12-U.S.C.-1862
§1862 – Amount of Investment In Bank Service Company
Pathway
Title 12 > Chapter 18 > Section 1862
Details
- Reference: Section 1862
- Legend: §1862 – Amount of Investment In Bank Service Company
- USCode Year: 2013
Provision Content
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.)
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.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1861 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1861, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1841 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-1841, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
Leave a Reply