As used in this section and sections 524.1802 to 524.1807, "bank holding company" means any corporation, business trust, voting trust, association, partnership, joint venture, or similar organization, other than an individual, which directly or indirectly owns or controls twenty-five percent or more of the voting shares of each of two or more banks or of a company which is a bank holding company by virtue of this section, or which controls in any manner the election of a majority of the directors of each of two or more banks, or for the benefit of whose shareholders or members twenty-five percent or more of the voting shares of each of two or more banks or of a company which is a bank holding company by virtue of this section is held by trustees. However, no company shall be a bank holding company solely by virtue of its ownership or control of shares:
1. In a fiduciary capacity arising in the ordinary course of business.
2. Acquired by it in connection with its underwriting of bank shares and held only for such period of time as will permit sale of the shares upon a reasonable basis.
3. Acquired and held in the ordinary course of securing or collecting a debt previously contracted in good faith.
[C73, 75, 77, 79, 81, § 524.1801]
Referred to in § 524.519, 524.1007, 524.1008, 524.1806, 524.1807, 534.102
Bank holding companies also referred to in ch 534
Iowa General Assembly
Search: Iowa Code 1995
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