Read the full stored bill text
House
File
311
-
Introduced
HOUSE
FILE
311
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
95)
A
BILL
FOR
An
Act
relating
to
requirements
for,
and
regular
meetings
of,
1
the
board
of
directors
of
a
state
bank.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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H.F.
311
Section
1.
Section
524.601,
subsection
1,
Code
2025,
is
1
amended
to
read
as
follows:
2
1.
The
business
and
affairs
of
a
state
bank
shall
be
managed
3
by
a
board
of
five
or
more
directors
eighteen
years
of
age
or
4
older,
a
majority
of
whom
shall
be
residents
of
the
state
of
5
Iowa
and
citizens
of
the
United
States
,
and
at
least
three
of
6
whom
shall
be
residents
of
the
state
of
Iowa
.
7
Sec.
2.
Section
524.607,
subsection
1,
Code
2025,
is
amended
8
to
read
as
follows:
9
1.
The
board
of
directors
shall
hold
at
least
nine
10
regular
meetings
each
calendar
year.
No
more
than
one
11
regular
meeting
shall
be
held
in
any
one
calendar
month
At
12
a
minimum,
one
regular
meeting
shall
be
held
in
each
quarter
13
of
a
calendar
year
.
Unless
the
articles
of
incorporation
or
14
bylaws
provide
otherwise,
any
director
may
participate
in
15
any
meeting
of
the
board
of
directors
through
the
use
of
any
16
means
of
communication
by
which
all
directors
participating
17
may
simultaneously
hear
each
other
during
the
meeting.
A
18
director
participating
in
a
meeting
by
this
means
is
deemed
to
19
be
present
at
the
meeting.
20
EXPLANATION
21
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
22
the
explanation’s
substance
by
the
members
of
the
general
assembly.
23
This
bill
relates
to
the
requirements
to
serve
on
the
board
24
of
directors
(board)
of
a
state
bank,
and
the
regular
meetings
25
of
a
board.
26
Under
current
law,
a
board
consists
of
five
or
more
directors
27
18
years
of
age
or
older,
a
majority
of
whom
are
residents
of
28
the
state
of
Iowa
and
citizens
of
the
United
States.
Under
29
the
bill,
a
board
consists
of
five
or
more
directors
18
years
30
of
age
or
older,
a
majority
of
whom
are
citizens
of
the
United
31
States,
and
at
least
three
of
whom
are
residents
of
the
state
32
of
Iowa.
33
Under
current
law,
a
board
shall
hold
at
least
nine
regular
34
meetings
each
calendar
year,
and
no
more
than
one
regular
35
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311
meeting
shall
be
held
in
any
one
calendar
month.
Under
the
1
bill,
a
board
shall
hold
at
least
nine
regular
meetings
each
2
calendar
year,
and
at
least
one
regular
meeting
shall
occur
in
3
each
quarter
of
a
calendar
year.
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