Annual Report of the Commissioner of the Banking Department of the State of Michigan |
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Page xxxiv
Corporations are recog- nized by law as distinct legal entities regardless of the ownership of the stock . ... but such impairment cannot be made good under the law by any transaction in the nature of a loan , as such a transaction ...
Corporations are recog- nized by law as distinct legal entities regardless of the ownership of the stock . ... but such impairment cannot be made good under the law by any transaction in the nature of a loan , as such a transaction ...
Page xxxv
security consisting of personal property or securities of known marketable value worth ten per cent more than the amount so loaned and interest for the time of the loan ; or may be invested in notes , bills or other evidences of debt ...
security consisting of personal property or securities of known marketable value worth ten per cent more than the amount so loaned and interest for the time of the loan ; or may be invested in notes , bills or other evidences of debt ...
Page xxxviii
108 of the Public Acts of 1889 , as amended , acting as trustee under an issue of bonds covering property located in part in Michigan , and in part in one or more other States , deposit its bonds or mortgages with a state department or ...
108 of the Public Acts of 1889 , as amended , acting as trustee under an issue of bonds covering property located in part in Michigan , and in part in one or more other States , deposit its bonds or mortgages with a state department or ...
Page xxxix
REPORT OF THE COMMISSIONER We are unable to see how the making The interest upon deposits of securities made ... In some instances the legal title to the property is transferred and the assignment made as collateral security for a loan ...
REPORT OF THE COMMISSIONER We are unable to see how the making The interest upon deposits of securities made ... In some instances the legal title to the property is transferred and the assignment made as collateral security for a loan ...
Page lxv
such companies may be invested , " in bonds secured by mortgages , or notes and mortgages or * * * and such board of ... of these investments require security , whether the funds so invested are derived from surplus capital , from loans ...
such companies may be invested , " in bonds secured by mortgages , or notes and mortgages or * * * and such board of ... of these investments require security , whether the funds so invested are derived from surplus capital , from loans ...
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Common terms and phrases
00 Cash 00 Commercial 00 Furniture 00 Other real 00 Overdrafts 00 Savings 00 U. S. bonds assets Assistant Cashier authority Banking house banks and bankers banks in reserve Bonds and Cert Bonds borrowed borrowed or left Capital stock paid cash items Cash on hand Cashier's checks certificates of deposit certificates of indebted Certified checks Chas clearing house Commercial deposits subject Commissioner 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 Liabilities Loans and discounts Michigan moneys on deposit mortgages and securities NATIONAL BANK notes Organized provisions real estate reserve cities Reserved for taxes Resources safe keeping SAVINGS BANK Savings certificates Savings deposits book Statement September 28 Stock of Federal subject to check Surplus fund trust company Vice President
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
| Title | Annual Report of the Commissioner of the Banking Department of the State of Michigan |
| Author | Michigan. Banking Division |
| Contributor | Michigan. Banking Dept |
| Published | 1926 |
| Original from | the University of Michigan |
| Digitized | 26 Feb 2007 |
| Export Citation | BiBTeX EndNote RefMan |