Iowa Code 524.109 – Bankers’ bank authorized — authority to hold shares of bankers’ bank
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 524.109
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
524.109 Bankers’ bank authorized — authority to hold shares of bankers’ bank.
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 § 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.
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.
85 Acts, ch 252, §33; 95 Acts, ch 148, §7; 2022 Acts, ch 1062, §10
Referred to in §524.802
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 § 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.
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.
85 Acts, ch 252, §33; 95 Acts, ch 148, §7; 2022 Acts, ch 1062, §10
Referred to in §524.802