2016 Iowa Code
Title XIII - COMMERCE
Chapter 524 - BANKS
Section 524.538A - Voting by member of mutual corporation.
524.538A
Voting by member of mutual corporation.
All holders of savings, demand, or other authorized accounts of a bank incorporated as or converted to be a mutual corporation are members of the state bank. In the consideration of all questions requiring action by the members of the state bank, each holder of an account shall be permitted to cast one vote for each one hundred dollars, or fraction thereof, of the withdrawal value of the member’s account. No member, however, shall cast more than one thousand member votes. All accounts shall be nonassessable.
2012 Acts, ch 1017, §12, 18
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