A state bank may deposit its funds in a depository which is selected by, or in a manner authorized by, the directors of a state bank and which is authorized by law to receive deposits and is subject to supervision by banking authorities of the United States or of any state, and, with the prior approval of the superintendent, in any other depository.
Iowa Code § 524.815
Deposits by a state bank
Known as the Iowa Banking Act
The act spans §§ 524–524 (225 sections).
[C71, 73, 75, 77, 79, 81, §524.815]
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.