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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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United States Code: Containing the General and Permanent Laws of the United ...

United States - Law - 1971
...purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a loss upon a debt previously contracted in good faith; and stock so purchased or acquired in corporations organized under said sections shall, within six months from such purchase, be sold...
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Code of Federal Regulations: Containing a Codification of Documents of ...

Administrative law - 1992
...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...faith; and stock so purchased or acquired shall, within 6 months from the time of its purchase, be sold or disposed of at public or private sale; or, in default...
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The Code of Federal Regulations of the United States of America

Administrative law - 1996
...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...faith; and stock so purchased or acquired shall, within 6 months from the time of its purchase, be sold or disposed of at public or private sale; or. in default...
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Code of Federal Regulations: Containing a Codification of Documents of ...

Administrative law - 1977
...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...In good faith; and stock so purchased or acquired •hall, within 6 months from the time of It* purchase, be sold or disposed of at public or private...
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Federal Banking Laws and Reports, 1780-1912 ..., 50th Anniversary, 1913-1963 ...

United States. Congress. Senate. Committee on Banking and Currency - 1963 - 529 pages
...portion of its capital 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...
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Hearings, Reports and Prints of the Senate Committee on Banking and Currency

United States. Congress. Senate. Committee on Banking and Currency - Banking law - 1963
...portion of its capital 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...
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Michigan Before a Subcommittee of ..., 88-2 on S. 2883 ..., August 7, 1964

United States. Congress. Senate. Committee on Banking and Currency - 1964 - 136 pages
...stockholders. No bank shall be the holder or purchaser of any portion of its capital stock, unless such purchase 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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Antitrust Laws; a Basis for Economic Freedom, January 1, 1965

United States. Congress. House. Judiciary - 1965 - 119 pages
...purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a loss upon a debt previously contracted in good faith ; and stock so purchased or acquired in corporations organized under this section shall within six months from such purchase be sold or...
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Consolidation of Bank Examining and Supervisory Functions: Hearings Before ...

United States. Congress. House. Banking and Currency Committee - 1965 - 602 pages
...make any loan or discount on the security of the shares of its own capital stock, unless such security shall be necessary to prevent loss upon a debt previously contracted in good faith. As stated in 12 USC 83, a national bank may accept the security of its own stock only when such security...
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Comptroller's Manual for National Banks: Laws, Regulations, Rulings

United States. Office of the Comptroller of the Currency - Banking law - 1966
...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 business of the association, according...
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