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

Front Cover

From inside the book

Other editions - View all

Common terms and phrases

Popular passages

Page xxvii - to destroy the force and effect of the limitation Itself. The exceptions to which I 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 he strictly construed
Page lv - shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debts, by receiving deposits, by buying and selling exchange coin and bullion, and by loaning money on personal and real security as provided hereinafter." These are the usual powers granted to hanks in carrying on a
Page xlii - All such powers as shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange or other evidences of debt, by If a trust company sought to exercise all or
Page lv - Attention is particularly directed to the seventh subdivision of this section, reading as follows: "To exercise by its board of directors or duly authorized officers or agents, subject to law, all such power
Page xliv - Section 12 of the present law (Section 6101. 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 xxxvii - necessary for a corporation to purchase and hold, shares of stock in a state bank except as such stock might be taken in payment of debts in good faith owing to the corporation. "The word 'person' may extend and be applied to bodies politic and corporate as well as to individuals.
Page xlix - the liabilities of the company or firm, the liabilities of the several members thereof, except special partners, shall at no time exceed one-tenth part of the amount of the capital and surplus of such bank, etc." In reply thereto would say it is believed
Page xliv - not Inconsistent with law, regulating 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 enjoyed." ||Fifth. To elect or appoint directors * * *" As the certificate filed by the Wayne County Savings Bank under section
Page lvi - of Article 12 of the Constitution provides: "No general law providing—for the incorporation of trust companies or corporations for banking purposes, or regulating the business thereof, shall be adopted, amended or repealed except by a vote of two-thirds of the members elected to each house of the legislature
Page lxvi - capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this sub-section. Such books and records shall be open to inspection by the State authorities to the same extent as the

Bibliographic information