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 ofbankers’ bank contained in section 524.103. However, a bankers’ bank shall have the samepowers as those granted by federal law and regulation to a national bank organized as abankers’ 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 exceedfive percent of the state bank’s aggregate capital. A state bank shall not own, directly orindirectly, 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, §10Referred to in §524.802 Sat Dec 23 01:10:22 2023 Iowa Code 2024, Section 524.109 (24, 0)
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