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, with a majority being citizens of the United States. However, the bill introduces a new requirement that at least three of the directors must be residents of Iowa, replacing the previous stipulation that a majority of the directors be residents of the state.

Additionally, the bill modifies the meeting requirements for the board of directors. While current law mandates at least nine regular meetings each year with no more than one meeting per month, the new legislation requires that at least one regular meeting be held 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