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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... "
Joint Documents ... for the Year ... - Page 123
by Michigan. Legislature - 1889
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The Merchants' Magazine and Commercial Review, Volume 51

Commerce - 1864
...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 ; and stock so purchased or acquired shall, within six months from the time of its purchase, he sold...
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Cases Argued and Adjudged in the Supreme Court of the United States, Volume 18

United States. Supreme Court - Law reports, digests, etc - 1874
...prohibit also every bank from purchasing or holding any such shares, unless such security or purchase shall be necessary to prevent 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 Bank of England: And the Organisation of Credit in England

Charles Tennant - Banks and banking - 1866 - 869 pages
...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 in good faith ; and stock so purchased or required to be sold or disposed of, at public or private sale, within six...
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The Voter's Text Book, Comprising a Collection of the Most Important ...

James M. Hiatt - United States - 1868 - 382 pages
...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 in good faith; and stock so purchased or acquired, shall, within six months from the time of its purchase, be sold...
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A Treatise on the Law Relating to Banks and Banking: With an Appendix ...

John Torrey Morse (Jr.) - Banking law - 1870 - 542 pages
...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 in good faith ; and stock so purchased or acquired shall, within six mouths from the time of its purchase, be sold...
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SEVENTY-THREE YEARS HISTORY OF THE BOSTON STOCK MARKET

JOSEPH G. MARTIN - 1871
...shall be necessary to-do so -to prevent loss upon a debt previously contracted ; and then not longer than six, months, if the stock can be sold for what it cost. No bank to make a loan longer than for six months, and in no one instance to exceed ten per cent of...
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The Laws of Wisconsin

Wisconsin - Session laws - 1935
...or purchaser of any portion of its capital stock, capital notes or debentures unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stock, notes or debentures so purchased shall in no case be held by the bank for a longer time than six months...
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Reports of Cases Argued and Determined in the Supreme Court of Ohio, Volume 36

Ohio. Supreme Court - Law reports, digests, etc - 1881
...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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Practical Information

William A. Richardson - 1873
...nor be the purchaser or holder shares, except m of any such srmres, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold...
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Practical Information Concerning the Public Debt of the United States: With ...

William Adams Richardson - Banking law - 1873 - 208 pages
...purchaser or holder shares, except in of any such shares, unless such security or purchase shall oertam be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold...
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