Kansas Statutes 9-1123. Bank service corporations; definitions
Terms Used In Kansas Statutes 9-1123
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
For the purposes of Kan. Stat. Ann. §§ 9-1124 through 9-1127c, and amendments thereto:
(a) The term “bank service company” means a corporation or limited liability company organized to perform services authorized by this act, all of the capital stock of which is owned by one or more state or national banks at least one of which is a state bank subject to examination by the bank commissioner.
(b) The term “invest” includes any advance of funds to a bank service company, whether by the purchase of stock, the making of a loan or otherwise, except a payment for rent earned, goods sold and delivered or services 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.