Iowa Code 524.224 – Grounds for order to cease business — appointment of receiver
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Terms Used In Iowa Code 524.224
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
524.224 Grounds for order to cease business — appointment of receiver.
1. The superintendent may, without prior notice or hearings, order a state bank to cease
to carry on its business whenever the superintendent determines that:
a. The state bank has violated its articles of incorporation or any law of this state.
b. The capital of the state bank is impaired.
c. The state bank is conducting its business in an unsafe or unsound manner.
d. The state bank is insolvent or is otherwise in such condition that it is unsound, unsafe, or inexpedient for it to transact business.
e. The state bank has suspended or refused payment of its deposits or other liabilities contrary to the terms thereof, or the superintendent determines the state bank is unlikely to be able to pay its deposits or other liabilities in the near future.
f. The state bank refuses to make its records available to the superintendent for examination or otherwise refuses to make available, through an officer or employee having knowledge thereof, information required by the superintendent for the proper discharge of the duties of the superintendent’s office.
g. The state bank neglects or refuses to observe any order of the superintendent made pursuant to the provisions of this chapter, unless the enforcement of such order is stayed in a proceeding brought by the state bank.
h. The state bank has not transacted any business or performed any of the duties, contemplated by its authorization to do business, for a period of thirty days.
2. Upon ordering a state bank to cease to carry on its business, the superintendent shall immediately appoint the federal deposit insurance corporation as receiver pursuant to section
524.1310.
[C73, §1572; C97, §1877; C24, 27, 31, 35, §9283-e1, -e2, -e3, -e4; C39, §9235, 9285.05 –
9285.08; C46, 50, 54, 58, 62, 66, §528.29, 528.90 – 528.93; C71, 73, 75, 77, 79, 81, §524.224]
95 Acts, ch 148, §19; 2012 Acts, ch 1023, §157; 2022 Acts, ch 1062, §22
Referred to in §524.225, 524.230, 524.1310
1. The superintendent may, without prior notice or hearings, order a state bank to cease
to carry on its business whenever the superintendent determines that:
a. The state bank has violated its articles of incorporation or any law of this state.
b. The capital of the state bank is impaired.
c. The state bank is conducting its business in an unsafe or unsound manner.
d. The state bank is insolvent or is otherwise in such condition that it is unsound, unsafe, or inexpedient for it to transact business.
e. The state bank has suspended or refused payment of its deposits or other liabilities contrary to the terms thereof, or the superintendent determines the state bank is unlikely to be able to pay its deposits or other liabilities in the near future.
f. The state bank refuses to make its records available to the superintendent for examination or otherwise refuses to make available, through an officer or employee having knowledge thereof, information required by the superintendent for the proper discharge of the duties of the superintendent’s office.
g. The state bank neglects or refuses to observe any order of the superintendent made pursuant to the provisions of this chapter, unless the enforcement of such order is stayed in a proceeding brought by the state bank.
h. The state bank has not transacted any business or performed any of the duties, contemplated by its authorization to do business, for a period of thirty days.
2. Upon ordering a state bank to cease to carry on its business, the superintendent shall immediately appoint the federal deposit insurance corporation as receiver pursuant to section
524.1310.
[C73, §1572; C97, §1877; C24, 27, 31, 35, §9283-e1, -e2, -e3, -e4; C39, §9235, 9285.05 –
9285.08; C46, 50, 54, 58, 62, 66, §528.29, 528.90 – 528.93; C71, 73, 75, 77, 79, 81, §524.224]
95 Acts, ch 148, §19; 2012 Acts, ch 1023, §157; 2022 Acts, ch 1062, §22
Referred to in §524.225, 524.230, 524.1310