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§ 1862. —  Amount of investment in bank service company. - US § 1862. —  Amount of investment in bank service company. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1862]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 18--BANK SERVICE COMPANIES
 
Sec. 1862. Amount of investment in bank service company

    Notwithstanding any limitation or prohibition otherwise imposed by 
any provision of law exclusively relating to banks, an insured bank may 
invest not more than 10 per centum of paid-in and unimpaired capital and 
unimpaired surplus in a bank service company. No insured bank shall 
invest more than 5 per centum of its total assets in bank service 
companies.

(Pub. L. 87-856, Sec. 2, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97-320, 
title VII, Sec. 709, Oct. 15, 1982, 96 Stat. 1541; Pub. L. 104-208, div. 
A, title II, Sec. 2613(c), Sept. 30, 1996, 110 Stat. 3009-477.)


                               Amendments

    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.''




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