Iowa Code 524.804 – Data processing services
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Terms Used In Iowa Code 524.804
- 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.
- 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
524.804 Data processing services.
A state bank which owns or leases equipment to perform such bank services as check
and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or other clerical, bookkeeping, accounting, statistical, or other similar functions, may provide similarly related data processing services for others whether or not engaged in the business of banking. If a state bank holds shares in a corporation organized solely for the purpose of providing data processing services, pursuant to the authority granted by § 524.803, subsection 1, paragraph “”d””, other than a bank service corporation as defined by the laws of the United States, such corporation shall be authorized to perform services for the state bank owning such interest and for others, whether or not engaged in the business of banking.
[C62, 66, §524.31; C71, 73, 75, 77, 79, 81, §524.804]
95 Acts, ch 148, §82
Referred to in §524.802A, 524.803, 524.1201
A state bank which owns or leases equipment to perform such bank services as check
and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or other clerical, bookkeeping, accounting, statistical, or other similar functions, may provide similarly related data processing services for others whether or not engaged in the business of banking. If a state bank holds shares in a corporation organized solely for the purpose of providing data processing services, pursuant to the authority granted by § 524.803, subsection 1, paragraph “”d””, other than a bank service corporation as defined by the laws of the United States, such corporation shall be authorized to perform services for the state bank owning such interest and for others, whether or not engaged in the business of banking.
[C62, 66, §524.31; C71, 73, 75, 77, 79, 81, §524.804]
95 Acts, ch 148, §82
Referred to in §524.802A, 524.803, 524.1201