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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 Laws of Wisconsin

Wisconsin - Session laws - 1897
...Nobank shall be the holder of or purchaser of any portion of its capital stock, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stocks so purchased shall in no case be held by the bank for a longer time than six mouths, if the...
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The New York Supplement

Law reports, digests, etc - 1897
...justify such a contract under the statute, it was incumbent npon the defendant to prove that it was necessary to prevent loss upon a debt previously contracted in good faith, and no evidence was given upon that question. The significant and the important and 77 Mew York State...
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Leading Cases on Private Corporations: To Accompany Principles of Private ...

Charles Burke Elliott - Corporation law - 1898 - 341 pages
...capital stock or of the capital stock of any . other incorporated company, unless such purchase should 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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Public and Local Acts of the Legislature of the State of Michigan, Part 2

Michigan - Session laws - 1899
...shall be the holder or pur»t'ookcapl " chaser of any portion of its capital stock unless such purchase shall be necessary to prevent loss upon a debt previously...shall in no case be held by the bank for a longer time time than six months, if the stock can be sold for what it cost, and it must be sold for the best price...
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Session Laws of 1890-1905: Passed at the 1st-8th Regular Session of the ...

Oklahoma - Law - 1899
...capital stock, nor be the purchaser or holder of any such shares, unless such secur-ities 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 Laws of New Jersey Relating to Banks and Banking, Trust Companies and ...

James Brooks Dill, New Jersey. Department of Banking and Insurance - Banking law - 1899 - 69 pages
...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 in good faith; and stock so purchased or acquired shall within one year from the time of its purchase be sold or disposed...
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Acts of the Legislature of the State of New Jersey

New Jersey - Law - 1899
...stock, nor be the STown'sto'ck. 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 one year from the time of its purchase be sold or...
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United States Reports: ... and Rules Announced at ...

United States. Supreme Court - Law reports, digests, etc - 1899
...officers of a national banking association of shares of Its own capital stock unless such purchase is necessary to prevent loss upon a debt previously contracted in good faith, cannot be regarded as a transaction of the association itself unless expressly authorized by its board...
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Combined Kansas Reports

Kansas - Kansas - 1900
...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 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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Ohio Corporations Other Than Municipal: As Authorized by the Old and New ...

Abraham Titus Brewer, Gustav Adolf Laubscher - Corporation law - 1900 - 713 pages
...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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