Iowa § 508B.8 Payment of fees, salaries and costs

Iowa Statutes

§ 508B.8 — Payment of fees, salaries and costs

Iowa § 508B.8

Title XIIICOMMERCE

Ch. 508BCONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY

This text of Iowa § 508B.8 (Payment of fees, salaries and costs) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 508B.8 (2026).

Text

A director, officer, agent or employee of the mutual company shall not receive a fee,
commission or other valuable consideration, other than regular salary and compensation,
for aiding, promoting or assisting in the conversion except as set forth in the plan approved
by the commissioner. This section does not prohibit the payment of reasonable fees and
compensation to a consultant, attorneys at law, accountants, actuaries or other persons
specifically employed for services performed in the practice of their professions while
completing the plan of conversion, even if these persons are directors of the mutual company.

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A director, officer, agent or employee of the mutual company shall not receive a fee,
commission or other valuable consideration, other than regular salary and compensation,
for aiding, promoting or assisting in the conversion except as set forth in the plan approved
by the commissioner. This section does not prohibit the payment of reasonable fees and
compensation to a consultant, attorneys at law, accountants, actuaries or other persons
specifically employed for services performed in the practice of their professions while
completing the plan of conversion, even if these persons are directors of the mutual company.