This bill amends the requirements for the board of directors of a state bank in Iowa. It specifies that a board must consist of five or more directors who are at least 18 years old, with at least three of those directors being residents of Iowa and citizens of the United States, replacing the previous requirement of a majority being residents.

Additionally, the bill modifies the meeting requirements for the board. While current law mandates at least nine regular meetings each year with no more than one meeting per month, the new provisions require at least nine meetings annually, with a minimum of one meeting held in each quarter of the calendar year. This change allows for greater flexibility in scheduling meetings while ensuring regular oversight of the bank's operations.

Statutes affected:
Introduced: 524.601, 524.607