The Compiled Laws of the State of Michigan, 1897; With a Digest of Supreme Court Decisions and Other Annotations Volume 2

The Compiled Laws of the State of Michigan, 1897; With a Digest of Supreme Court Decisions and Other Annotations Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ... upon notes, or bonds, secured by mortgage lien upon unincumbered real estate worth at least double the amount loaned; the remainder of such deposits may be invested in notes, bills or other evidences of debt, the payment of which is secured by the deposit of collateral security consisting of personal property, of known marketable value, worth ten per cent more than the amount so loaned and interest for the time of the loan; or may be deposited in any national bank, trust company, or bank in cities in this or any other state approved by the commissioner of the banking department as reserve cities; and a portion of said remainder, not exceeding the capital and additional stockholders' liability, may be invested in negotiable paper approved by the board of directors, but the deposits in any one bank shall not exceed ten per cent of the total deposits, capital and surplus of the depositing bank. In case the actual reserve shall fall below the fifteen per cent above provided, the bank shall promptly, and in good faith, take measures to restore and maintain its lawful reserve, in default of which the commissioner of the banking department shall require such restoration within thirty days after notice, and a failure to comply with such demand shall warrant proceedings to wind up the bank, as provided in section six of this act. (6117) Sac. 28. A pass-book shall be issued to each depositor in the savings department, containing the rules and regulations adopted by the board of directors governing such deposits, in which book shall be entered each deposit made by, and each pay ment made to, such dcpositor, and no payment or check against any such saving account shall be made unless accompanied by and entered in the pass-book issued therefor, ...show more

Product details

  • Paperback | 724 pages
  • 189 x 246 x 37mm | 1,270g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236986784
  • 9781236986788