§ 28-8-1-4 — Application of competitive nonmember bank or trust company for service; duties

Whenever any bank or trust company requests
bank service from a bank service corporation which supplies the same
type of bank service to other banks or trust companies and the applying
bank or trust company is competitive with any bank or trust company
which holds stock in the bank service corporation, such corporation
must agree to render such services, and either
(a) issue stock to the applying bank or trust company and furnish
bank services to such applying bank or trust company on the same basis
as to other banks or trust companies holding stock in the bank service
corporation, or
(b) furnish bank services to the applying bank or trust company at
rates no higher than necessary to reflect fairly the cost of such services
including the reasonable cost of the capital provided to such
corporation by its stockholders, at the option of the banking service
corporation, unless comparable services at a competitive overall cost
are available to the applying bank or trust company from another
source, or unless the furnishing of the services sought by the applying
bank or trust company would be beyond the practical capacity of the
bank service corporation.
In any action or proceeding to enforce the duty imposed by this
section, or for damages for the breach thereof, the burden shall be upon
the bank service corporation to prove the availability of bank services
from another source.
Formerly: Acts 1963, c.359, s.4.