524.109 Bankers’ bank authorized — authority to hold shares of bankers’ bank.
150 words·~1 min read·
/ia/chapter-524-banks/524-109A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A state bank may be organized under this chapter as a bankers’ bank. The bankers’ bank is subject to all rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations applicable to a state bank generally, except as limited in the definition of bankers’ bank contained in section 524.103. However, a bankers’ bank shall have the same powers as those granted by federal law and regulation to a national bank organized as a bankers’ bank under 12 U.S.C. §27.
2. A state bank shall have the power to acquire and hold the shares in one or more bankers’ banks or bank holding companies which own a bankers’ bank in a total amount not to exceed five percent of the state bank’s aggregate capital. A state bank shall not own, directly or indirectly, more than five percent of any class of voting shares of a bankers’ bank.
Referred to in §524.802