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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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The American State Reports: Containing the Cases of General Value ..., Volume 8

Abraham Clark Freeman - 1889 - 1018 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 (6) months from the time of its purchase, be sold...
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Reports of Cases Heard and Determined in the Court of Appeals of ..., Volume 1

New York (State). Court of Appeals - 1891 - 660 pages
...shares of its own capital stock, and from pufchasing or holding any of such shares, unless it becomes necessary to prevent loss upon a debt previously contracted in good faith. The capital of the bank was $100,000, divided into one thousand shares of 8100 each. Lee entered the...
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The Methods and Machinery of Practical Banking

Claudius Buchanan Patten - 1908 - 648 pages
...discount on the security of shares in its own capital stock unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith." When shares are taken under the contingency last named the Bank Act demands that they be sold within...
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Laws of the United States Relating to Currency, Finance, and Banking from ...

1891 - 332 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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Session Laws

South Dakota - 1891
...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 be sold or disposed of at public or private...
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Annual Report

Michigan. Banking Division - 1892
...shall be caр1Ы 8tot * , stc ' necessary to prevent loss upon a dobt previously contracted in gcod faith. Stock so purchased shall in no case be held by the bank for a longer time than six monthe, if the stock can be sold for what it cost, and it must be sold for the best price obtainable...
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Reports of Cases, Volume 130

New York (State). Court of Appeals, George Franklin Comstock, Henry Rogers Selden, Francis Kernan, Hiram Edward Sickels - 1892 - 842 pages
...own capital stock, nor be the purchaser of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith." (IT. SRS § 5201.) Assuming this to be true the defendants cannot take advantage of it, because the...
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Lawyers' Reports Annotated, Book 14

1892 - 932 pages
...own capital stock, nor be the purchaser of any such shares unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith." US Rev. Stat. Ц 5201. Assuming this to be true, the defendants cannot lake advantage of it, because...
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World's Congress of Bankers and Financiers: Comprising Addresses Upon ...

World's congress of bankers and financiers, Chicago, 1893 - 1893 - 615 pages
...stock, nor be the purchaser or holder of anysuch shares, unless such security or purcha*? shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall be sold within six months from the time of its purchase. But...
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Miscellaneous Reports. Cases Decided in the Courts of Record of ..., Volume 41

New York (State). Courts, Francis Blaine Delehanty (Reporter), Austin B. Griffin (Reporter), Robert George Scherer (Reporter), Edward Jordan Dimock (Reporter), Joseph Albert Lawson (Reporter), Charles Cook Lester (Reporter), William Van Rensselaer Erving (Reporter), Louis J. Rezzemini (Reporter) - 1903 - 752 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 or...
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