524.803 - BUSINESS PROPERTY OF STATE BANK. - Iowa Statutes

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 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 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 a reasonable period of time, shall be sold or disposed of by the state bank as directed by the superintendent.          Section History: Early Form [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]          Section History: Recent Form 87 Acts, ch 171, §13; 95 Acts, ch 148, §81 Referred to in § 524.804