1. A loan of money or property shall not be made directly or indirectly by a state bank, or by persons subject to chapters 533A, 533B, 536, 536A, or any affiliate of a state bank or of such persons, or any director, officer, employee, member, owner, or partner of a state bank or of such persons, to the superintendent, or deputy superintendent, or to an assistant or examiner. The superintendent or deputy superintendent, or an assistant or examiner shall not accept from a state bank or from persons subject to chapters 533A, 533B, 536, and 536A, or any affiliate of a state bank or of such persons, or any director, officer, employee, member, owner, or partner of a state bank or of such persons, a loan of money or property, either directly or indirectly.
2. The deputy superintendent, any assistant or examiner, shall not perform any services for, nor be a shareholder, member, partner, owner, director, officer or employee of any bank or private bank, or of persons subject to chapters 533A, 533B, 536, or 536A, or of any affiliate of any bank, private bank or of any such persons. A violation of this subsection shall constitute grounds for discharge or suspension from employment or for reduction in rank or grade.
3. For the purposes of this section and section 524.212, an affiliate of a person other than a state bank shall include any corporation, trust, estate, association or other similar organization:
a. Of which such person, directly or indirectly, owns or controls either a majority of the voting shares or more than fifty percent of the number of shares voted for the election of its directors, trustees, or other individuals exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees or other individuals exercising similar functions.
b. Of which control is held, directly or indirectly, through share ownership or in any other manner, by the shareholders of such person who own or control either a majority of the shares of such person or more than fifty percent of the number of shares voted for the election of directors of such person at the preceding election or by trustees for the benefit of the shareholders of any such person.
c. Of which a majority of its directors, trustees, or other individuals exercising similar functions are directors of any one such person.
d. Which owns or controls, directly or indirectly, either a majority of the voting shares of such person or more than fifty percent of the total number of shares voted for the election of directors of such person at the preceding election, or controls in any manner the election of a majority of the directors of such person, or for the benefit of whose shareholders or members all or substantially all of the outstanding voting shares of such person is held by trustees.
4. The deputy superintendent or any assistant or examiner who is convicted of theft, burglary, robbery, larceny or embezzlement as a result of a violation of the laws of this state or of the United States while holding such position shall be immediately discharged from employment and shall be forever disqualified from holding any position in the banking division.
[C97, § 1875, 1876; SS15, § 1875; C24, 27, 31, 35, 39, § 9146; C46, 50, 54, 58, 62, 66, § 524.18; C71, 73, 75, 77, 79, 81, § 524.211; 81 Acts, ch 172, § 1]
Referred to in § 524.1611
Iowa General Assembly
Search: Iowa Code 1995
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