House Study Bill 95 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON LUNDGREN) 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 TLSB 2233YC (1) 91 nls/ko
H.F. _____ 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 at least three of whom shall be residents of 5 the state of Iowa and citizens of the United States. 6 Sec. 2. Section 524.607, subsection 1, Code 2025, is amended 7 to read as follows: 8 1. The board of directors shall hold at least nine 9 regular meetings each calendar year. No more than one 10 regular meeting shall be held in any one calendar month At 11 a minimum, one regular meeting shall be held in each quarter 12 of a calendar year . Unless the articles of incorporation or 13 bylaws provide otherwise, any director may participate in 14 any meeting of the board of directors through the use of any 15 means of communication by which all directors participating 16 may simultaneously hear each other during the meeting. A 17 director participating in a meeting by this means is deemed to 18 be present at the meeting. 19 EXPLANATION 20 The inclusion of this explanation does not constitute agreement with 21 the explanations substance by the members of the general assembly. 22 This bill relates to the requirements to serve on the board 23 of directors (board) of a state bank, and the regular meetings 24 of a board. 25 Under current law, a board consists of five or more directors 26 18 years of age or older, a majority of whom are residents of 27 the state of Iowa and citizens of the United States. Under the 28 bill, a board consists of five or more directors 18 years of 29 age or older, at least three of whom are residents of the state 30 of Iowa and citizens of the United States. 31 Under current law, a board shall hold at least nine regular 32 meetings each calendar year, and no more than one regular 33 meeting shall be held in any one calendar month. Under the 34 bill, a board shall hold at least nine regular meetings each 35 -1- LSB 2233YC (1) 91 nls/ko 1/ 2
H.F. _____ calendar year, and at least one regular meeting shall occur in 1 each quarter of a calendar year. 2 -2- LSB 2233YC (1) 91 nls/ko 2/ 2