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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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Pratt's Digest of the National Bank Act and Other Laws Relating to National ...

A.S. Pratt & Sons - Banking law - 1886 - 227 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 of Banks and Banking, Volume 2

John Torrey Morse (Jr.) - Banking law - 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 six months from the time of its purchase, be sold...
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The American State Reports: Containing the Cases of General Value ..., Volume 8

Abraham Clark Freeman - Law reports, digests, etc - 1889
...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 BIX (6) months from the time of its purchase, be sold...
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Extracts from the Laws of the United States Relating to Currency and Finance

United States - Finance, Public - 1889 - 66 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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National Bank Cases: Containing All Decisions of Both the Federal ..., Volume 3

Irving Browne - National banks (U.S.) - 1889
...of the counts under consideration to aver that the purchase of the shares of the association was not necessary to prevent loss upon a debt previously contracted in good faith is a United States v. Curtis. fatal defect. These counts merely charge that the defendant willfully...
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Session Laws

South Dakota - Session laws - 1891
...its own 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 be sold or disposed of at public or private...
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Laws of the United States Relating to Currency, Finance, and Banking from ...

United States - Banking law - 1891 - 310 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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Reports of Cases Heard and Determined in the Court of Appeals of ..., Volume 1

William Henry Silvernail, New York (State). Court of Appeals - Law reports, digests, etc - 1891
...shares of its own capital stock, and from pufchasing or holding any of such shares, unless it becomes necessary to prevent loss upon a debt previously contracted in good faith. The capital of the bank was $100,000, divided into one thousand shares of 8100 each. Lee entered the...
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Annual Report

Michigan. Banking Division - Banks and banking - 1892
...such purchase shall be c*рШ|1 аЛ. sicnecessary to preveat loss upon a debt previously coatracted in good faith. Stock so purchased shall in no case be held by the bank for a longer time than six moaths, if the stock can be sold for what it cost, and it must be sold for the best price obtainable...
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Annual Report

Michigan. Banking Division - Banks and banking - 1892
...shall be caр1Ы 8tot * , stc ' necessary to prevent loss upon a dobt previously contracted in gcod faith. Stock so purchased shall in no case be held by the bank for a longer time than six monthe, if the stock can be sold for what it cost, and it must be sold for the best price obtainable...
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