This bill amends the requirements for the board of directors of a state bank in Iowa. It specifies that the board must consist of five or more directors who are at least 18 years old and citizens of the United States. However, it now requires that at least three of these directors must also be residents of Iowa, removing the previous requirement that a majority of the directors be residents of the state.

Additionally, the bill modifies the meeting requirements for the board of directors. While the current law mandates at least nine regular meetings each year with no more than one meeting per month, the new legislation stipulates that there must be at least one regular meeting in each quarter of the calendar year. Furthermore, it allows directors to participate in meetings through communication methods that enable simultaneous hearing, ensuring that those participating remotely are considered present at the meeting.

Statutes affected:
Introduced: 524.601, 524.607