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

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Page lii - of—An accommodation party is one who has signed the instrument as maker, drawer, acceptor, or endorser, without receiving value therefor, and for the purpose of lending his name to some other person. Such person is liable on the instrument to a holder for value, notwithstanding such holder at the time of taking the instrument knew him to be only an accommodation party.
Page lxvi - 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
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 xxvii - way as 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
Page xxvii - 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
Page lii - an endorser unless he clearly indicates by appropriate words his intention to be bound in some other capacity." In view of the above provisions and the numerous authorities, there can be no doubt that in an instrument executed in the above form William Jones would be prima facie deemed to be the maker of the note, there being nothing on
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
Page lix - necessary for the convenient transaction of its business, including with its banking office other apartments to rent as a source of income, but which shall not exceed fifty per cent of its paid In capital. Under this provision of said Section, I desire to inquire whether or not in your opinion it would
Page xxvii - The total liabilities of any association, or any person, or any company, corporation, or firm for money borrowed, including in the liabilities of the company or firm the liabilities of the several members thereof 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
Page xliv - 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.

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