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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... "
Annual Report - Page 133
by Michigan. Banking Division - 1891
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The Compiled Laws of the State of Michigan: Published by Authority, Part 2

Michigan, Thomas McIntyre Cooley - 1857
...of any other incorporated company, unless such purchase or other Capital ,,,, ч ii • ^T 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 of...
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Public and Local Acts of the Legislature of the State of Michigan

Michigan - 1857
...deemed adequate tostock' insure the payment of such debt, independent of any lien upon such stock ; and stock so purchased shall in no case be held by the bank so purchasing for a longer period of time than six months, if the same can be sold for what the stock...
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Laws enacted in the general assembly of the commonwealth

1860
...the capi•apiui stock of ta' stoc'c °f any other incorporated bank, 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 Merchants' Magazine and Commercial Review, Volume 48

William B. Dana - 1863
...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 Merchants' Magazine and Commercial Review, Volume 48

1863
...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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Journal: 1st-13th Congress . Repr. 14th Congress, 1st Session ..., Volume 1

United States. Congress. House - 1863
...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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American Slavery and Finances, Volumes 1-9

Robert John Walker - 1864
...or forbidden. 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, or security which, at the time, was deemed adequate to insure the payment of such debt, independent...
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THE AMERICAN ANNUAL CYCLOPAEDIA

1864
...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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Cases Argued and Adjudged in the Supreme Court of the United States, Volume 18

United States. Supreme Court - 1874 - 722 pages
...also every bank from purchasing or holding any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Surely an implication is inadmissible which contradicts either the letter or the spirit of the act....
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The Bank of England: And the Organisation of Credit in England

Charles Tennant - 1866 - 869 pages
...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 required to be sold or disposed of, at public or private sale, within six...
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