                                 CODE OF VIRGINIA

INVESTMENT IN STOCK OR SECURITIES OF BANK SERVICE CORPORATIONS (§ 6.2-871)

A. As used in this section, &#8220;bank service corporation&#8221; 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&#8217;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 may not invest in more than one bank
service corporation without the consent of the Commission.

C. Stock in a Federal Reserve Bank shall not be considered stock of a bank
service corporation within the meaning of this section.

HISTORY: Code 1950, § 6-49.1; 1962, c. 38; 1966, c. 584, § 6.1-58; 2010, c.
794.