Stock Exchange Practices: Hearings Before the Committee on Banking and Currency, United States Senate, Seventy-second Congress, First Session, on S. Res. 84, Part 6U.S. Government Printing Office, 1933 - Stock exchanges |
From inside the book
Page 2035
... shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall , within six months from the time of its purchase , be sold or disposed of at public or private sale ; or , in ...
... shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall , within six months from the time of its purchase , be sold or disposed of at public or private sale ; or , in ...
Common terms and phrases
amount Anaconda Copper answer April BAKER BALDWIN BARRETT bonds borrowed Brazil brokers BROWN BYRNES capital stock cash cent CHAIRMAN City Bank stock committee common stock connection corporation correct course directors executive fact February February 15 files financing give Government interest investing public issue J. R. Schmeltzer joint account Leguia letter management fund matter mean memorandum Minas Geraes MITCHELL national banking national banking act National City Bank National City Co officers operation organization paid participation PECORA interposing Peru Peruvian loan Peter Norbeck prior profit prospectus purchase purpose question recall recollection record referred RENTSCHLER ROBINSON SCHOEPPERLE securities Seligman & Co selling Senator COUZENS Senator FLETCHER shareholders sold statement stockholders subscription sugar SYLVESTER syndicate tell testimony thing tion trading TRAIN transactions trustees vice president WHITNEY York Stock Exchange
Popular passages
Page 2035 - Sixth. To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed.
Page 2035 - That no association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale...
Page 2033 - The statute declares that a national banking institution shall have power to 'exercise, by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt...
Page 2033 - To exercise by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this title.
Page 2033 - Every director must during his whole term of service, be a citizen of the United States, and at least three-fourths of the directors must have resided in the State, Territory, or District in which the association is located, or within fifty miles of the location of the office of the association, for at least one year immediately preceding their election...
Page 2034 - It is settled that the United States statutes relative to national banks constitute the measure of the authority of such corporations, and that they cannot rightfully exercise any powers except those expressly granted, or which are incidental to carrying on the business for which they are established.
Page 1779 - The committee will stand in recess until 2 o'clock this afternoon. (Whereupon, at 12 o'clock noon, a recess was taken until 2 o'clock pm) AFTER RECESS The hearing was resumed at 2 o'clock pm pursuant to the taking of recess.
Page 2033 - ... banks with a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants...
Page 2034 - To concede that a national bank has ordinarily the right to take stock in another corporation as collateral for a present loan or as a security for a pre-existing debt does not imply that because a national bank has lent money to a corporation it may become an organizer and take stock in a new and speculative venture, — in other words, do the very thing which the previous decisions of this court have held cannot be done.
Page 2119 - UNITED STATES SENATE, SUBCOMMITTEE OF COMMITTEE ON BANKING AND CURRENCY, Washington, DC The subcommittee met, pursuant to adjournment on yesterday, at 10 o'clock am in room 301, Senate Office Building, Senator Peter Norbeck presiding.