The Compiled Laws of the State of Michigan, 1915; Compiled, Arranged, and Annotated Under ACT 247 of 1913 and ACT 232 of 1915 Volume 2

The Compiled Laws of the State of Michigan, 1915; Compiled, Arranged, and Annotated Under ACT 247 of 1913 and ACT 232 of 1915 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. 1916 edition. Excerpt: ... any real or personal estate in trust in pursuance of the directions of any trust created in accordance with the laws of this state, or of the United States. Every such corporation shall oi i keep on hand funds to an amount equal to at least twenty per cent of its matured obligations and money due and payable, threefourths of which reserve may be kept in any bank or trust company approved by the commissioner of the banking department. HISTORY: How. 32B1J: --Am. 1891, n. I CITED: Union Trust Co. v. Radford, 151. Act 126, Imd. BIT. June 12;--C. L. 170/55; Rehearing, 176 / 59. '97, 6165. (8054) Sec. 11. The directors of anv such corporation shall in-pirectorei may vest so much of the capital stock as is herein provided to be de-amount, etc. posited in the state treasury, in bonds secured bv mortgages, or notes and mortirages on unincumbered real estate within the state of Michigan, worth double the amount secured thereby, or in public stocks and bonds of the United States, or any state of the United States that has not defaulted on its principal or interest within ten years, or of any organized county or township, or incorporated city or village, or school district in this state, or in any other such state duly authorized to be issued. And such board of directors idem, may invest or loan the balance of its capital stock and other moneys received by such corporation in trust, in bonds secured by mortgages, or notes and mortgages on unincumbered real estate within the state of Michigan, worth double the amount secured therebv, or in public stocks and bonds of the United States, or any state of the United States that has not defaulted on its principal or interest within ten years; or of any organized county or township, or incorporated city or..show more

Product details

  • Paperback | 1090 pages
  • 189 x 246 x 54mm | 1,901g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236533933
  • 9781236533937