Iowa Code 524.311 – Commission for organizing state banks
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 524.311
- Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
- Capital: means the sum of the par value of the preferred and common shares of a state bank issued and outstanding. See Iowa Code 524.103
- Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
- Person: means as defined in section 4. See Iowa Code 524.103
- 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
- State bank: means any bank incorporated pursuant to the provisions of this chapter after January 1, 1970, and any "state bank" incorporated pursuant to the laws of this state and doing business as such on January 1, 1970, or a bank organized as a mutual corporation under this chapter. See Iowa Code 524.103
No person shall, directly or indirectly, receive or contract to receive any commission or bonus of any kind for organizing any state bank or for securing a subscription to the original capital of any state bank or to any increase thereof; provided that this section shall not be construed as prohibiting the payment of reasonable compensation for legal or accounting services in connection with organization.