Iowa § 524.801 General powers

Iowa Statutes

§ 524.801 — General powers

Iowa § 524.801

Title XIIICOMMERCE

Ch. 524BANKS

This text of Iowa § 524.801 (General powers) 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 § 524.801 (2026).

Text

1.A state bank, unless otherwise stated in its articles of incorporation, shall have power:

a.To sue and be sued, complain and defend, in its corporate or organizational name.

b.To have a corporate seal which may be altered at pleasure, and to use the same by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner reproduced.

c.To purchase, take, receive, lease, or otherwise acquire, own, hold, improve and use real or personal property, or an interest therein, in connection with the exercise of any power granted in this chapter.

d.To sell, convey, pledge, mortgage, grant a security interest, lease, exchange, transfer, and release from trust or mortgage or otherwise dispose of all or any part of real or personal property, or an interest therein, in connect

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1. A state bank, unless otherwise stated in its articles of incorporation, shall have power:
a. To sue and be sued, complain and defend, in its corporate or organizational name.
b. To have a corporate seal which may be altered at pleasure, and to use the same
by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner
reproduced.
c. To purchase, take, receive, lease, or otherwise acquire, own, hold, improve and use
real or personal property, or an interest therein, in connection with the exercise of any power
granted in this chapter.
d. To sell, convey, pledge, mortgage, grant a security interest, lease, exchange, transfer,
and release from trust or mortgage or otherwise dispose of all or any part of real or personal
property, or an interest therein, in connection with the exercise of any power granted in this
chapter.
e. To make and alter bylaws, not inconsistent with its articles of incorporation or with the
laws of this state, for the administration and regulation of the affairs of the state bank.
f. To make donations for the public welfare for religious, charitable, scientific or
educational or community development purposes.
g. To indemnify a director, officer, or employee, or a former director, officer, or employee
of the state bank in the manner and in the instances authorized by sections 490.850 through
490.859.
h. To elect officers or appoint agents of the state bank and define their duties and fix their
compensation.
i. To cease its existence as a state bank in the manner provided for in this chapter.
j. Tohaveandexerciseallpowersnecessaryandpropertoeffectanyorallofthepurposes
for which the state bank is organized.
k. To contract indebtedness and incur liabilities to effect any or all of the purposes for
which the state bank is organized, subject to the provisions of this chapter.
l. To set off a customer’s account against any of the customer’s debts or liabilities owed
the state bank pursuant to an agreement entered into between the customer and the state
bank.
2. The powers granted in this section shall not be construed as limiting or enlarging any
grantofauthoritymadeelsewhereinthischapter, orasalimitationonthepurposesforwhich
a state bank may be incorporated or organized.

Legislative History

[C97, §1841, 1844; S13, §1889-j; C24, 27, 31, 35, 39, §9156, 9162, 9267; C46, 50, 54, 58, 62, 66, §526.2, 526.7, 532.14; C71, 73, 75, 77, 79, 81, §524.801]