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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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Session Laws of 1890-1905: Passed at the 1st-8th Regular Session of the ...

Oklahoma - 1897
...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 or acquirement,...
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The Laws of Wisconsin

Wisconsin - 1897 - 1392 pages
...shall be the holder of or purchaser of any portion of its capital stock, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stocks so purchased shall in no case be held by the bank for a longer time than six mouths, if the...
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Compiled Laws of New Mexico: In Accordance with an Act of the Legislature ...

New Mexico - 1897 - 1159 pages
...own stock, or of the capital stock of any other incorporated company, unless such purchase shall be er improvement, as aforesaid, shall be held to be the agent of the owner on security which at the time was deemed adequate to insure the payment of such debt, independent of...
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Laws of the State of Wisconsin

Wisconsin - 1897
...shall be the holder of or purchaser of any portion of its capital stock, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stocks so purchased shall in no case be held by the bank for a longer time than six months, if the...
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Leading Cases on Private Corporations: To Accompany Principles of Private ...

Charles Burke Elliott - 1898 - 341 pages
...capital stock or of the capital stock of any . other incorporated company, unless such purchase should be necessary to prevent loss upon a debt previously contracted in good faith, on security which, at the time, was deemed adequate to insure the payment of such debt, independent...
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Acts of the Legislature of the State of Michigan, Part 2

Michigan - 1899 - 706 pages
...holder or pur»t'ookcapl " chaser of any portion of its capital stock unless such purchase shall be necessary to prevent loss upon a debt previously contracted...shall in no case be held by the bank for a longer time time than six months, if the stock can be sold for what it cost, and it must be sold for the best price...
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United States Reports: ... and Rules Announced at ...

United States. Supreme Court - 1899 - 760 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 unless...
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The Laws of New Jersey Relating to Banks and Banking, Trust Companies and ...

James Brooks Dill, New Jersey. Department of Banking and Insurance - 1899 - 98 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 the stock so purchased or acquired shall within one year from the time of its purchase be sold...
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Session Laws of 1890-1905: Passed at the 1st-8th Regular Session of the ...

Oklahoma - 1899
...stock, nor be the purchaser or holder of any such shares, unless such secur-ities 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 Corporation Laws of the State of Missouri: Revised Statutes of 1899, and ...

Missouri - 1900 - 324 pages
...should be required of shareholders as of persons who are not shareholders, unless it should become necessary to prevent loss upon a •debt previously contracted in good faith and on security which at the time was deemed adequate. No corporation organized under this article...
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