Relating to requirements for, and regular meetings of, the board of directors of a state bank

This bill relates to the requirements to serve on the board of directors (board) of a state bank, and the regular meetings of a board. Under current law, a board consists of five or more directors years of age or older, a majority of whom are residents of the state of Iowa and citizens of the United States. Under the bill, a board consists of five or more directors years of age or older, a majority of whom are citizens of the United States, and at least three of whom are residents of the state of Iowa. Under current law, a board shall hold at least nine regular meetings each calendar year, and no more than one regular meeting shall be held in any one calendar month. Under the bill, a board shall hold at least nine regular meetings each calendar year, and at least one regular meeting shall occur in each quarter of a calendar year.