Public Documents of Massachusetts, Volume 6

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Secretary of the Commonwealth, 1902 - Massachusetts

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Page xxxvii - 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...
Page xxxvi - The shareholders of every national banking association 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 xxxvii - 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 xxxvi - And provided, that if any shareholder or shareholders of such bank shall neglect or refuse, after three months' notice to pay the assessment, as provided in this section, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days...
Page xxxiii - ... under the same circumstances, in the same manner and subject to the same control by the court having jurisdiction of the same, as a legally qualified person.
Page iii - No such corporation, nor any person acting in its behalf, shall negotiate, take, or receive a fee, brokerage, commission, gift, or other consideration for or on account of a loan made by or on behalf of such corporation, other than appears on the face of the note or contract by which such loan purports to be made ; but...
Page 340 - ... provided, that at no time shall more than one-half of the funds in the treasury be applicable to the payment of such matured shares without the consent of the directors...
Page ix - Connecticut, whose net indebtedness does not exceed five per cent, of the last preceding valuation of the property therein for the assessment of taxes...
Page 339 - Provided, that whenever under the provisions of this section the withdrawal of shares is to be enforced the shares to be retired shall be determined by lot, and the holders thereof shall be paid the full value of their shares, less all fines and a proportionate part of any unadjusted loss : Provided, also, that shares pledged for share loans shall be treated as unpledged shares.
Page xix - If, in an action against such corporation for money on deposit therewith, it appears that the same fund is claimed by another party than the plaintiff, whether by the husband or wife of such plaintiff, or otherwise, the court in which such action is pending, on the petition of the corporation and, on such notice to the plaintiff and to...

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