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Banking laws of Massachusetts; Being a compilation of all the general statutes of the commonwealth, now in force, relating to banks, banking and ... statues, abstracts of decisions of the Supr

Banking laws of Massachusetts; Being a compilation of all the general statutes of the commonwealth, now in force, relating to banks, banking and ... statues, abstracts of decisions of the Supr

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1855 Excerpt: ...of Sect. 6. No bank shall have due to it, at any time after the llfanedtodl-be first Mon(Jay in October next, either directly or indirectly, from any one of its directors or officers, or from any partnership of which any director or officer is a member, as principal, surety or endorser, upon notes, checks, drafts, or other security, a sum Chap. 196. As to the time for banks to hold their annual meetings, see note to sect. 22, chap. 36, Revised Statutes. See also Stat. 1843, chap. 93, sect. 10, and Stat 1848, chap. 121. Chap. 196, Sect 6, 7, 8 and 9. There is a penalty upon banks neglecting to comply with the provisions of this act by Stat 18ol, chap. 389. rectors. greater than eight per cent., or more than forty thousand dollars, or from its whole board of directors, a sum greater than thirty per cent. of its whole capital stock, unless the stockholders, at a legal meeting, shall, by express vote, authorize a greater sum; and no vote shall be valid for that purpose for a longer period than one year and thirty days from the passing thereof, nor unless., „,. f.1.1, No person shall it shall name the greatest amount to be so authorized; and no be a director person shall be a director in any bank whose whole amount of stock in the stock in said bank shall be pledged. an is p e g Sect. 7. After the first day of July next, no bank shall pur-Banks 8h»ii " "' purchase their chase or hold its own stock, except as security for debts: and own stock; when ii in i n taken as security stock received as security shall be sold within six months after it shall sell it with i »iii n Bx months shall have become the property of the bank. after it becomes Sect. 8. No cashier of any bank shall be a director thereof, cashiers shall Sect. 9. The directors ...