Iowa Code 524.109 – Bankers’ bank authorized — authority to hold shares of bankers’ bank
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1. A state bank may be organized under this chapter as a bankers’ bank. The bankers’ bank is subject to all rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations applicable to a state bank generally, except as limited in the definition of bankers’ bank contained in section 524.103. However, a bankers’ bank shall have the same powers as those granted by federal law and regulation to a national bank organized as a bankers’ bank under 12 U.S.C. § 27.
Terms Used In Iowa Code 524.109
- Aggregate capital: means the sum of capital, surplus, undivided profits, and reserves as of the most recent calculation date. See Iowa Code 524.103
- Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Shares: means the units into which the proprietary interests in a state bank incorporated as a stock corporation are divided. See Iowa Code 524.103
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- State bank: means any bank incorporated pursuant to the provisions of this chapter after January 1, 1970, and any "state bank" incorporated pursuant to the laws of this state and doing business as such on January 1, 1970, or a bank organized as a mutual corporation under this chapter. See Iowa Code 524.103
2. A state bank shall have the power to acquire and hold the shares in one or more bankers’ banks or bank holding companies which own a bankers’ bank in a total amount not to exceed five percent of the state bank’s aggregate capital. A state bank shall not own, directly or indirectly, more than five percent of any class of voting shares of a bankers’ bank.