Annual Report of the Commissioner of the Banking Department of the State of Michigan

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Page 17 - 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.
Page 16 - ... with a view to prevent the application of its assets in the manner prescribed by this act, or with a view to the preference of one creditor to another except in payment of its circulating notes, shall be utterly null and void.
Page 13 - He may also employ from time to time such cicrks. «lerks to assist him and his deputy in the discharge of the several duties imposed upon them by this act as he shall find necessary. The salary of the Commissioner shall be two thousand five hundred dollars per annum.
Page 9 - Such reports shall exhibit in detail, and under appropriate heads, the resources, assets and liabilities of the bank at the close of business of any past day by him specified...
Page 18 - ... on such terms as the court shall direct; and may, if necessary to pay the debts of such association, enforce the individual liability of the stockholders.
Page 12 - The powers, privileges, duties and restrictions conferred and imposed upon any bank existing and doing business under the laws of this State are hereby abridged, enlarged or modified, as each particular case may require to conform to the provisions of this act, and to such amendments as may be made thereto.
Page 5 - ... and such stock shall be sold as the directors may order, within six months from the time of such forfeiture, and if not sold it shall be canceled and deducted from the capital stock of the association.
Page 18 - ... and sell all the real and personal property of such bank on such terms as the court shall direct, and may, if necessary to pay the debts of such bank, enforce all individual liability of the stockholders.
Page 18 - All real estate owned by any bank may be taxed as other real estate in the city, village or township where the same may be situated, and the residue of its capital and surplus shall be taxed as personal property, but the assessment thereof for taxation shall not be at a greater rate than is assessed on money capital in the hands of individual citizens in the same city, village or township.
Page 13 - Commissioner shall take and subscribe the oath of office prescribed by the constitution, and file the same in the office of the Secretary of State...

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