Iowa Code 524.308 – Issuance of authorization to do business
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Terms Used In Iowa Code 524.308
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
524.308 Issuance of authorization to do business.
1. The state bank shall not accept deposits or transact any business except such business
as is incident to commencement of business, or to the obtaining of subscriptions and payment for its shares until receipt of an authorization to do business from the superintendent. The superintendent shall issue an authorization to do business upon finding that the proposed state bank has complied with all the requirements of this chapter precedent to commencing business and has submitted to the superintendent a statement under oath, in the manner designated by the superintendent, showing that the capital, surplus and undivided profits required by the superintendent in accordance with this chapter have been fully paid in.
2. If a state bank transacts any business before receipt of an authorization to do business in violation of subsection 1, the directors, managers, and officers who willfully authorized or participated in the action are severally liable for the debts and liabilities of the state bank incurred prior to the receipt of the authorization to do business.
[C97, §1843, 1864; S13, §1843, 1864; C24, 27, 31, 35, 39, §9161, 9207; C46, 50, 54, 58, 62,
66, §526.6, 527.5; C71, 73, 75, 77, 79, 81, §524.308]
95 Acts, ch 148, §27, 28; 2004 Acts, ch 1141, §57
1. The state bank shall not accept deposits or transact any business except such business
as is incident to commencement of business, or to the obtaining of subscriptions and payment for its shares until receipt of an authorization to do business from the superintendent. The superintendent shall issue an authorization to do business upon finding that the proposed state bank has complied with all the requirements of this chapter precedent to commencing business and has submitted to the superintendent a statement under oath, in the manner designated by the superintendent, showing that the capital, surplus and undivided profits required by the superintendent in accordance with this chapter have been fully paid in.
2. If a state bank transacts any business before receipt of an authorization to do business in violation of subsection 1, the directors, managers, and officers who willfully authorized or participated in the action are severally liable for the debts and liabilities of the state bank incurred prior to the receipt of the authorization to do business.
[C97, §1843, 1864; S13, §1843, 1864; C24, 27, 31, 35, 39, §9161, 9207; C46, 50, 54, 58, 62,
66, §526.6, 527.5; C71, 73, 75, 77, 79, 81, §524.308]
95 Acts, ch 148, §27, 28; 2004 Acts, ch 1141, §57