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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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To Amend the Bank Merger Act of 1960: Hearings Before the ..., Volumes 1-2

United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance - Bank mergers - 1966 - 2054 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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Public Debt Ceiling: Hearings, Ninetieth Congress ..., Volume 36, Parts 35-962

United States. Congress. House. Committee on Ways and Means - Debts, Public - 1967 - 286 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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Minnesota Reports: Cases Argued and Determined in the Supreme ..., Volume 38

Minnesota. Supreme Court - Law reports, digests, etc - 1888
...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...; and stock so purchased or acquired shall, within sis (6) months from the time of its purchase, be sold or disposed of at public or private sale." This...
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Minnesota Reports: Cases Argued and Determined in the Supreme ..., Volume 57

Minnesota. Supreme Court - Law reports, digests, etc - 1895
...shares of its own capital stock, or to be the purchaser or holder of any of its shares of capital stock, unless such security or purchase shall be necessary...loss upon a debt previously contracted in good faith. Laws 1881, ch. 77, 3. The bank itself could not have purchased the stock shares, nor could it enter...
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Code of Federal Regulations: Containing a Codification of Documents of ...

Administrative law - 1981
...upon a debt previously contracted in good 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 sah>; or. in default thereof, a receiver may be appointed to close up the business of the association,...
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The Bankers' Magazine, Volume 39

Banks and banking - 1880
...are situated and perhaps impair their safety. 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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Compilation of Basic Banking Laws: Revised Through May 1, 1995, Volume 4

Government Printing Office Staff, United States, United States. Congress. House. Committee on Banking and Financial Services - Banking law - 1995 - 1243 pages
...purchasing and holding stock in any corporation where such purchase shalfbe 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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Compilation of Basic Banking Laws Within the Jurisdiction of the ..., Volume 4

United States - Banking law - 2001 - 1501 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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