2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 533 - CREDIT UNIONS
533.304 - INVESTMENT IN CERTAIN SHARES OR EQUITY INTERESTS.

        533.304  INVESTMENT IN CERTAIN SHARES OR EQUITY
      INTERESTS.
         1.  For purposes of this section, unless the context otherwise
      requires:
         a.  "Equity interests" means limited partnership interests and
      other equity investments in which liability is limited to the amount
      of the investment, but does not mean general partnership interests or
      other interests involving general liability.
         b.  "Small business" means a corporation, partnership,
      proprietorship, or other entity formed under the laws of the United
      States, or a state, district, or territory of the United States, that
      meets the appropriate United States small business administration
      definition of small business and that is principally engaged in the
      development or exploitation of inventions, technological
      improvements, new processes, or other products not previously
      generally available in this state, or other investments which provide
      an economic benefit to this state.
         c.  "Venture capital fund" means a corporation, partnership,
      proprietorship, or other entity formed under the laws of the United
      States, or a state, district, or territory of the United States,
      whose principal business is or will be the making of investments in
      and the provision of significant managerial assistance to small
      businesses that meet the United States small business administration
      definition of small business.
         2.  A state credit union may invest in either of the following to
      the extent that the total investments under this section shall not be
      more than five percent of the state credit union's assets:
         a.  Shares or equity interests in venture capital funds that
      agree to invest an amount equal to at least fifty percent of the
      state credit union's investment in small businesses having their
      principal offices within this state and having either more than
      one-half of their assets within this state or more than one-half of
      their employees employed within this state.
         b.  Shares or equity interests in small businesses having
      their principal offices within this state and having either more than
      one-half of their assets within this state or more than one-half of
      their employees employed within this state.  A state credit union
      shall not invest in more than twenty percent of the total capital and
      surplus of any one small business under this paragraph.  

         2007 Acts, ch 174, §35