Section 524.612 - Director dealing with state bank1. A director shall not receive terms or be paid a rate of interest on deposits, by a state bank of which the person is a director, which are more favorable than that provided to any other customer under similar circumstances. Any waiver of ordinary or customary charges related to deposit accounts shall not violate this subsection.2. A director shall not purchase or lease any assets from or sell or lease any assets to a state bank of which the person is a director except upon terms not less favorable to the state bank than those offered to or by other persons. All purchases or leases from and sales or leases to a director shall receive the prior approval of a majority of the board of directors voting in the absence of the interested director.91 Acts, ch 14, §1; 95 Acts, ch 148, §68; 2017 Acts, ch 138, §2, 3
Amended by 2017 Iowa, ch 138, s 3, eff. 7/1/2017.Amended by 2017 Iowa, ch 138, s 2, eff. 7/1/2017.C97, §1869; S13, §1869; C24, 27, 31, 35, 39, §9220; C46, 50, 54, 58, 62, 66, § 528.6; C71, 73, 75, 77, 79, 81, §524.612 91 Acts, ch 14, §1; 95 Acts, ch 148, §68Referred to in §524.706, 524.1601, 524.1806