Iowa Code 524.539 – Voting trust
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Terms Used In Iowa Code 524.539
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- 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
- Trustee: A person or institution holding and administering property in trust.
524.539 Voting trust.
1. Any number of shareholders of a state bank may create a voting trust for the purpose
of conferring upon a trustee or trustees the right to vote or otherwise represent their shares, for a period of not to exceed ten years, by entering into a written voting trust agreement specifying the terms and conditions of the voting trust, by depositing a counterpart of the agreement with the state bank at its principal place of business, by delivery of a copy of the voting trust agreement to the superintendent and by transferring their shares to such trustee or trustees for the purposes of the agreement. The counterpart of the voting trust agreement so deposited with the state bank is subject to examination for any proper purpose during usual business hours by a shareholder of the state bank, in person or by agent or attorney, or by any holder of a beneficial interest in the voting trust, in person or by agent or attorney.
2. This section shall not affect the validity of any agreement, relative to the voting of shares, in effect prior to July 1, 1995.
[C71, 73, 75, 77, 79, 81, §524.514]
95 Acts, ch 148, §55
CS95, §524.539
2019 Acts, ch 24, §104
Referred to in §524.540
1. Any number of shareholders of a state bank may create a voting trust for the purpose
of conferring upon a trustee or trustees the right to vote or otherwise represent their shares, for a period of not to exceed ten years, by entering into a written voting trust agreement specifying the terms and conditions of the voting trust, by depositing a counterpart of the agreement with the state bank at its principal place of business, by delivery of a copy of the voting trust agreement to the superintendent and by transferring their shares to such trustee or trustees for the purposes of the agreement. The counterpart of the voting trust agreement so deposited with the state bank is subject to examination for any proper purpose during usual business hours by a shareholder of the state bank, in person or by agent or attorney, or by any holder of a beneficial interest in the voting trust, in person or by agent or attorney.
2. This section shall not affect the validity of any agreement, relative to the voting of shares, in effect prior to July 1, 1995.
[C71, 73, 75, 77, 79, 81, §524.514]
95 Acts, ch 148, §55
CS95, §524.539
2019 Acts, ch 24, §104
Referred to in §524.540