Annual Report

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Page xxvii - But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed.
Page xxxv - ... with the concurrence of the Attorney General, to institute proceedings for the appointment of a receiver to wind up the affairs of the bank.
Page xlv - The total liabilities to any bank of any person or of any company, corporation or firm for moneys advanced, including in the liabilities of the company or firm, the liabilities of the several members thereof...
Page lv - ... persons holding stock as executors, administrators, guardians or trustees, and persons holding stock as collateral security, shall not be personally liable as stockholders, but the assets and funds in their hands constituting the trust shall be liable to the same extent as the testator, intestate, ward or person interested in such trust funds would be, if living or competent to act; and the person pledging such stock shall be deemed the stockholder and liable under this section.
Page lii - person' may extend and be applied to bodies politic and corporate as well as to individuals.
Page lxvii - 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 xxxi - Lansing, Michigan : My Dear Sir — I am in receipt of your communication of the 16th inst. in which you ask whether or not certificates of indebtedness issued...
Page xxxii - ... (b) In the public debt or bonds of any city, county, town- city, county, ete. ship, village or school district of any state or territory in the United States, which shall have been authorized by the legislature of such state or territory: Provided, The total Proviso M to indebtedness of such municipality does not exceed five per'nc cent of its assessed valuation...
Page lv - Such liability may be enforced in a suit at law or in equity by any such bank in process of liquidation, or by any receiver, or other officer succeeding to the legal rights of said bank.
Page lviii - ... notes, bills or other evidences of debt, the payment of which is secured by the deposit with the bank, of collateral security consisting of personal property or securities of known marketable value, worth ten per cent more than the amount so loaned and interest for the time of the loan...

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