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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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Acts and Resolves Passed by the General Court of Massachusetts

Massachusetts - Session laws - 1922
...security or endorsement unless the consideration or security is otherwise sufficient, or unless it shall be necessary to prevent loss upon a debt previously contracted in good faith; or who certifies any check drawn upon such bank unless the drawer then has on deposit with the bank...
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Materials for the Study of Banking

James Dysart Magee - Banks and banking - 1923 - 769 pages
...own capital stock, or 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 be sold at public or private sale, or otherwise disposed of,...
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Session Laws of the State of Wyoming Passed by the State Legislature

Wyoming - Law - 1925
...purchaser of its own capital stock, except in cases where the taking of such collateral, or such purchase, shall be necessary to prevent loss upon a debt previously .contracted in good faith, and in such cases, unless full payment of such debt is made, such stock shall be sold by the bank within...
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Cases on Private Corporations

George Folger Canfield, Isaac Maurice Wormser - Corporation law - 1925 - 933 pages
...of 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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The Federal Reporter: With Key-number Annotations ..., Volume 175

Law reports, digests, etc - 1910
...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." That the charter of a private corporation having a capital stock, such as the bank in question, constitutes...
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A Compilation of the Laws of Minnesota Relating to State Banks, Savings ...

Minnesota - Banking law - 1925 - 56 pages
...or discount on the security of its own capital stock, nor be the purchaser or holder thereof, unless necessary to prevent loss upon a debt previously contracted in good faith, and all stock so acquired shall be disposed of at public or private sale within six months after it...
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The Federal Reporter: With Key-number Annotations ..., Volume 24

Law reports, digests, etc - 1885
...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, be sold...
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Paton's Digest, Volume 2

Thomas Bugard Paton - Banking law - 1926
...stock, nor be the purchaser or holder of any such shares unless such security or purchase shall i* necessary to prevent loss upon a debt previously contracted in good faith"; with a further provision for disposition, within six months, of the stock so acquired, It has been...
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The Central Law Journal, Volume 6

Law - 1878
...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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Branch, Chain, and Group Banking: Hearings Before the Committee on Banking ...

United States Congress. House. Banking and Currency Committee - 1930
...have been previously pledged as secruity to any loan or discount made in good faith and such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith and stock so purchased or acquired shall bt sold at public or private sale or otherwise disposed of...
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