(1) Subject to such rules as the banking board may prescribe, a bank may maintain and lease safe deposit boxes and may accept property for safekeeping if, except in the case of night depositories, it issues a receipt therefor.
(2) A bank may own stock in a safe deposit company located in the same community in which the bank is doing business, not exceeding in aggregate cost fifteen percent of its capital and surplus, but at least ninety percent of the stock in such safe deposit company in which such stock is so owned must be owned by banks or trust companies.
Source: L. 2003: Entire article added with relocations, p. 1126, § 3, effective July 1. L. 2009: (1) amended, (HB 09-1053), ch. 159, p. 689, § 8, effective August 5.
Editor's note: This section is similar to former § 11-9-102 as it existed prior to 2003.