Iowa § 524.604 Duties and responsibilities

Iowa Statutes

§ 524.604 — Duties and responsibilities

Iowa § 524.604

Title XIIICOMMERCE

Ch. 524BANKS

This text of Iowa § 524.604 (Duties and responsibilities) 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 § 524.604 (2026).

Text

1.The duties and responsibilities of a director or of the board of directors shall include, but are not limited to, the following:

a.Attendance at no less than seventy-five percent of the regular board meetings held during the calendar year.

b.Employment of officer personnel, and determination of their compensation.

c.Periodic review of the original records of the state bank, or comprehensive summaries thereof prepared by the officers of the state bank, pertaining to loans, discounts, security interests, and investments in bonds and securities.

d.Review of the adequacy of the state bank’s internal controls and determination of the most appropriate method to satisfy the state bank’s audit needs pursuant to section 524.608.

e.Periodic review of the utilization of security measures for

Free access — add to your briefcase to read the full text and ask questions with AI

1. The duties and responsibilities of a director or of the board of directors shall include,
but are not limited to, the following:
a. Attendance at no less than seventy-five percent of the regular board meetings held
during the calendar year.
b. Employment of officer personnel, and determination of their compensation.
c. Periodic review of the original records of the state bank, or comprehensive summaries
thereof prepared by the officers of the state bank, pertaining to loans, discounts, security
interests, and investments in bonds and securities.
d. Review of the adequacy of the state bank’s internal controls and determination of the
most appropriate method to satisfy the state bank’s audit needs pursuant to section 524.608.
e. Periodic review of the utilization of security measures for the protection of the state
bank and the maintenance of reasonable insurance coverage.
2. Directors of a state bank shall discharge the duties of their position in good faith and
with that diligence, care, and skill which ordinarily prudent persons would exercise under
similar circumstances in like positions. The directors shall have a continuing responsibility
to assure themselves that the state bank is being managed according to law and that the
practices and policies adopted by the board are being implemented.