§ 524.803

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 operationsor 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 substantiallyby 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 suchservices are defined in section 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 andcustomers may engage, by means of either the direct transmission of electronic impulses toand from a bank or the recording of electronic

d in providing and operating facilities through which banks andcustomers may engage, by means of either the direct transmission of electronic impulses toand from a bank or the recording of electronic impulses or other indicia of a transaction fordelayed transmission to a bank, in transactions in which such banks are otherwise permittedto 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, ofall 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 fortypercent of the aggregate capital of the state bank or such larger amount as may be approvedby 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 yearsafter title is vested in the state bank, shall be sold or disposed of by the state bank as directedby the superintendent.

banking purposes, or is acquired for future use but not used within five yearsafter title is vested in the state bank, shall be sold or disposed of by the state bank as directedby the superintendent. This deadline may be extended up to an additional five years withprior approval of the superintendent, but in no event may a state bank hold the property formore 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, §74Referred to in §524.804 Sat Dec 23 01:17:01 2023 Iowa Code 2024, Section 524.803 (23, 0)