§ 31A-5-1 — Definitions

West Virginia § 31A-5-1

• Jurisdiction: West Virginia
• Ch. 31A: BANKS AND BANKING
• Art. 5: BANK SERVICE CORPORATIONS AND BANK SERVICES

Text

For the purposes of this article: "bank services," means services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a state bank or a national banking association and the sale of the services, use and products of machines and equipment as permitted by section thirty-seven, article four of this chapter; "bank service corporation" means a corporation organized under the laws of this state to perform bank services for two or more banking institutions, each of which owns part of the capital stock of such corporation, and the sale of the services, use and products of machines and equipment as permitted by section thirty-seven, article four of this chapter; and "invest" means any advance of funds to a bank service corporation, whether by the purchase of stock, the making of a loan, or otherwise, except the payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment.

Legislative History

1969 Reg. Sess., SB176