Iowa Code 524.604 – Duties and responsibilities
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Terms Used In Iowa Code 524.604
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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
- year: means twelve consecutive months. See Iowa Code 4.1
524.604 Duties and responsibilities.
1. The duties and responsibilities of a director or of the board of directors shall include,
but are not limited to, the following:
a. Attendance at no less than seventy-five percent of the regular board meetings held during the calendar year.
b. Employment of officer personnel, and determination of their compensation.
c. Periodic review of the original records of the state bank, or comprehensive summaries thereof prepared by the officers of the state bank, pertaining to loans, discounts, security interests, and investments in bonds and securities.
d. Review of the adequacy of the state bank’s internal controls and determination of the most appropriate method to satisfy the state bank’s audit needs pursuant to § 524.608. e. Periodic review of the utilization of security measures for the protection of the state
bank and the maintenance of reasonable insurance coverage.
2. Directors of a state bank shall discharge the duties of their position in good faith and with that diligence, care, and skill which ordinarily prudent persons would exercise under similar circumstances in like positions. The directors shall have a continuing responsibility to assure themselves that the state bank is being managed according to law and that the practices and policies adopted by the board are being implemented.
[C27, 31, 35, §9283-b23; C39, §9283.71; C46, 50, 54, 58, 62, 66, §531.23; C71, 73, 75, 77, 79,
81, §524.604]
95 Acts, ch 148, §62; 2012 Acts, ch 1023, §157; 2022 Acts, ch 1062, §58, 59
1. The duties and responsibilities of a director or of the board of directors shall include,
but are not limited to, the following:
a. Attendance at no less than seventy-five percent of the regular board meetings held during the calendar year.
b. Employment of officer personnel, and determination of their compensation.
c. Periodic review of the original records of the state bank, or comprehensive summaries thereof prepared by the officers of the state bank, pertaining to loans, discounts, security interests, and investments in bonds and securities.
d. Review of the adequacy of the state bank’s internal controls and determination of the most appropriate method to satisfy the state bank’s audit needs pursuant to § 524.608. e. Periodic review of the utilization of security measures for the protection of the state
bank and the maintenance of reasonable insurance coverage.
2. Directors of a state bank shall discharge the duties of their position in good faith and with that diligence, care, and skill which ordinarily prudent persons would exercise under similar circumstances in like positions. The directors shall have a continuing responsibility to assure themselves that the state bank is being managed according to law and that the practices and policies adopted by the board are being implemented.
[C27, 31, 35, §9283-b23; C39, §9283.71; C46, 50, 54, 58, 62, 66, §531.23; C71, 73, 75, 77, 79,
81, §524.604]
95 Acts, ch 148, §62; 2012 Acts, ch 1023, §157; 2022 Acts, ch 1062, §58, 59