Iowa § 524.610 Compensation of directors

Iowa Statutes

§ 524.610 — Compensation of directors

Iowa § 524.610

Title XIIICOMMERCE

Ch. 524BANKS

This text of Iowa § 524.610 (Compensation of directors) 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 § 524.610 (2026).

Text

1.The shareholders of a state bank shall fix the reasonable compensation of directors for their services as members of the board of directors. Subject to approval by the shareholders at an annual or special meeting called for that purpose, the shareholders of a state bank may adopt a pension or profit-sharing plan, or both, or other plan of deferred compensation for directors, to which a state bank may contribute. Changes to such a pension or profit-sharing plan or other plan of deferred compensation, other than changes that affect eligibility requirements for directors under the plan, benefits provided to directors pursuant to the plan, and contributions required by the state bank or directors under the plan, may be adopted by the board of directors without shareholder approval.

2.Direc

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1. The shareholders of a state bank shall fix the reasonable compensation of directors for
their services as members of the board of directors. Subject to approval by the shareholders
at an annual or special meeting called for that purpose, the shareholders of a state bank may
adopt a pension or profit-sharing plan, or both, or other plan of deferred compensation for
directors, to which a state bank may contribute. Changes to such a pension or profit-sharing
plan or other plan of deferred compensation, other than changes that affect eligibility
requirements for directors under the plan, benefits provided to directors pursuant to the
plan, and contributions required by the state bank or directors under the plan, may be
adopted by the board of directors without shareholder approval.
2. Directors may be reimbursed for reasonable expenses incurred in the performance of
their duties.

Legislative History

[C97, §1869, 1871; S13, §1869, 1871; C24, 27, 31, 35, 39, §9219, 9227; C46, 50, 54, 58, 62, 66, §528.5, 528.21; C71, 73, 75, 77, 79, 81, §524.610; 81 Acts, ch 173, §1]