Iowa Code 524.818 – Indebtedness of state bank
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 524.818
- 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
524.818 Indebtedness of state bank.
A state bank may borrow money or otherwise contract indebtedness for necessary expenses
in managing and transacting its business, to maintain proper cash reserves, and for other corporate purposes, provided, however, the superintendent may prohibit or place restrictions upon money borrowed or other indebtedness which would, in the superintendent’s judgment, constitute an unsafe or unsound practice in view of the condition and circumstances of the state bank. Nothing contained in this section shall limit the right of a state bank to issue capital notes or debentures pursuant and subject to the provisions of § 524.404.
[S13, §1889-j; C24, 27, 31, 35, 39, §9297; C46, 50, 54, 58, 62, 66, §532.14; C71, 73, 75, 77,
79, 81, §524.818]
A state bank may borrow money or otherwise contract indebtedness for necessary expenses
in managing and transacting its business, to maintain proper cash reserves, and for other corporate purposes, provided, however, the superintendent may prohibit or place restrictions upon money borrowed or other indebtedness which would, in the superintendent’s judgment, constitute an unsafe or unsound practice in view of the condition and circumstances of the state bank. Nothing contained in this section shall limit the right of a state bank to issue capital notes or debentures pursuant and subject to the provisions of § 524.404.
[S13, §1889-j; C24, 27, 31, 35, 39, §9297; C46, 50, 54, 58, 62, 66, §532.14; C71, 73, 75, 77,
79, 81, §524.818]