had made run the "printing press" without any scruples.

It was also necessary to take advantage of the large irregular profits that some people did not hesitate to do during the occupation. A few days after the liberation all the accounts were blocked, the money returned and replaced by a sum of 2,000 Belgian francs per person.

The new bank notes, printed in great secrecy in England, were sent to Belgium just as secretly. Without going into details, this operation was very beneficial even though very unpopular.

Bearer shares had to be replaced by new titles or be regularized by the Belgo-Luxemburg Institute of Change. This operation can be seen on the titles by affixing, on the back, a slip in the name of the IBLC. For the new titles, they had to carry the words: "title created after October 6, 1944" in french "titre créé après le 6 octobre 1944". 

Without going into details, not all titles without this mention were without market value. Exceptions, for example, low-value securities or the assets of certain non-profit organizations (NPO) such as religious orders or charities.

Below, title of S.A. Sobelair created after October 6, 1944.

Below, enlargement of the statement at the center of the top border.

Opposite, certificate of declaration affixed on the back of the titles returned for the regularization of 1944..



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The old securities (stocks and bonds) and financial documents presented have no market value, they have only a collection value.



Belgian Association for Scripophily N.P.O.

Avenue de l'Equinoxe, 18
B-1200 Brussels
Company number : BE 420507371
RPM Tribunal de l’entreprise francophone de Bruxelles
GSM : 032(0)494 04 99 16

Account :

Code IBAN : BE98 3200 1739 4493

Association Belge de Scriptophilie A.S.B.L. 

Avenue de l'Equinoxe, 18 
B-1200 Bruxelles 
N°  d'entreprise : BE 420507371
RPM Tribunal de l’entreprise francophone de Bruxelles
Portble : 032(0)494 04 99 16

Compte bancaire : 

Code IBAN : BE98 3200 1739 4493