1. A state bank shall have power to:
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 and in a corporation organized solely for the purpose of providing data processing services, as such services are defined in the first sentence of section 524.804.
d. Subject to the prior approval of the superintendent, invest in a bank service corporation as defined by, and in accordance with, the laws of the United States.
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.
f. Organize, acquire, or invest in a subsidiary for the purpose of engaging in any one or more of the following, subject to the prior approval of the superintendent:
(1) Nondepository activities that a state bank is authorized to engage in directly under this chapter.
(2) Any activity that a bank service corporation is authorized to engage in under state or federal law or regulation.
(3) Any activity authorized pursuant to section 524.825.
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" and "d" of subsection 1 of this section, and of any and all obligations of such corporations to the state bank, shall not exceed twenty-five percent of the capital, surplus and undivided profits 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.
[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]
87 Acts, ch 171, §13
Referred to in § 524.804, 524.825, 524.901, 524.1102
Iowa General Assembly
Search: Iowa Code 1995
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