 | United States Congress. House. Banking and Currency Committee - 1959 - 84 pages
...percent of the unimpaired surplus fund. Limitation does not apply to — (1) Obligations arising out of the discount of commercial or business paper actually owned by the person negotiating same. (2) Obligations secured by shipping documents, warehouse receipts, or other such documents transferring... | |
 | United States. Congress. Senate. Banking and Currency Committee - 1959 - 892 pages
...this section to any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section... | |
 | United States. Congress. Senate. Committee on Banking and Currency - Housing - 1959 - 892 pages
...this section to any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section... | |
 | United States. Congress. Senate. Committee on Banking and Currency - 1963 - 548 pages
...Provided, That the discount of bona fide bills of exchange drawn against actually existing values, and the discount of commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. SEO.... | |
 | Michigan. State Banking Dept - Banks and banking - 1910 - 648 pages
...refer relate to the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, and which, in my opinion, should be strictly construed and should be held to apply to no transaction... | |
 | United States. Congress. Joint Economic Committee - Fiscal policy - 1965 - 744 pages
...this section to any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, asso. nation, or corporation negotiating the same shall not be subject under this section... | |
 | United States. Office of the Comptroller of the Currency - Banking law - 1966 - 480 pages
...limitation of 10 per centum shall be subject to the following exceptions:] "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section... | |
 | Ross M. Robertson - Banks and banking - 1968 - 286 pages
...Provided, That the discount of bona fide bills of exchange drawn against actually existing values, and the discount of commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. Sec.... | |
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But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed. 
