Iowa Code 524.803 – Business property of state bank
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Terms Used In Iowa Code 524.803
- 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.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- personal property: include money, goods, chattels, evidences of debt, and things in action. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
- 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
524.803 Business property of state bank.
1. A state bank shall have power to do all of the following:
a. Acquire and hold, or lease as lessee, such personal property as is used, or is to be used, in its operations.
b. Subject to the prior approval of the superintendent, acquire and hold, or lease as lessee,
only such real property as is used, or is to be used, wholly or substantially, in its operations or acquired for future use.
c. Subject to the prior approval of the superintendent, acquire and hold shares in a
corporation engaged solely in holding or operating real property used wholly or substantially by a state bank in its operations or acquired for its future use.
d. Subject to the prior approval of the superintendent, acquire and hold shares in a
corporation organized solely for the purpose of providing data processing services, as such services are defined in § 524.804.
e. Subject to the prior approval of the superintendent, acquire and hold shares in
a corporation engaged in providing and operating facilities through which banks and customers may engage, by means of either the direct transmission of electronic impulses to and from a bank or the recording of electronic impulses or other indicia of a transaction for delayed transmission to a bank, in transactions in which such banks are otherwise permitted to engage pursuant to applicable law.
2. The book value of all real and personal property acquired and held pursuant to this section, of all alterations to buildings on real property owned or leased by a state bank, of all shares in corporations acquired pursuant to paragraphs “”c””, “”d””, and “”e”” of subsection 1, and of any and all obligations of such corporations to the state bank, shall not exceed forty percent of the aggregate capital of the state bank or such larger amount as may be approved by the superintendent.
3. Any real property which is held by a state bank pursuant to this section and which it ceases to use for banking purposes, or is acquired for future use but not used within five years after title is vested in the state bank, shall be sold or disposed of by the state bank as directed by the superintendent. This deadline may be extended up to an additional five years with prior approval of the superintendent, but in no event may a state bank hold the property for more than ten years.
[C97, §1851; C24, 27, 31, 35, 39, §9190; C46, 50, 54, 58, §526.34; C62, 66, §524.31, 526.34;
C71, 73, 75, 77, 79, 81, §524.803]
87 Acts, ch 171, §13; 95 Acts, ch 148, §81; 2022 Acts, ch 1062, §74
Referred to in §524.804
1. A state bank shall have power to do all of the following:
a. Acquire and hold, or lease as lessee, such personal property as is used, or is to be used, in its operations.
b. Subject to the prior approval of the superintendent, acquire and hold, or lease as lessee,
only such real property as is used, or is to be used, wholly or substantially, in its operations or acquired for future use.
c. Subject to the prior approval of the superintendent, acquire and hold shares in a
corporation engaged solely in holding or operating real property used wholly or substantially by a state bank in its operations or acquired for its future use.
d. Subject to the prior approval of the superintendent, acquire and hold shares in a
corporation organized solely for the purpose of providing data processing services, as such services are defined in § 524.804.
e. Subject to the prior approval of the superintendent, acquire and hold shares in
a corporation engaged in providing and operating facilities through which banks and customers may engage, by means of either the direct transmission of electronic impulses to and from a bank or the recording of electronic impulses or other indicia of a transaction for delayed transmission to a bank, in transactions in which such banks are otherwise permitted to engage pursuant to applicable law.
2. The book value of all real and personal property acquired and held pursuant to this section, of all alterations to buildings on real property owned or leased by a state bank, of all shares in corporations acquired pursuant to paragraphs “”c””, “”d””, and “”e”” of subsection 1, and of any and all obligations of such corporations to the state bank, shall not exceed forty percent of the aggregate capital of the state bank or such larger amount as may be approved by the superintendent.
3. Any real property which is held by a state bank pursuant to this section and which it ceases to use for banking purposes, or is acquired for future use but not used within five years after title is vested in the state bank, shall be sold or disposed of by the state bank as directed by the superintendent. This deadline may be extended up to an additional five years with prior approval of the superintendent, but in no event may a state bank hold the property for more than ten years.
[C97, §1851; C24, 27, 31, 35, 39, §9190; C46, 50, 54, 58, §526.34; C62, 66, §524.31, 526.34;
C71, 73, 75, 77, 79, 81, §524.803]
87 Acts, ch 171, §13; 95 Acts, ch 148, §81; 2022 Acts, ch 1062, §74
Referred to in §524.804