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CA 458 Section 15

Section 15

Sec. 15. No member bank shall at any time be indebted, or in any way liable, to an amount exceeding that of its capital stock at such time actually paid in and remaining un-diminishedby losses or otherwise, except on account of demands of the following.nature: (a) Notes in circulation. (b) Moneys deposited with or collected by the member bank, c) Bills of exchange or drafts drawn against money actually on deposit to the credit of the member bank or due mere to. (d) liabilities to the stockholders of the member banks tor dividends and reserve profits. (e) liabilities incurred under the provisions of this Act. (f) Liabilities created by the .indorsement of accepted bills of exchange payable abroad actually owned by the indorsing member bank and discounted at home or abroad. DEPOSIT OF CHECKS AT PAR

Read the full instrument → · Open the chapter this section belongs to: Chapter II.--ESTABLISHMENT AND FUNCTIONS →

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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