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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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Annual Report of the Commissioner of Banks

Massachusetts. Division of Banks and Loan Agencies - 1889
...corporation shall be the purchaser or holder of any of the shares of its own capital stock, unless such purchase shall be necessary to prevent loss upon a...contracted in good faith ; and stock so purchased shall, within six months from the time of its, purchase, be sold or disposed of at public or private...
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National Bank Cases: Containing All Decisions of Both the Federal ..., Volume 3

Irving Browne - National banks (U.S.) - 1889
...no banking association shall be a purchaser of its own shares, contains the exception "unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith." This exception should have been negatived in these counts. The rule of pleading as laid down by Mr....
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Joint Documents ... for the Year ..., Part 3, Issue 2

Michigan. Legislature - Michigan - 1889
...the holder в1* not to or purchaser of any portion of its capital stock unless such pur- ' chase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stock so purchased shall in no case be held by the bank for a longer time than six months, if the stock...
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Report of Senate Revision Committee, Appointed Under Senate Resolution No. 91

Kansas. Legislature. Senate. Revision Committee - Kansas - 1890 - 228 pages
...purchaser or holder of any 3 such shares, unless such security or purchase shall be necessary to pre4 vent loss upon a debt previously contracted in good faith, and stock so 5 purchased or acquired shall, within six months, be sold or disposed of at 6 public or private sale....
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Session Laws

South Dakota - Session laws - 1891
...on the security of the shares of its own stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary...stock so purchased or acquired shall within six months be sold or disposed of at public or private sale. 20. ASSETS AND LIABILITIES — RESERVE.] Each...
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The Methods and Machinery of Practical Banking

Claudius Buchanan Patten - Bank management - 1908 - 515 pages
...Act is as follows: "No bank shall loan or discount on the security of shares in its own capital stock unless such security or purchase shall be necessary...upon a debt previously contracted in good faith." When shares are taken under the contingency last named the Bank Act demands that they be sold within...
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Annual Report, Volume 2

Michigan. Banking Division - Banks and banking - 1891
...sank not to noia any portion of its capital stock unless such purchase shall be capltal 8tock' etc. necessary to prevent loss upon a debt previously contracted in good faith. Stock so purchased shall in no case be held by the bank for a longer time than six months, if the stock...
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Reports of Cases Heard and Determined in the Court of Appeals of ..., Volume 1

William Henry Silvernail, New York (State). Court of Appeals - Law reports, digests, etc - 1891
...shares of its own capital stock, and from pufchasing or holding any of such shares, unless it becomes necessary to prevent loss upon a debt previously contracted in good faith. The capital of the bank was $100,000, divided into one thousand shares of 8100 each. Lee entered the...
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Lawyers' Reports Annotated, Book 14

Law reports, digests, etc - 1892
...discount on the security of the shares of its own capital stock, nor be the purchaser of any such shares unless such security or purchase shall be necessary...upon a debt previously contracted in good faith." US Rev. Stat. Ц 5201. Assuming this to be true, the defendants cannot lake advantage of it, because...
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Reports of Cases Decided in the Court of Appeals of the State of ..., Volume 130

New York (State). Court of Appeals, George Franklin Comstock, Henry Rogers Selden, Francis Kernan, Hiram Edward Sickels - Law reports, digests, etc - 1892
...discount on the security of the shares of its own capital stock, nor be the purchaser of any such shares, unless such security or purchase shall be necessary...upon a debt previously contracted in good faith." (IT. SRS 5201.) Assuming this to be true the defendants cannot take advantage of it, because the...
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