Bank Act of California Including 1919 Amendments
Bank Act of California Including 1919 Amendments
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Nothing in write down bank .. . •iiiiii i rr i realty not affected this section contamed shall be deemed to afreet the power of the superintendent of banks to require the w^riting down of the value of real estate held by any bank, at any time, when such writing down shall be proper.
[Note by Publishers, re Section 54, amended 1917: Under this section, as it formerly stood, banks were not permitted to exchange real estate. They were authorized, of course, to sell any real estate of which they mi...ght have become possessed, but were not allowed, even where it might appear decidedly advantageous to do so, to transfer any real estate and receive in lieu thereof other real estate. This amendment makes such exchange of real estate possible. ] Receiving deposits, Section 55. Receiving deposits, issuing certificates of etc.. Not creation of • i i i i -ii r i i i i-l • l_ debt within mean- deposit, checks and DilIs ot exchange, and the like, m the ing of Civil Code. . . R i i transaction or the ordinary business or a bank, must not be construed to be the creation of debt within the mean- ing of the phrase "create debt" in section three hundred nine of the Civil Code, nor of indebtedness within the meaning of the phrase "the capital stock can not be diminished to an amount less than the indebtedness of the corporation" in section three hundred fifty-nine of the Restriction on re- Civil Codc, cxccpt that no bank shall reduce its capital duction of capital stock, stock to an amount less than is required by this act to be [64] GENERAL PROVISIONS §55-56 maintained by such bank, or less than any indebtedness of such bank other than such deposits.
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To quickly assess the difficulty of the text, read a short excerpt:
Nothing in write down bank .. . •iiiiii i rr i realty not affected this section contamed shall be deemed to afreet the power of the superintendent of banks to require the w^riting down of the value of real estate held by any bank, at any time, when such writing down shall be proper.
[Note by Publishers, re Section 54, amended 1917: Under this section, as it formerly stood, banks were not permitted to exchange real estate. They were authorized, of course, to sell any real estate of which they mi...ght have become possessed, but were not allowed, even where it might appear decidedly advantageous to do so, to transfer any real estate and receive in lieu thereof other real estate. This amendment makes such exchange of real estate possible. ] Receiving deposits, Section 55. Receiving deposits, issuing certificates of etc.. Not creation of • i i i i -ii r i i i i-l • l_ debt within mean- deposit, checks and DilIs ot exchange, and the like, m the ing of Civil Code. . . R i i transaction or the ordinary business or a bank, must not be construed to be the creation of debt within the mean- ing of the phrase "create debt" in section three hundred nine of the Civil Code, nor of indebtedness within the meaning of the phrase "the capital stock can not be diminished to an amount less than the indebtedness of the corporation" in section three hundred fifty-nine of the Restriction on re- Civil Codc, cxccpt that no bank shall reduce its capital duction of capital stock, stock to an amount less than is required by this act to be [64] GENERAL PROVISIONS §55-56 maintained by such bank, or less than any indebtedness of such bank other than such deposits.
What to read after Bank Act of California Including 1919 Amendments?
You can find similar books in the "Read Also" column, or choose other free books by California to read onlineMoreLess
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