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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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National Bank Cases: Containing All Decisions of Both the Federal ..., Volume 2

Irving Browne - National banks (United States). - 1880
...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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Albany Law Journal, Volume 23

Law - 1881
...of any of its stock, or of the stock of any other incorporated company, unless such purchase should be necessary to prevent loss upon a debt previously contracted in good faith, oil security, which at the time was deemed adequate to insure the payment of such debt independent...
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Supreme Court Reporter, Volume 16

United States. Supreme Court - Law reports, digests, etc - 1896
...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,...
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The Southern Law Review: And Chart of the Southern Law and Collection Union

Law - 1883
...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 stock independent of...
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Supreme Court Reporter, Volume 2

United States. Supreme Court - Law reports, digests, etc - 1883
...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 itspurchase, be sold or...
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A Treatise on the Law of Collateral Securities: As Applied to Negotiable ...

William Colebrooke - Pledges (Law) - 1883 - 646 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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United States Reports, Supreme Court: Cases Argued and Adjudged ..., Volume 17

United States. Supreme Court - Law reports, digests, etc - 1883
...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 i;ood faith ; and stock so purchased or acquired shall, within six months from the time of its purchase,...
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Federal Decisions: Cases Argued and Determined in the Supreme ..., Volume 3

Law reports, digests, etc - 1884
...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 Pacific Reporter, Volume 63

Law reports, digests, etc - 1901
...discounts 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." What, then, was the legislative purpose in regard to creating liens on the capital stock of banks?...
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The Pacific Reporter, Volume 169

Law reports, digests, etc - 1918
...purchaser of its own capital stock, except in cases where the taking of such collateral, or each purchase, shall be necessary to prevent loss upon a debt previously contracted in pood faith, and in such cases, unless full payment of such debt is made, such stock shall be sold by...
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