Subject to the prior approval of the superintendent, a state bank or a subsidiary of a state bank organized or acquired pursuant to section 524.803, subsection 1, paragraph "f" may engage in directly, or may organize, acquire, or invest in a subsidiary for the purpose of engaging in securities activities and any aspect of the securities industry, including, but not limited to, any of the following:
1. Issuing, underwriting, selling, or distributing stocks, bonds, debentures, notes, interest in mutual funds or money- market-type mutual funds, or other securities.
2. Organizing, sponsoring, and operating one or more mutual funds.
3. Acting as a securities broker-dealer licensed under chapter 502. The business relating to securities shall be conducted through, and in the name of, the broker-dealer. The requirements of chapter 502 apply to any business of the broker-dealer transacted in this state.
A subsidiary engaging in activities authorized by this section may also engage in any other authorized activities under section 524.803, subsection 1, paragraph "f".
87 Acts, ch 171, §14
Referred to in § 524.803, 524.901
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