§ 524.539 — Voting trust

Iowa § 524.539

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

Text

1. Any number of shareholders of a state bank may create a voting trust for the purpose
of conferring upon a trustee or trustees the right to vote or otherwise represent their shares,
for a period of not to exceed ten years, by entering into a written voting trust agreement
specifying the terms and conditions of the voting trust, by depositing a counterpart of the
agreement with the state bank at its principal place of business, by delivery of a copy of the
voting trust agreement to the superintendent and by transferring their shares to such trustee
or trustees for the purposes of the agreement. The counterpart of the voting trust agreement
so deposited with the state bank is subject to examination for any proper purpose during
usual business hours by a shareholder of the state bank, in person or by agent or attorney, or
by any holder of a beneficial interest in the voting trust, in person or by agent or attorney.
2. This section shall not affect the validity of any agreement, relative to the voting of
shares, in effect prior to July 1, 1995.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.514]