§ 524.612 — Director dealing with state bank

Iowa § 524.612

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

Text

1. A director shall not receive terms or be paid a rate of interest on deposits, by a state
bank of which the person is a director, which are more favorable than that provided to any
other customer under similar circumstances. Any waiver of ordinary or customary charges
related to deposit accounts shall not violate this subsection.
2. A director shall not purchase or lease any assets from or sell or lease any assets to a
state bank of which the person is a director except upon terms not less favorable to the state
bank than those offered to or by other persons. All purchases or leases from and sales or
leases to a director shall receive the prior approval of a majority of the board of directors
voting in the absence of the interested director.

Legislative History

[C97, §1869; S13, §1869; C24, 27, 31, 35, 39, §9220; C46, 50, 54, 58, 62, 66, §528.6; C71, 73, 75, 77, 79, 81, §524.612]