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

submitted 64 years ago by Pub. L. 87-856 to r/title-12-BANKS-AND-BANKING · 85 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain

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.

Source credit: (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.)

history & why it existsrecord from the source credit
  • 1962Enacted · Pub. L. 87-856 · 76 Stat. 1132
  • 1982Amended · Pub. L. 97-320 · 96 Stat. 1541
  • 1996Amended · Pub. L. 104-208 · 110 Stat. 3009
  • 2006Amended · Pub. L. 109-351 · 120 Stat. 1978, 1979

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-856 on 1962-10-23.

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