9-1123.   Bank service corporations; investments in; definitions.For the purposes of this act:

      (a)   The term "bank service corporation" means a corporation organized toperform services authorized by this act, all of the capital stock of whichis owned by one or more state or national banks at least one of which is astate bank subject to examination by the bank commissioner.

      (b)   The term "invest" includes any advance of funds to a bank servicecorporation, whether by the purchase of stock, the making of a loan orotherwise, except a payment for rent earned, goods sold and delivered orservices rendered prior to the making of such payment.

      (c)   The term "depository institution" means a state or national bank,savings and loan association, savings bank or credit union.

      History:   L. 1963, ch. 64, § 1; L. 1984, ch. 48, § 10;L. 1989, ch. 48, § 33; July 1.