Iowa Code 515.23 – Prohibited loans
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Terms Used In Iowa Code 515.23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
515.23 Prohibited loans.
Capital, surplus, funds, or other assets, or any part of any or all of the foregoing, shall not be directly or indirectly loaned to an officer, director, stockholder, or employee of a company or to a relative of an officer or director of a company.
[S13, §1783-e; C24, 27, 31, 35, 39, §8905; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81,
§515.11]
88 Acts, ch 1112, §401; 90 Acts, ch 1234, §35; 2015 Acts, ch 128, §50 – 52
C2016, §515.23
Referred to in §511.23
Capital, surplus, funds, or other assets, or any part of any or all of the foregoing, shall not be directly or indirectly loaned to an officer, director, stockholder, or employee of a company or to a relative of an officer or director of a company.
[S13, §1783-e; C24, 27, 31, 35, 39, §8905; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81,
§515.11]
88 Acts, ch 1112, §401; 90 Acts, ch 1234, §35; 2015 Acts, ch 128, §50 – 52
C2016, §515.23
Referred to in §511.23