Iowa Code 524.707 – Removal of officers or employees
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Terms Used In Iowa Code 524.707
- Contract: A legal written agreement that becomes binding when signed.
- 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
524.707 Removal of officers or employees.
1. An officer or employee may be removed by the board of directors whenever in its judgment the best interests of the state bank shall be served by such removal, but the removal shall be without prejudice to the contract rights, if any, of the officer or employee so removed. Election of an officer shall not of itself create contract rights.
2. Section 524.606, subsection 2, which provides for the removal of directors by the superintendent, shall have equal application to officers and employees of a state bank, bank holding company, bank affiliate, or trust company.
[C71, 73, 75, 77, 79, 81, §524.707]
91 Acts, ch 220, §4; 95 Acts, ch 148, §75; 2006 Acts, ch 1015, §7; 2022 Acts, ch 1062, §71
Referred to in §524.228
1. An officer or employee may be removed by the board of directors whenever in its judgment the best interests of the state bank shall be served by such removal, but the removal shall be without prejudice to the contract rights, if any, of the officer or employee so removed. Election of an officer shall not of itself create contract rights.
2. Section 524.606, subsection 2, which provides for the removal of directors by the superintendent, shall have equal application to officers and employees of a state bank, bank holding company, bank affiliate, or trust company.
[C71, 73, 75, 77, 79, 81, §524.707]
91 Acts, ch 220, §4; 95 Acts, ch 148, §75; 2006 Acts, ch 1015, §7; 2022 Acts, ch 1062, §71
Referred to in §524.228