Journal of the Philippine Commission

Journal of the Philippine Commission

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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. 1908 edition. Excerpt: ... years, but that they may be made payable in such installments as may be fixed by the board of directors. Section 22 is unnecessary, in view of the fact that the fees for additional services may be provided for in the" by-laws. Section 23 has been amended so as to provide for the punishment of any official of the bank for granting or obtaining a loan therefrom. That part of section 24 providing for collection of the amounts due to the bank is unnecessary, in view of the fact that there are general laws which cover the subject. This section also provides that a borrower may redeem the property within two years after sale, upon payment of the amount of the loan and interest and costs. It also provides that the bank may sell the property within two years after acquiring it at mortgage foreclosure sale. These two provisions can not coexist, for the reason that the bank would have no right to sell property until the time of the redemption had expired. It is evident that the bank should part with the property as soon as there is a market therefor, for the reason that it has no means of cultivating the property or of making it profitable. On the other hand, it would be extremely unwise to oblige the bank to sell the property within two years, when the country is in a state of depression. This section also exposes the bank to loss by reason of the fact that it requires the bank to sell the property for whatever price may be offered at the second auction. The section further provides that no officer or employee of the bank can bid for the property. This would exclude officials of the bank from bidding in the property for the bank. It is possible that officials of the bank should be forbidden to bid on the property for their personal benefit. In view more

Product details

  • Paperback | 218 pages
  • 189 x 246 x 12mm | 399g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236667840
  • 9781236667847