...members thereof, shall at no time exceed one.tenth part of the amount of the capital stock of such association actually paid in ; but the discount of...bills of exchange drawn in good faith against actually xxiv STATE BANKING DEPARTMENT. existing values, and the discount of commercial or business paper actually...

...per cent of the unimpaired capital and surplus of said bank ; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. Any member bank may accept drafts or bills of exchange drawn upon it and growing out of transactions...

...no time exceed one-tenth part of the amount of the capital stock of such bank or banking a-sociation actually paid in. But the discount of bills of exchange...commercial or business paper actually owned by the |*-rson negotiating the same shall not be considered as money borrowed : Provitinl, this section shall...

...percent of the capital stock of the bank — the aforesaid limitation, however, not to apply to discounts of bills of exchange drawn in good faith against actually...actually owned by the person negotiating the same. In reply you are informed that this office has been advised by counsel that governments are not "corporations"...

...their capital and surplus. But the discount of bills of exchange drawn against actually existing value and the discount of commercial or business paper actually...owned by the person negotiating the same shall not IM> considered as borrowed money within the meaning of the section. Other regulations relate to impairment...

...surplus, if such liabilities are upon drafts or bills of exchange drawn against existing values, or upon commercial or business paper actually owned by the person negotiating the same, and are endorsed by such person without limitation; or if such liabilities in excess of ten per centum...

...surplus of such industrial bank, but the discount of bona fide bills of exchange or acceptances drawn against actually existing values, and the discount...commercial or business paper actually owned by the person or persons, corporation, company, or firm negotiating the same, shall not be considered money so borrowed....

...of exchange drawn in good faith against actually existing values; (2) to obligations arising out of the discount of commercial or business paper actually owned by the person negotiating the same; (3) to the liability of a customer on account of an acceptance made by the Corporation for his account...

...time exceed 10 percent of the amount of its subscribed capital and surplus: Provided, however, That the discount of bills of exchange drawn in good faith against actually existing values, the discount of commercial or business paper actually owned by the person negotiating the same, and...

...limitation of 10 per centum shall be subject to the following exceptions:] (2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section...