Idaho Code 26-403 – Banks Jointly Holding Stock — Effect of Withdrawal by One Bank
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 26-403
- 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.
If stock in a bank service corporation has been held by two (2) banks, and one (1) of such banks ceases to utilize the services of the corporation and ceases to hold stock in it, and leaves the other as the sole stockholding bank, the corporation may nevertheless continue to function as such and the other bank may continue to hold stock in it.