524.308 Issuance of authorization to do business. 1. The state bank shall not accept deposits or transact any business except such business as is incident to commencement of business, or to the obtaining of subscriptions and paymentfor its shares until receipt of an authorization to do business from the superintendent. Thesuperintendent shall issue an authorization to do business upon finding that the proposedstate bank has complied with all the requirements of this chapter precedent to commencingbusiness and has submitted to the superintendent a statement under oath, in the mannerdesignated by the superintendent, showing that the capital, surplus and undivided profitsrequired by the superintendent in accordance with this chapter have been fully paid in. 2. If a state bank transacts any business before receipt of an authorization to do business in violation of subsection 1, the directors, managers, and officers who willfully authorizedor participated in the action are severally liable for the debts and liabilities of the state bankincurred prior to the receipt of the authorization to do business. d officers who willfully authorizedor participated in the action are severally liable for the debts and liabilities of the state bankincurred prior to the receipt of the authorization to do business. [C97, §1843, 1864; S13, §1843, 1864; C24, 27, 31, 35, 39, §9161, 9207; C46, 50, 54, 58, 62, 66, §526.6, 527.5; C71, 73, 75, 77, 79, 81, §524.308] 95 Acts, ch 148, §27, 28; 2004 Acts, ch 1141, §57 Sat Dec 23 01:12:16 2023 Iowa Code 2024, Section 524.308 (22, 0)
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