COMPILED CODE - Iowa Legislature - State of Iowa

Tit. XIX, Ch. 2.
387
SAVINGS BANKS.
§§ 5760-5776.
SEC. 5760. Procedure on appeal.
[Obsolete by reason of the terms of the original enactment. See
38 G. A., ch. 236, § 1, lines 50-52.]
SEC. 5761. Order of reversal—decision final.
[Obsolete by reason of the terms of the original enactment. See
38 G. A., ch. 236, § 1, lines 50-52.]
SEC. 5764. Exceptions.
Nothing in sections fifty-seven hundred sixty-two or fifty-seven
hundred sixty-three of the compiled code shall be construed as affecting
or in any wise interfering with any private bank or private banker
that may be engaged in lawful business previous to April sixteenth,
nineteen hundred nineteen.
[38 G. A., ch. 236, § 3.]
SEC. 5765. Construction.
If any part of sections fifty-seven hundred sixty-two or fifty-seven
hundred sixty-three of the compiled code, or fifty-seven hundred sixtyfour
of this supplement shall be declared unconstitutional it shall not
affect any other part of said sections.
[38 G. A., ch. 236, § 4.]
CHAPTER 2.
SAVINGS BANKS.
SECTION 5776. Investment of funds.
1 Each savings bank shall invest its funds or capital, all moneys
2 deposited therein and all its gains and profits, only as follows :
3 1. In bonds or interest bearing notes or certificates of the United
4 States.
5 2. In bonds or evidences of debt of this state, bearing interest.
6 3. In bonds or warrants of any city, town, county, school district,
7 or drainage district of this state, issued pursuant to the authority of
8 law ; but not exceeding twenty-five per cent of the assets of the bank
9 shall consist of such bonds or warrants.
10 4. In notes or bonds secured by mortgage or deed of trust upon
11 unincumbered real estate located in Iowa or upon unincumbered farm
12 land in adjoining states, worth at least twice the amount loaned there-
13 on ; provided, however, that no such loan shall be made upon any real
14 estate located west of the one-hundredth meridian line.
15 5. An amount not exceeding ten per cent of their capital stock
16 and surplus in the capital stock of corporations chartered or incor-
17 porated under the provisions of .section twenty-five-a of the federal
18 reserve act, approved December twenty-fourth, nineteen hundred nine-
19 teen, and a like amount in the capital stock of corporations organized
20 under the laws of this state for the purpose of extending credit to
21 those engaged in agriculture and to agricultural organizations, sub-
22 ject however to the approval of the superintendent of banking; pro-
No change made
by 39 6. A. but
reprinted to change
the cross reference.
No change made
by 39 G. A. but
reprinted to change
the cross reference.