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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 Comptroller and Bank Supervision: a Historical Appraisal, Volume 10

Ross M. Robertson - Banks and banking - 1968 - 262 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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Minnesota Reports: Cases Argued and Determined in the Supreme ..., Volume 38

Minnesota. Supreme Court - Law reports, digests, etc - 1888
...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 sis (6) months from the time of its purchase, be...
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