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" No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted... "
Annual Report of the Commissioner of the Banking Department of the State of ... - Page 133
by Michigan. Banking Division - 1891
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United States Reports, Supreme Court: Cases Argued and Adjudged ..., Volume 17

United States. Supreme Court - 1883 - 892 pages
...of the counts under consideration to aver that the purchase of the shares of the association was not necessary to prevent loss upon a debt previously contracted in good faith is a fatal defect. These counts merely charge that the defendant wilfully misapplied the funds of the...
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Supreme Court Reporter, Volume 2

United States. Supreme Court - 1883 - 1004 pages
...of the counts under consideration to aver that the purchase of the shares of the association was not necessary to prevent loss upon a debt previously contracted in good faith is a fatal defect. These counts merely charge that the defendant willfully misapplied the funds of...
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Supreme Court Reporter, Volume 16

United States. Supreme Court - 1896 - 1242 pages
...is prohibited by law from purchasing shares of its own capital stock, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. (6) The purchase by officers of a national banking association of shares of its own capital stock,...
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A Treatise on the Law of Collateral Securities: As Applied to Negotiable ...

William Colebrooke - 1883 - 646 pages
...stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith, and stock so purchased or acquired shall, within six months from the time of its purchase, be sold...
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The Pacific Reporter, Volume 63

1901 - 1162 pages
...bank cannot thereafter become the purchaser or holder of loans on such stock unless it shall become necessary to prevent loss upon a debt previously contracted in good faith, yet, if a stockholder has become liable to the bank as principal, surety, or otherwise on debts not...
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Federal Decisions: Cases Argued and Determined in the Supreme ..., Volume 3

1884
...also, every bank from purchasing or holding any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Surely an implication is inadmissible which contradicts either the letter or the spirit of the act....
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Pratt's Digest of the National Bank Act and Other Laws Relating to National ...

A.S. Pratt & Sons - 1886 - 252 pages
...stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold...
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A Treatise on the Law of Banks and Banking, Volume 2

John Torrey Morse (Jr.) - 1888 - 712 pages
...stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold...
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Extracts from the Laws of the United States Relating to Currency and Finance

United States - 1889 - 90 pages
...stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold...
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Annual Report of the Commissioner of Banks

Massachusetts. Division of Banks and Loan Agencies - 1889 - 904 pages
...the purchaser or holder of any of the shares of its own capital stock, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased shall, within six months from the time of its, purchase, be sold or disposed...
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