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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 State Banking Board Showing the Condition of the State ...

Nebraska. State Banking Board - Banks and banking - 1898
...purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent the loss upon a debt previously contracted in good faith;...and stock so purchased or acquired shall within six (6) months from the time of its purchase be sold or disposed of at pnblic or private salejor in default...
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Annual Report

Michigan. Banking Division - Banks and banking - 1895
...holder or Bank not to how purchaser of any portion of its capital, stock unless such ^cpltal 8teck' purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stock eo 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 Argued and Determined in Ohio Courts of Record Except ...

William John Tossell, Ohio. Superior Courts - Law reports, digests, etc - 1906
...capital stock, or of the capital stock of any other incorporated company, unless such purchase should be necessary to prevent loss upon a debt previously contracted in good faith, on security which, at the time, was deemed Marriott v. Railway. adequate to insure the payment of such...
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The Revised Statutes, Codes and General Laws of the State of New York ...

New York (State) - 1896
...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...be sold or disposed of at public or private sale. Every person or corporation violating the provisions of this subdivision shall forfeit to the people...
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How to Do Business as Business is Done in Great Commercial Centers

Seymour Eaton - Business - 1896 - 316 pages
...Important Provision. "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." The Name "Bank." In some of the states the title Bank can be lawfully used by any one; in other states,...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 160

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 unless...
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Reports of Cases Heard and Determined in the Appellate Division ..., Volume 29

New York (State). Supreme Court. Appellate Division - Law reports, digests, etc - 1898
...stock, nor be the purchaser or holder of any such shares unless such security or purchase shall he necessary to prevent loss upon a debt previously contracted in good faith. (13 U. S. Stat. at Large, 110, 35.) We have here, then, an express inhibition against doing the...
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Session Laws of 1890-1905: Passed at the 1st-8th Regular Session of the ...

Oklahoma - Law - 1897
...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...shall, within six months from the time of its purchase or acquirement, be sold or disposed of at public or private sale, and in default thereof a receiver...
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Annual Report of the Commissioner of Banks, Part 2

Massachusetts. Division of Banks and Loan Agencies - 1897
...necessary to prevent loss upon a debt previously 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 sale. SECT. 11. The shareholders of every such corporation shall be held individually liable in the same...
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Compiled Laws of New Mexico: In Accordance with an Act of the Legislature ...

New Mexico - Law - 1897 - 1159 pages
...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 debt, independent of...
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