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

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Page lix - 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." In reply thereto would say that the general powers of
Page xxix - 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 hy the person negotiating the same, and which, in my opinion, should
Page xlviii - To elect or appoint directors • * *" "Sixth. To prescribe by Its board of directors, by-laws 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
Page lv - which shall not exceed 50% of its paid in capital •«•••• "A National Banking Association may purchase, hold and convey real estate for the following purposes and for no others: First, such as shall be necessary for its immediate accommodation in the transaction of its business. * * * *" Under this provision of the National Banking Law. the
Page lxix - shall not be in excess of one-tenth part of the amount of its capital and surplus that this limitation does not apply to the discount of bills of exchange drawn in good faith against actual existing values. 'From the information which we received from a representative of your Department! it appears that a bank acceptance
Page xxx - the position of the parties as they appear on the paper. The borrower may be the maker or the endorser. Pratt's Digest, 94. Our statute provides that In the discount of commercial or business paper actually owned by the person negotiating
Page xxxvii - 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 linn may be increased to a sum not
Page xlii - real estate, or Judgments, or decrees In its favor, or deposits of money, bills or other valuable things for its use. or for the use of its stockholders or creditors, all payments of money either after the commission of an act of insolvency, or in contemplation thereof,
Page lix - To exercise by its board of directors or duly authorized officers or agents, subject to law. all such power as shall he necessary to carry on the business of banking by
Page liv - of the Compiled Laws of 1897 enter into a lease of the nature Indicated. This section provides, In part, as follows : "A bank may purchase, hold and convey real estate for the following purposes, but no other: First, such as shall be necessary for the convenient transaction of its business, including

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