Iowa Code 524.527 – Liability of shareholders or members
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Terms Used In Iowa Code 524.527
- 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.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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
524.527 Liability of shareholders or members.
1. A purchaser of the shares of a state bank incorporated as a stock corporation is not
liable to the state bank, its creditors, or depositors with respect to the shares except to pay the consideration for which the shares were authorized to be issued under § 524.521, or the consideration specified in the subscription agreement authorized under § 524.525.
2. A shareholder of a state bank is not personally liable for any liabilities of the state bank, including liabilities arising from the acts or debts of the state bank, its creditors, or depositors, subject to the following exceptions:
a. To the extent provided in a provision of the articles of incorporation permitted by § 524.302, subsection 2, paragraph “”c””.
b. By reason of the shareholder’s own acts or conduct.
3. A member of a state bank incorporated as a mutual corporation is not personally liable for the acts or debts of the state bank, its creditors, or depositors.
[C71, 73, 75, 77, 79, 81, §524.505]
95 Acts, ch 148, §44
CS95, §524.527
2012 Acts, ch 1017, §11, 18; 2022 Acts, ch 1062, §46
1. A purchaser of the shares of a state bank incorporated as a stock corporation is not
liable to the state bank, its creditors, or depositors with respect to the shares except to pay the consideration for which the shares were authorized to be issued under § 524.521, or the consideration specified in the subscription agreement authorized under § 524.525.
2. A shareholder of a state bank is not personally liable for any liabilities of the state bank, including liabilities arising from the acts or debts of the state bank, its creditors, or depositors, subject to the following exceptions:
a. To the extent provided in a provision of the articles of incorporation permitted by § 524.302, subsection 2, paragraph “”c””.
b. By reason of the shareholder’s own acts or conduct.
3. A member of a state bank incorporated as a mutual corporation is not personally liable for the acts or debts of the state bank, its creditors, or depositors.
[C71, 73, 75, 77, 79, 81, §524.505]
95 Acts, ch 148, §44
CS95, §524.527
2012 Acts, ch 1017, §11, 18; 2022 Acts, ch 1062, §46