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" 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... "
Practical Information - Page 123
by William A. Richardson - 1873
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Albany Law Journal, Volume 23

Law - 1881
...of any of its stock, or of the stock of any other incorporated company, unless such purchase should be necessary to prevent loss upon a debt previously contracted in good faith, oil security, which at the time was deemed adequate to insure the payment of such debt independent...
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A Few Facts and Suggestions on Money, Trade, and Banking

Joseph Henry Walker - Banks and banking - 1881 - 105 pages
...the security of the shares of their own capital stock, or from purchasing or holding the same unless to prevent loss upon a debt previously contracted in good faith. And, even in the latter case, they are not permitted permanently to hold or to cancel shares so obtained,...
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A Treatise on the Law of Collateral Securities: As Applied to Negotiable ...

William Colebrooke - Pledges (Law) - 1883 - 646 pages
...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...be sold or disposed of at public or private sale, or in default thereof a receiver may be appointed to close up the bvsiness of the association." The...
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United States Reports, Supreme Court: Cases Argued ..., Volume 17; Volume 107

United States. Supreme Court - Law reports, digests, etc - 1883
...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...prevent loss upon a debt previously contracted in i;ood faith ; and stock so purchased or acquired shall, within six months from the time of its purchase,...
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Supreme Court Reporter, Volume 16

United States. Supreme Court - Law reports, digests, etc - 1896
...banking association is prohibited by law from purchasing shares of its own capital stock, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. (6) The purchase by officers of a national banking association of shares of its own capital stock,...
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The Southern Law Review: And Chart of the Southern Law and Collection Union

Law - 1883
...any portion of its own stock, or of the capital stock of any other incorporated company, unless such purchase shall be necessary to prevent loss upon a debt previously contracted, in good faith, on security which at the time was deemed adequate to insure the payment of such stock independent of...
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Supreme Court Reporter, Volume 2

United States. Supreme Court - Law reports, digests, etc - 1883
...of the counts under consideration to aver that the purchase of the shares of the association was not necessary to prevent loss upon a debt previously contracted in good faith is a fatal defect. These counts merely charge that the defendant willfully misapplied the funds of...
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The Pacific Reporter, Volume 132

Law reports, digests, etc - 1913
...the statutory provision is that "no bank shall * * * be the purchaser or holder of any such shares unless such security or purchase shall be necessary...its purchase, be sold or disposed of at public or privüte sale. After the expiration of six months any such stock shall not be considered as a part...
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Federal Decisions: Cases Argued and Determined in the Supreme ..., Volume 3

Law reports, digests, etc - 1884
...of its own capital stock, and prohibit, also, every bank from purchasing or holding any such shares, unless such security or purchase shall be necessary...loss upon a debt previously contracted in good faith. Surely an implication is inadmissible which contradicts either the letter or the spirit of the act....
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The Pacific Reporter, Volume 169

Law reports, digests, etc - 1918
...security of the shares of its own capital stock, nor be the purchaser or holder of auy such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previouly contracted in good faith; and stock so purchased or acquired shall, within six months from...
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