12 U.S.C. § 1862 — Amount of investment in bank service company

Notwithstanding any limitation or prohibition otherwise imposed by any provision of law exclusively relating to banks or savings associations , other than the limitation on the amount of investment by a Federal savings association contained in section 1464(c)(4)(B) of this title , an insured depository institution may invest not more than 10 per centum of paid-in and unimpaired capital and unimpaired surplus in a bank service company. No insured depository institution shall invest more than 5 per centum of its total assets in bank service companies. ( Pub. L. 87–856, § 2 , Oct. 23, 1962 , 76 Stat. 1132 ; Pub. L. 97–320, title VII, § 709 , Oct. 15, 1982 , 96 Stat. 1541 ; Pub. L. 104–208, div. A, title II, § 2613(c) , Sept. 30, 1996 , 110 Stat. 3009–477 ; Pub. L. 109–351, title VI, § 602(a) , (b)(2), Oct. 13, 2006 , 120 Stat. 1978 , 1979.) Editorial Notes Amendments 2006— Pub. L. 109–351 inserted “or savings associations, other than the limitation on the amount of investment by a Federal savings association contained in section 1464(c)(4)(B) of this title ” after “relating to banks” and substituted “insured depository institution” for “insured bank” in two places. 1996— Pub. L. 104–208 substituted “company” for “corporation” in section catchline and “company” and “companies” for “corporation” and “corporations”, respectively, in text. 1982— Pub. L. 97–320 substituted provisions relating to the maximum permissible amount of investment in a bank service corporation by an insured bank for provisions which read as follows: “(a) No limitation or prohibition otherwise imposed by any provision of Federal law exclusively relating to banks shall prevent any two or more banks from investing not more than 10 per centum of the paid-in and unimpaired capital and unimpaired surplus of each of them in a bank service corporation. “(b) If stock in a bank service corporation has been held by two banks, and one of such banks ceases to utilize the services of the corporation and ceases to hold stock in it, and leaves the other as the sole stockholding bank, the corporation may nevertheless continue to function as such and the other bank may continue to hold stock in it.” CFR Title Parts 12 53 , 304

Related documents

• 12 U.S.C. § 2214a — “Bank” defined#564105
• 12 U.S.C. § 2279a-2 — Powers of merged banks#564028
• 12 U.S.C. § 345 — Rediscount of notes, drafts, and bills for member banks; limitation of amount#564905
• 12 U.S.C. § 215a — Merger of national banks or State banks into national banks#565012
• 12 U.S.C. § 1443 — Forms of bank stock and obligations#564719