Iowa Code 524.538A – Voting by member of mutual corporation
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Terms Used In Iowa Code 524.538A
- 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.
- 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
524.538A Voting by member of mutual corporation.
All holders of savings, demand, or other authorized accounts of a state bank incorporated as
or converted to be a mutual corporation are members of the state bank. In the consideration of all questions requiring action by the members of the state bank, each holder of an account shall be permitted to cast one vote for each one hundred dollars, or fraction thereof, of the withdrawal value of the member’s account. No member, however, shall cast more than one thousand member votes. All accounts shall be nonassessable.
2012 Acts, ch 1017, §12, 18; 2022 Acts, ch 1062, §54
All holders of savings, demand, or other authorized accounts of a state bank incorporated as
or converted to be a mutual corporation are members of the state bank. In the consideration of all questions requiring action by the members of the state bank, each holder of an account shall be permitted to cast one vote for each one hundred dollars, or fraction thereof, of the withdrawal value of the member’s account. No member, however, shall cast more than one thousand member votes. All accounts shall be nonassessable.
2012 Acts, ch 1017, §12, 18; 2022 Acts, ch 1062, §54