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North Dakota Century Code Title 6. Banks and Banking § 6-03-49.1. Bank investment in service corporation--Service corporation services and activities

Current as of January 01, 2024 | Updated by Findlaw Staff

1. Subject to the approval of the state banking board, any bank may invest in a service corporation and provide services and activities through the service corporation, if:

a. The service corporation is a United States corporation and is organized as a bank service corporation having its principal place of business in the United States.

b. The investment in stocks, bonds, debentures, or other obligations does not exceed ten percent of paid-in and unimpaired capital and unimpaired surplus in each corporation.

c. The service corporation is operated exclusively for the purpose of providing for such bank and one or more other banks, bank services which the banks would otherwise be required or permitted to provide for on an individual bank basis. The term bank services in this section includes:

(1) Check and deposit sorting and posting.

(2) Computation and posting of interest and other credits and charges.

(3) Preparation and mailing of checks, statements, notices, and similar items.

(4) Any other clerical, bookkeeping, accounting, statistical, or similar functions performed by a bank.

(5) Owning and administering a credit card program for customers of banks.

(6) Engaging in activities incidental to banking services.

(7) Other activities that further or facilitate the corporate purposes of a bank or subsidiaries of a bank, if the services may be lawfully performed by both its national bank shareholders under the laws of the United States and its state bank shareholders under the laws of this state.

2. Payment for rent earned, goods sold and delivered, or services rendered prior to the making of the payment is not an investment under this subsection. A bank service corporation may not accept deposits.

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Cite this article: FindLaw.com - North Dakota Century Code Title 6. Banks and Banking § 6-03-49.1. Bank investment in service corporation--Service corporation services and activities - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-6-banks-and-banking/nd-cent-code-sect-6-03-49-1/

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