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" 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. "
Public and Local Acts of the Legislature of the State of Michigan - Page 11
by Michigan - 1891
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Pratt's Digest of the National Bank Act and Other Laws Relating to National ...

A.S. Pratt & Sons - Banking law - 1886 - 227 pages
...time exceed one-tenth part of the amount of the capital stock of such association actually paid in. But the discount of bills of exchange drawn in good...the same, shall not be considered as money borrowed. 44 excess of the limit would be in violation of the letter of the law. There is no specific penalty...
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The Revised Statutes of the State of Illinois: Embracing All Laws of a ...

Illinois - Law - 1887 - 1821 pages
...in. But the discount of bills of exchange drawn in gix>d faith, against actually existing values, aud the discount of commercial or business paper actually...the same, shall not be considered as money borrowed. 11. Capital stock — impairment thereof. 11. Associations may be organized under this act in incorporated...
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Journal of the Senate of the General Assembly, Volume 35

Illinois. General Assembly. Senate - Illinois - 1888
...no time exceed one-tenth part of the amount of capital stock of such association actually paid in. But the discount of bills of exchange drawn, in good...same, shall not be considered as money borrowed." The question then being, "Shall the foregoing Senate Bill No. 251, be engrossed, as amended, and placed...
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The Code of Virginia: With the Declaration of Independence and the ...

Virginia - Law - 1888 - 1177 pages
...time exceed one-tenth part of the amount of the capital stock of such association actually paid in. But the discount of bills of exchange drawn in good...the same, shall not be considered as money borrowed. Sec. 1169. Surplus fund; dividends.— There shall be no dividend of profits of a higher rate than...
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The N.Y. Weekly Digest of Cases Decided in the U.S. Supreme ..., Volume 14

Law reports, digests, etc - 1882
...association actually paid in. But the discount of bills of exchange drawn in good faith against actual existing values, and the discount of commercial or...same, shall not be considered as money borrowed." US Rev. Stat., 5200. These drafts had no valid or legal inception until they were discounted and...
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A Treatise on the Law of Banks and Banking, Volume 2

John Torrey Morse (Jr.) - Banking law - 1888
... 128. Kansas Valley Bank v. Rowell, 2 Dill. 371. 2 129. See Ultra vires, Legislative Intent. discount of commercial or business paper actually...the same, shall not be considered as money borrowed. 30. (5197.) Interest, what Rate may be taken.1 — Any association may take, receive, reserve, and...
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Acts and Resolves Passed by the General Court of Massachusetts

Massachusetts - Law - 1888
...bills of exchange drawn in good faith against actually existing values, and the discount of commereial or business paper actually owned by the person negotiating...the same, shall not be considered as money borrowed. SECTION 18. Such corporation may hold real estate May now real suitable for the transaction of its...
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The Revised Statutes of the State of Illinois: Embracing All Laws of a ...

Illinois - Law - 1889 - 1821 pages
...at no time exceed one-tenth part of the, amount of capital of such association actually paid in. Hut the discount of bills of exchange drawn in good faith",...the same, shall not be considered as money borrowed. 11. Capital stock — impairment thereof. 11. Associations may be organized under this act in incorporated...
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Extracts from the Laws of the United States Relating to Currency and Finance

United States - Finance, Public - 1889 - 66 pages
...such association actually paid in: Provided, that the discount of bond fide bills of exchange drawn against actually existing values, and the discount...commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. [Section...
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Acts of the General Assembly of the Commonwealth of Kentucky, Passed, Volume 1

Kentucky - Law - 1890
...exchange drawn in good faith against actually existing values, and the discount of commercial paper, or business paper actually owned by the person negotiating...the same, shall not be considered as money borrowed. 4. The share-holders of said bank may enter into articles of association, which may contain any...
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