Senate File 413 - Introduced SENATE FILE 413 BY COMMITTEE ON COMMERCE (SUCCESSOR TO SSB 1070) (COMPANION TO HF 311 BY COMMITTEE ON COMMERCE) 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 2233SV (3) 91 nls/ko
S.F. 413 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 of whom shall be residents of the state of 5 Iowa and citizens of the United States , and at least three of 6 whom shall be residents of the state of Iowa . 7 Sec. 2. Section 524.607, subsection 1, Code 2025, is amended 8 to read as follows: 9 1. The board of directors shall hold at least nine 10 regular meetings each calendar year. No more than one 11 regular meeting shall be held in any one calendar month At 12 a minimum, one regular meeting shall be held in each quarter 13 of a calendar year . Unless the articles of incorporation or 14 bylaws provide otherwise, any director may participate in 15 any meeting of the board of directors through the use of any 16 means of communication by which all directors participating 17 may simultaneously hear each other during the meeting. A 18 director participating in a meeting by this means is deemed to 19 be present at the meeting. 20 EXPLANATION 21 The inclusion of this explanation does not constitute agreement with 22 the explanations substance by the members of the general assembly. 23 This bill relates to the requirements to serve on the board 24 of directors (board) of a state bank, and the regular meetings 25 of a board. 26 Under current law, a board consists of five or more directors 27 18 years of age or older, a majority of whom are residents of 28 the state of Iowa and citizens of the United States. Under 29 the bill, a board consists of five or more directors 18 years 30 of age or older, a majority of whom are citizens of the United 31 States and at least three of whom are residents of the state of 32 Iowa. 33 Under current law, a board shall hold at least nine regular 34 meetings each calendar year, and no more than one regular 35 -1- LSB 2233SV (3) 91 nls/ko 1/ 2
S.F. 413 meeting shall be held in any one calendar month. Under the 1 bill, a board shall hold at least nine regular meetings each 2 calendar year, and at least one regular meeting shall occur in 3 each quarter of a calendar year. 4 -2- LSB 2233SV (3) 91 nls/ko 2/ 2