This bill amends the requirements for the board of directors of a state bank in Iowa. It changes the composition of the board from requiring a majority of directors to be residents of Iowa to specifying that at least three directors must be residents of the state and citizens of the United States. This adjustment aims to provide more flexibility in board membership while still ensuring local representation.

Additionally, the bill modifies the meeting requirements for the board. Previously, the law mandated at least nine regular meetings per year, with no more than one meeting allowed in any calendar month. The new provisions require at least nine meetings annually, with a minimum of one meeting in each quarter of the year. This change encourages more frequent engagement among board members while maintaining the overall requirement for regular meetings.

Statutes affected:
Introduced: 524.601, 524.607