Section 3-605 - Owning and leasing personal property.
§ 3-605. Owning and leasing personal property.
(a) Scope of section.- This section does not apply to a leasehold interest in real property.
(b) In general.- Subject to the rules and regulations of the Commissioner, a commercial bank may become the owner and lessor of personal property if:
(1) The personal property is acquired on the specific request of and for the use of a customer; and
(2) The investment of the commercial bank in personal property does not exceed:
(i) For any one customer, 10 percent of the unimpaired capital and surplus of the commercial bank; and
(ii) For all of its customers, the total of its unimpaired capital and surplus.
[An. Code 1957, art. 11, §§ 31, 57; 1980, ch. 33, § 2; 1996, ch. 326, § 2.]