§ 524.701 — Officers and employees

Iowa § 524.701

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

Text

1. A state bank shall have as officers a president, one vice president, and a cashier. No
more than two of these positions may be held by the same individual. A state bank may have
other officers as prescribed by the articles of incorporation or bylaws.
2. The board of directors shall elect one officer as the chief executive officer, who shall be
a member of the board of directors.
3. Uponwrittennoticebythesuperintendent,anindividualwhoperformsactiveexecutive
or official duties for a state bank may be treated as an executive officer. A state bank may
have a chairperson of the board of directors who, if the person does not perform executive or
officialdutiesorreceiveasalary,neednotbeconsideredanexecutiveofficerofthestatebank.
4. Anindividualemployedbyastatebank,otherthanadirectororanofficer,isconsidered
an employee for the purposes of this chapter.

Legislative History

[C97, §1845; C24, 27, 31, 35, 39, §9162; C46, 50, 54, 58, 62, 66, §526.7(4); C71, 73, 75, 77, 79, 81, §524.701]