Iowa Code § 524.527
Liability of shareholders or members
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2024
As of January 1, 2012
1. A purchaser of the shares of a state bank 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.
1. A purchaser of the shares of a state bank incorporated as a stock corporation is not liable to the state 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.
2. A shareholder of a state bank is not personally liable for any liabilities of the state bank, including liabilities arising from the acts or debts of the state bank, its creditors, or depositors, subject to the following exceptions:
a. To the extent provided in a provision of the articles of incorporation permitted by section 524.302, subsection 2, paragraph “c”.
b. By reason of the shareholder’s own acts or conduct.
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.
95 Acts, ch 148, §44
95 Acts, ch 148, §44
CS 95, §524.527
CS95, §524.527
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.