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Va. Code § 6.2-871 Investment In Stock Or Securities of Bank Service Corporations
Library | Virginia Statutes |
Edition | 2023 |
Currency | Current with changes from the 2023 Special Legislative Session |
Year | 2023 |
Citation | Va. Code § 6.2-871 |
A. As used in this section, "bank service corporation" means a corporation 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.
B. 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 10 percent of the bank's capital stock and permanent surplus. A bank may not invest in any bank service corporation unless it uses or intends to use the services of the bank service corporation. A bank...
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