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. Additionally, the bill stipulates that at least three of the directors must be residents of Iowa, replacing the previous requirement that a majority be residents of the state.

Furthermore, the bill modifies the meeting requirements for the board of directors. While current law mandates at least nine regular meetings each year, it restricts these to no more than one meeting per month. The new provisions require that at least one regular meeting be held in each quarter of the calendar year, allowing for more flexibility in scheduling. Additionally, the bill permits directors to participate in meetings through communication technology, ensuring that those attending remotely are considered present.

Statutes affected:
Introduced: 524.601, 524.607