§ 524.308 — Issuance of authorization to do business

Iowa § 524.308

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

1. The state bank shall not accept deposits or transact any business except such business
asisincidenttocommencementofbusiness, ortotheobtainingofsubscriptionsandpayment
for its shares until receipt of an authorization to do business from the superintendent. The
superintendent shall issue an authorization to do business upon finding that the proposed
state bank has complied with all the requirements of this chapter precedent to commencing
business and has submitted to the superintendent a statement under oath, in the manner
designated by the superintendent, showing that the capital, surplus and undivided profits
required by the superintendent in accordance with this chapter have been fully paid in.
2. If a state bank transacts any business before receipt of an authorization to do business
in violation of subsection 1, the directors, managers, and officers who willfully authorized
or participated in the action are severally liable for the debts and liabilities of the state bank
incurred prior to the receipt of the authorization to do business.

Legislative History

[C97, §1843, 1864; S13, §1843, 1864; C24, 27, 31, 35, 39, §9161, 9207; C46, 50, 54, 58, 62, 66, §526.6, 527.5; C71, 73, 75, 77, 79, 81, §524.308]