§ 6.1-58. Investment in stock or securities of bank service corporations
A bank may acquire, own and hold the stock and other securities or obligations of a bank service corporation in an amount not to exceed ten percent of the bank's capital stock and permanent surplus; provided that it may not invest in any such service corporation unless it uses or intends to use the services of such service corporation. It may not invest in more than one such corporation without the consent of the State Corporation Commission. For purposes of this section, a bank service corporation is defined as one engaged primarily in rendering services, other than the renting of the bank premises or the furnishing of furniture or fixtures, to two or more banks. Stock in a Federal Reserve Bank shall not be considered stock of a bank service corporation within the meaning of this section.
(Code 1950, § 6-49.1; 1962, c. 38; 1966, c. 584.)
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