A Few Facts and Suggestions on Money, Trade and Banking

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Houghton, Mifflin, 1881 - Banks and banking - 105 pages
 

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Page 101 - 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 in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale; or, in default thereof, a receiver may be appointed to close up the business of the association,...
Page 97 - ... shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares...
Page 43 - To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt...
Page 102 - Any association may take, receive, reserve, and charge on any loan or discount made, or upon any note, bill of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located...
Page 98 - ... made after the commission of an act of insolvency, or in contemplation thereof, with a view to prevent the application of its assets in the manner prescribed by this act, or with a view to the preference of one creditor to another, except in payment of its circulating notes, shall be utterly null and void.
Page 97 - Title, and that he is the owner in good faith, and in his own right, of the number of shares of stock required by this...
Page 101 - States bonds. (Sec. 5153.) 21. The National banks are prohibited from loaning to any person, company, corporation, or firm, an amount exceeding one-tenth part of their capital ; and in estimating the liabilities of a company or firm the liabilities of its several members are to be included. They are thus, by law, made conservative in their management, and restrained from granting excessive loans, which would at least lessen their general usefulness to the communities in which they are situated, and...
Page 101 - ... the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on account of demands of the nature following : First.
Page 105 - ... to make and transmit its report. Whenever any association delays or refuses to pay the penalty herein imposed, after it has been assessed by the Comptroller of the Currency, the amount thereof may be retained by the Treasurer of the United States, upon the order of the Comptroller of the Currency, out of the interest, as it may become due to the association, on the bonds deposited with him to secure circulation. All sums of money collected for penalties under this section shall be paid into the...

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