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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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A History of Banking in the United States

John Jay Knox - 1900 - 986 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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The Law of Banks and Banking: Including Acceptance, Demand and Notice of ...

John Maxcy Zane - 1900 - 866 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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Ohio Corporations Other Than Municipal: As Authorized by the Old and New ...

Abraham Titus Brewer, Gustav Adolf Laubscher - 1900 - 748 pages
...capital stock, or of the capital stock of any other incorporated company, unless such purchase shall 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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Combined Kansas Reports

Kansas - 1900 - 1108 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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General Laws of New York: Containing All Amendments to the Close ..., Volume 3

New York (State) - 1900
...stock nor be the purchaser or holder of any such shares, unless such security or purchaser 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, Part 1

Massachusetts. Division of Banks and Loan Agencies - 1902 - 826 pages
...be the purchaser or holder of such shares, unless 1888> 413> 5 16such 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 after its purchase, be sold or disposed...
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Colorado Decisions: Every Opinion of the Supreme Court and Court ..., Volume 3

Colorado. Supreme Court - 1902 - 730 pages
...shall be the holder or purchaser of a portion of its own stock * * * unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. * * * Held, — That where the stockholders of a bank voted to reduce its stock one-half, and to issue...
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Congressional Serial Set

1902
...capital stock, nor be 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." (Buffalo German Ins. Co. r. Third Nat. Bank of Buffalo, 2 Banking Cases, 325.) 4. Undersuch section...
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New Jersey as a Colony and as a State: One of the Original Thirteen, Volume 4

Francis Bazley Lee - 1902
...stock, or 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. The stock so purchased or acquired, within one year from the time of its purchase, shall be sold or...
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Laws of the State of Wisconsin

Wisconsin - 1903
...purchase shall be necessary to prevent ioss upon a debt previously contracted in good faith. Stocks ,r<i purchased shall in no case be held by the bank for...time than six months if the stock can be sold for the amount of the claim of tbe bank against the same, and it must be sold for the best price obtainable...
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