Iowa Code 524.612 – Director dealing with state bank
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 524.612
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
524.612 Director dealing with state bank.
1. A director shall not receive terms or be paid a rate of interest on deposits, by a state
bank of which the person is a director, which are more favorable than that provided to any other customer under similar circumstances. Any waiver of ordinary or customary charges related to deposit accounts shall not violate this subsection.
2. A director shall not purchase or lease any assets from or sell or lease any assets to a state bank of which the person is a director except upon terms not less favorable to the state bank than those offered to or by other persons. All purchases or leases from and sales or leases to a director shall receive the prior approval of a majority of the board of directors voting in the absence of the interested director.
[C97, §1869; S13, §1869; C24, 27, 31, 35, 39, §9220; C46, 50, 54, 58, 62, 66, §528.6; C71, 73,
75, 77, 79, 81, §524.612]
91 Acts, ch 14, §1; 95 Acts, ch 148, §68; 2017 Acts, ch 138, §2, 3
Referred to in §524.706, 524.1601, 524.1806
1. A director shall not receive terms or be paid a rate of interest on deposits, by a state
bank of which the person is a director, which are more favorable than that provided to any other customer under similar circumstances. Any waiver of ordinary or customary charges related to deposit accounts shall not violate this subsection.
2. A director shall not purchase or lease any assets from or sell or lease any assets to a state bank of which the person is a director except upon terms not less favorable to the state bank than those offered to or by other persons. All purchases or leases from and sales or leases to a director shall receive the prior approval of a majority of the board of directors voting in the absence of the interested director.
[C97, §1869; S13, §1869; C24, 27, 31, 35, 39, §9220; C46, 50, 54, 58, 62, 66, §528.6; C71, 73,
75, 77, 79, 81, §524.612]
91 Acts, ch 14, §1; 95 Acts, ch 148, §68; 2017 Acts, ch 138, §2, 3
Referred to in §524.706, 524.1601, 524.1806