524.109 - BANKERS' BANK AUTHORIZED -- AUTHORITY TO HOLD SHARES OF BANKERS' BANK.
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 section 524.103, subsection 9. 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.
Section History: Recent Form 85 Acts, ch 252, §33; 95 Acts, ch 148, §7