Iowa § 524.538A Voting by member of mutual corporation

Iowa Statutes

§ 524.538A — Voting by member of mutual corporation

Iowa § 524.538A

Title XIIICOMMERCE

Ch. 524BANKS

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Bluebook

Iowa Code § 524.538A (2026).

Text

Allholdersofsavings,demand,orotherauthorizedaccountsofastatebankincorporatedas
or converted to be a mutual corporation are members of the state bank. In the consideration
of all questions requiring action by the members of the state bank, each holder of an account
shall be permitted to cast one vote for each one hundred dollars, or fraction thereof, of the
withdrawal value of the member’s account. No member, however, shall cast more than one
thousand member votes. All accounts shall be nonassessable.

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Allholdersofsavings,demand,orotherauthorizedaccountsofastatebankincorporatedas
or converted to be a mutual corporation are members of the state bank. In the consideration
of all questions requiring action by the members of the state bank, each holder of an account
shall be permitted to cast one vote for each one hundred dollars, or fraction thereof, of the
withdrawal value of the member’s account. No member, however, shall cast more than one
thousand member votes. All accounts shall be nonassessable.