Iowa Code 660.7 – Duty of trustees
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Terms Used In Iowa Code 660.7
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
660.7 Duty of trustees.
The trustees shall proceed immediately to collect the debts and pay the liabilities of the corporation, and to divide the surplus among those thereto entitled.
[C51, §2169; R60, §3751; C73, §3363; C97, §4331; C24, 27, 31, 35, 39, §12435; C46, 50, 54,
58, 62, 66, 71, 73, 75, 77, 79, 81, §660.7]
The trustees shall proceed immediately to collect the debts and pay the liabilities of the corporation, and to divide the surplus among those thereto entitled.
[C51, §2169; R60, §3751; C73, §3363; C97, §4331; C24, 27, 31, 35, 39, §12435; C46, 50, 54,
58, 62, 66, 71, 73, 75, 77, 79, 81, §660.7]