524.802 - ADDITIONAL POWERS OF A STATE BANK.
524.802 ADDITIONAL POWERS OF A STATE BANK. A state bank shall have in addition to other powers granted by this chapter, and subject to the limitations and restrictions contained in this chapter, the power to do all of the following: 1. Become an insured bank pursuant to the Federal Deposit Insurance Act and to take action as necessary to maintain the state bank's insured status. 2. Become a member of the federal reserve system, to acquire and hold shares in the appropriate federal reserve bank and to exercise all powers conferred on member banks by the federal reserve system that are not inconsistent with this chapter. 3. Become a member of a clearinghouse association. 4. Act as agent of the United States or of any instrumentality or agency of the United States. 5. Act as agent for a depository institution affiliate. 6. Buy and sell coin, currency, and bullion. 7. Organize, acquire, and hold shares of stock in an operations subsidiary, with the prior approval of the superintendent. 8. Engage in the brokerage of insurance and real estate subject to the prior approval of the superintendent. These activities are subject to regulation, including but not limited to regulation under subtitle 1 and subtitle 4 of this title. 9. Acquire and hold shares of stock in the appropriate federal home loan bank and to exercise all powers conferred on member banks of the federal home loan bank system that are not inconsistent with this chapter. A purchase of federal home loan bank shares which causes the state bank's holdings to exceed fifteen percent of aggregate capital requires the prior approval of the superintendent. 10. Acquire and hold shares of stock in the federal agricultural mortgage corporation or corporations engaged solely in the pooling of agricultural loans for the federal agricultural mortgage corporation guarantees. 11. Become a member of a bankers' bank. 12. Subject to the prior approval of the superintendent, organize, acquire, or invest in a subsidiary for the purpose of engaging in any of the following: a. Nondepository activities that a state bank is authorized to engage in directly under this chapter. b. Activities that a bank service corporation is authorized to engage in under state or federal law or regulation. c. Activities authorized pursuant to section 524.825. 13. Acquire, hold, and improve real estate for the sole purpose of economic or community development, provided that the state bank's aggregate investment in all acquisitions and improvements of real estate under this subsection shall not exceed fifteen percent of a state bank's aggregate capital and shall be subject to the prior approval of the superintendent. 14. Provide customer financing for wind energy production facilities eligible for production tax credits pursuant to chapter 476B in a manner that maximizes the availability of production tax credits to the state bank, including structuring such financing as a membership investment whereby the state bank as equity investor may take a majority financial position, but not a management position, in each such facility, subject to the following: a. Prior to providing financing, a creditworthiness review shall be conducted pursuant to the state bank's standard loan underwriting criteria. b. The state bank shall not participate in the operation of the facility, the production of wind energy, or the sale of wind energy if such sale is contemplated by the customer. c. If the facility does not perform as projected in the equity investment agreement, the state bank may either sell its interest in the facility or pursue liquidation. d. The state bank shall not share in any appreciation in value of its interest in the facility or in any of the customer's real or personal assets. e. At the end of any applicable holding period, the state bank shall sell at book value its ownership interest in the facility. 15. All other powers determined by the superintendent to be appropriate for a state bank.
Section History: Early Form [C97, § 1841; SS15, § 1889-o; C24, 27, 31, § 9156, 9269, 9271; C35, § 9156, 9269, 9271, 9283-g2, -g3, -g4, -g5; C39, § 9156, 9269, 9271, 9283.45, 9283.46, 9283.47, 9283.48; C46, 50, 54, 58, 62, 66, § 526.2, 528.67, 528.70, 530.2, 530.3, 530.4, 530.5; C71, 73, 75, 77, 79, 81, § 524.802]
Section History: Recent Form 95 Acts, ch 148, §80; 2004 Acts, ch 1141, §23; 2008 Acts, ch 1128, §1, 15 Referred to in § 524.825, 524.1007, 524.1008, 534.214
Footnotes Subsection 14 is effective May 1, 2008, and applies retroactively to tax years beginning on or after January 1, 2008, for tax credits issued for wind energy production; 2008 Acts, ch 1128, §15