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" Such limitation of 10 per centum shall be subject to the following exceptions : "(1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing values shall not be subject under this section to any limitation... "
The Code of Federal Regulations of the United States of America - Page 62
1981
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Banking Laws of the State of Missouri: Revision 1919

1919 - 316 pages
...there shall be included all loans made for the benefit of the corporation. (e) The purchase or discount of drafts, or bills of exchange drawn in good faith against actually existing values, shall not be considered as money borrowed within the meaning of this section. 2. Shall not make any loans secured...
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Federal Reserve Bulletin

1925 - 1024 pages
...case of obligations of a copartnership or association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject...any limitation based upon such capital and surplus. " (2) Obligations arising out of the discount of commercial or business paper actually owned by the...
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Consolidation of National Banking Association, Hearings Before ..., 68-2 on ...

United States. Congress. Senate. Committee on Banking and Currency - 1925 - 130 pages
...exceptions were all clear and simple. I shall take up each of these exceptions in order : Exception No. 1. — " Obligations in the form of drafts or bills...drawn in good faith against actually existing values " are entirely excepted from the limitation and those of a single borrower may be discounted in any...
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Consolidation of National Banking Associations

United States. Congress. Senate. Committee on Banking and Currency - 1926 - 384 pages
...forms of security which are at least as safe as the ones originally specified in this section, namely, obligations in the form of drafts or bills of exchange...drawn in good faith against actually existing values. Senator GLASS. I think, Mr. Chairman, that it is not so much a question of the form of the security;...
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Consolidation of National Banking Associations, Hearing Before a ...

United States. Congress. Senate. Banking Currency Committee - 1926 - 384 pages
...after having gotten the first 10 per cent without basic security, he can then borrow the rest on his obligations in the form of drafts or bills of exchange...drawn in good faith against actually existing values. Mr. COLLINS. Yes, where the banks would make the mistake would be in letting him have the first 10...
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Problems in Banking, Money and Credit

John Martin Chapman, Ray Bert Westerfield - 1927 - 798 pages
...case of obligations of a copartnership or association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject...actually existing values shall not be subject under ih':? section to any limitation based upon such capital and surplus. "(2) Obligations arising out of...
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Digest of Rulings of the Federal Reserve Board (1914-1927, Inclusive): With ...

United States. Federal Reserve Board - 1928 - 808 pages
...case of obligations of a copartnership or association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject...any limitation based upon such capital and surplus. (2) Obligations arising out of the discount of commercial or business paper actually owned by the person,...
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The Banking Process

Robert Gordon Rodkey - 1928 - 384 pages
...case of obligations of a copartnership or association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject...any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the...
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Branch Banking in the United States

Shirley Donald Southworth - 1928 - 264 pages
...co-partnership or association the obligations of the several members thereof. Such limitation of 10 % shall be subject to the following exceptions : "(1)...any limitation based upon such capital and surplus. "(2) Obligations arising out of the discount of commercial or business paper actually owned by the...
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Annual Report - Board of Governors of the Federal Reserve System, Volumes 14-15

Board of Governors of the Federal Reserve System (U.S.) - 1928 - 774 pages
...members thereof. Such limitation of 10 per centum shall be subject to the following ficeptions : " (1) Obligations in the form of drafts or bills of...any limitation based upon such capital and surplus. . " (2) Obligations arising out of the discount of commercial or business paper actually owned by the...
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