 | United States. Congress. Senate. Committee on Banking and Currency - 1959 - 892 pages
...this section to any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section... | |
 | United States. Congress. Senate. Committee on Banking and Currency - 1963 - 716 pages
...such association actually paid in : Provided, That the discount of bona fide bills of exchange drawn against actually existing values, and the discount...commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. SEO.... | |
 | United States. Congress. Senate. Committee on Banking and Currency - 1963 - 548 pages
...such association actually paid in : Provided, That the discount of bona fide bills of exchange drawn against actually existing values, and the discount...commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. SEO.... | |
 | Michigan. State Banking Dept - 1910 - 648 pages
...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...actually owned by the person negotiating the same, and which, in my opinion, should be strictly construed and should be held to apply to no transaction... | |
 | United States. Congress. Joint Economic Committee - 1965 - 744 pages
...this section to any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, asso. nation, or corporation negotiating the same shall not be subject under this section... | |
 | United States. Office of the Comptroller of the Currency - 1966 - 480 pages
...limitation of 10 per centum shall be subject to the following exceptions:] "(2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section... | |
 | Ross M. Robertson - 1968 - 286 pages
...such association actually paid in: Provided, That the discount of bona fide bills of exchange drawn against actually existing values, and the discount...commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. Sec.... | |
 | United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs - 1979 - 676 pages
...bills of exchange drawn in good faith against actually existing values; (ii) obligations arising out of the discount of commercial or business paper actually owned by the person negotiating the same; (iii) obligations drawn in good faith against actually existing values and secured by goods or commodities... | |
 | Geoffrey Jones - 1991 - 214 pages
...bank would not be endangered by discounting large amounts for a single firm.36 The second exception, 'the discount of commercial or business paper actually owned by the person negotiating the same', is similarly instructive. Such persons were mainly expected to be professional brokers, whose growing... | |
| |
But 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, shall not be considered as money borrowed. 
