§ 524.703 — Officers and employees — employment and compensation

Iowa § 524.703

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

Text

1. The board of directors may fix the tenure and provide for the reasonable compensation
ofofficers. Thechiefexecutiveofficerorthechiefexecutiveofficer’sdesigneeshalldetermine
the employees’ compensation and tenure. Officers and employees may be reimbursed for
reasonable expenses incurred by them on behalf of the state bank.
2. Subject to approval by the shareholders at an annual or special meeting called for the
purpose, the board of directors of a state bank may adopt a pension or profit-sharing plan, or
both, or other plan of deferred compensation, for both officers and employees, to which the
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 officers
and employees under the plan, benefits provided to officers and employees pursuant to the
plan, and contributions required by state banks, officers, or employees under the plan, may
be adopted by the board of directors without shareholder approval.

Legislative History

[C97, §1844, 1869; S13, §1869; C24, 27, 31, 35, 39, §9162, 9219; C46, 50, 54, 58, 62, 66, §526.7(4), 528.5; C71, 73, 75, 77, 79, 81, §524.703]