524.525 Subscription for shares before incorporation or organization. 1. A subscription for shares entered into before incorporation or organization of the state bank is irrevocable for six months unless the subscription agreement provides a longer orshorter period, or all subscribers agree to revocation. 2. The board of directors may determine the payment terms of subscriptions for shares that were entered into before incorporation or organization of the state bank unless thesubscription agreement specifies the terms. A call for payment by the board of directorsmust be uniform so far as practicable as to all shares of the same class or series, unless thesubscription agreement specifies otherwise. 3. Shares issued pursuant to subscriptions entered into before incorporation or organization of the state bank are fully paid and nonassessable when the state bank receivesthe consideration specified in the subscription agreement. 4. If a subscriber defaults in payment of money or property under a subscription agreement entered into before incorporation or organization of the state bank, the statebank may do either of the following: a. Collect the amount owed as any other debt.b. perty under a subscription agreement entered into before incorporation or organization of the state bank, the statebank may do either of the following: a. Collect the amount owed as any other debt.b. Unless the subscription agreement provides otherwise, the state bank may rescind the agreement and may sell the shares if the debt remains unpaid more than twenty days afterthe state bank delivers a written demand for payment to the subscriber. [C71, 73, 75, 77, 79, 81, §524.504]95 Acts, ch 148, §42CS95, §524.5252004 Acts, ch 1141, §63; 2022 Acts, ch 1062, §44Referred to in §524.527 Sat Dec 23 01:14:16 2023 Iowa Code 2024, Section 524.525 (24, 0)
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