2014 Iowa Code
TITLE XIII - COMMERCE
SUBTITLE 2 - FINANCIAL INSTITUTIONS
CHAPTER 524 - BANKS
SECTION 524.527 - Liability of shareholders or members.
524.527 Liability of shareholders or members.
1. A purchaser of the shares of a state bank incorporated as a stock corporation is not liable to the bank, its creditors, or depositors with respect to the shares except to pay the consideration for which the shares were authorized to be issued under section 524.521, or the consideration specified in the subscription agreement authorized under section 524.525.
2. Unless otherwise provided in the articles of incorporation, a shareholder of a state bank is not personally liable for the acts or debts of the state bank, its creditors, or depositors.
3. A member of a state bank incorporated as a mutual corporation is not personally liable for the acts or debts of the state bank, its creditors, or depositors.
[C71, 73, 75, 77, 79, 81, §524.505]
95 Acts, ch 148, §44
CS 95, §524.527
2012 Acts, ch 1017, §11, 18
Disclaimer: These codes may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
