6.1-58 - (Repealed effective October 1, 2010) Investment in stock or securities of bank service corporations.
§ 6.1-58. (Repealed effective October 1, 2010) Investment in stock orsecurities of bank service corporations.
A bank may acquire, own and hold the stock and other securities orobligations of a bank service corporation in an amount not to exceed tenpercent of the bank's capital stock and permanent surplus; provided that itmay not invest in any such service corporation unless it uses or intends touse the services of such service corporation. It may not invest in more thanone such corporation without the consent of the State Corporation Commission.For purposes of this section, a bank service corporation is defined as oneengaged primarily in rendering services, other than the renting of the bankpremises 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 bankservice corporation within the meaning of this section.
(Code 1950, § 6-49.1; 1962, c. 38; 1966, c. 584.)