524.542 Dividends. 1. The board of directors of a state bank may, from time to time, declare, and the state bank may pay, dividends on its outstanding shares subject to the restrictions of this chapterand to the restrictions, if any, in its articles of incorporation. Dividends may be declared andpaid only out of undivided profits and may be paid in cash or property. 2. A dividend shall not be declared or paid if restricted by the superintendent.[C97, §1852, 1888; S13, §1850-a, 1852, 1889-l; C24, 27, 31, 35, §9188, 9191, 9262, 9262-c1, 9263, 9283, 9299; C39, §9188, 9191, 9262, 9262.1, 9263, 9283, 9299; C46, 50, 54, 58, 62, 66,§526.33, 526.35, 528.56, 528.57, 528.58, 528.85, 532.16; C71, 73, 75, 77, 79, 81, §524.516] 95 Acts, ch 148, §57CS95, §524.542 Sat Dec 23 01:14:26 2023 Iowa Code 2024, Section 524.542 (23, 0)
Iowa Legal Code