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
An insured depository institution may invest up to 10 percent of its paid-in, unimpaired capital and unimpaired surplus in a bank service company, and up to 5 percent of total assets in bank service companies. The stated Federal savings-association limit remains an exception.
Subject to the exception for the Federal savings-association investment limit in section 1464(c)(4)(B), and despite other laws that limit banks or savings associations, an insured depository institution* may invest* no more than 10 percent of its paid-in and unimpaired capital plus its unimpaired surplus in a bank service company*. It may not invest more than 5 percent of its total assets in bank service companies.
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.)
- 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.
all 0 arguments · sorted by: best
no arguments yet — make the first case