HARRY HUGHES, Governor

587

(III) PREPARING AND MAILING CHECKS,

STATEMENTS, NOTICES, OR SIMILAR ITEMS.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first
paragraph of Art. 11, § 62A(a).

(D) BANK SERVICE CORPORATION.

"BANK SERVICE CORPORATION" MEANS A CORPORATION THAT IS
ORGANIZED TO PROVIDE BANK SERVICES TO TWO OR MORE BANKS.

REVISOR'S NOTE: This subsection presently appears as
the second paragraph of Art. 11, § 62A(a).

The present statement that "each" of the two or
more banks "(own) a part of the capital stock of
such corporations {sic}" now appears in § 12—103
of this subtitle and is revised to reflect the
exception set forth in § 12—104 of this subtitle.
See revisor's note to § 12-103 of this subtitle.

The only other changes are in style.

12-102. GENERAL ASSURANCES REQUIRED.

A BANKING INSTITUTION MAY NOT PERMIT ANY BANK SERVICES
TO BE PERFORMED FOR IT, WHETHER BY CONTRACT OR OTHERWISE,
UNLESS THE BANKING INSTITUTION AND THE PERSON PERFORMING THE
BANK SERVICES GIVE THE BANK COMMISSIONER SATISFACTORY
ASSURANCES THAT THE PERFORMANCE OF THE BANK SERVICES WILL BE
SUBJECT TO REGULATION AND EXAMINATION BY THE BANK
COMMISSIONER TO THE SAME EXTENT AS IF THE BANKING
INSTITUTION ITSELF WERE PERFORMING THE BANK SERVICES.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
62A(e).

For simplicity, the term "banking institution",
which is defined in § 1—101 of this article, is
substituted for the reference to a "bank subject
to examination by the Commissioner".

As to examinations by the Bank Commissioner,
generally, see Title 5, Subtitle 2 of this
article.

12-103. INVESTMENTS IN CORPORATION.

(A) "INVESTMENT" DEFINED.

IN THIS SECTION:

(1) "INVESTMENT" INCLUDES ANY ADVANCE OF FUNDS,
WHETHER BY BUYING STOCK, MAKING A LOAN, OR OTHERWISE; AND