§ 524.1010 — Reserved

Iowa § 524.1010

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

SUBCHAPTER XI
AFFILIATES
524.1101 Definitions.
For the purposes of this chapter, an “affiliate” of a state bank shall include any corporation,
trust, estate, association, or other similar organization:
1. Of which a state bank, 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.
2. Of which control is held, directly or indirectly, through share ownership or in any other
manner, bytheshareholdersofastatebankwhoownorcontroleitheramajorityoftheshares
of such state bank or more than fifty percent of the number of shares voted for the election
of directors of such state bank at the preceding election, or by trustees for the benefit of the
shareholders of any such state bank.
3. Of which a majority of its directors, trustees, or other individuals exercising similar
functions are directors of any one state bank.
4. Which owns or controls, directly or indirectly, either a majority of the voting shares
of a state bank or more than fifty percent of the number of shares voted for the election of
directors of a state bank at the preceding election, or controls in any manner the election of a
majority of the directors of a state bank, or for the benefit of whose shareholders or members
all or substantially all of the outstanding voting shares of a state bank is held by trustees.
5. Which is a bank holding company, as defined by the laws of the United States, of which

a state bank is a subsidiary, and any other subsidiary, as defined by the laws of the United
States, of a bank holding company.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.1101]