Annual Report of the Commissioner of the Banking Department of the State of Michigan
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00 Bonds borrowed 00 Cash 00 Commercial 00 Furniture 00 Overdrafts 00 Savings 00 Undivided profits Assistant Cashier authority Banking house banks and bankers banks in reserve Bills payable Bonds and Cert borrowed or left Capital stock paid cash items Cash on hand Cashier's checks certificates of deposit Certified checks Chas clearing house Commercial deposits subject Demand certificates deposits book account directors Dividends unpaid Due from banks Due from Federal Exchange for clearing Federal Reserve bank Frank Furniture and fixtures house and checks interest John left for safe legal reserve Loans and discounts Michigan moneys on deposit mortgages and securities NATIONAL BANK Organized provisions real estate reserve cities Reserved for taxes safe keeping SAVINGS BANK Savings deposits book Statement September 15 Stock of Federal subject to check Surplus fund Total liabilities trust company U. S. Bds U. S. Bonds Vice President
Page xxvi - Our statute provides that in the discount of commercial or business paper actually owned by the person negotiating the same, it shall not be considered as money borrowed. The application of this provision, in my opinion, relates exclusively to the person negotiating the paper. The statute contemplates that
Page xxv - shall at no time exceed one-tenth part of the amount of capital stock of such association actually paid In ; 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
Page xxxii - 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 : * * • Provided, however. That by a two-thirds vote of directors, the liabilities to any bank of any person or company or corporation or firm
Page xxv - surplus of such bank; 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
Page lxii - the extent of the amount of the stock therein, at the par value thereof, in addition to the amount invested In such shares. To permit a trust company to purchase shares of its own capital stock would permit it to impair the security intended for the benefit of creditors. Trusting this will serve to furnish you with the desired information I am. Respectfully yours. AB
Page lx - payment is made shall be a valid and sufficient release and discharge to said bank for all payments made on account of such deposits prior to the receipt by said bank of notice in writing not to pay such deposits In accordance with the terms thereof.
Page li - This section provides In part as follows : (b) For borrowing money on the credit of the city in a sum not to exceed eight per centum of the assessed value of all real and personal property in the city • • » • when a city is authorized to acquire or operate any public utility, it may for the purpose of acquiring the
Page xlii - the manner In which Its stock shall be transferred, its directors and officers elected or appointed, its stockholders convened for special meetings, its property transferred. Its general business conducted and the privileges granted to It by law exercised and
Page xlii - Compiled Laws of 1897 as amended) provides In part that "the affairs of each bank shall be managed by a board of not less than five directors who shall be elected by the stockholders.
Page lx - paid to either or the survivor of them, such deposits thereupon and any additions thereto, made by either of such persons, upon the making thereof, shall become the property of such persons as Joint tenants, and the same