524.543 Distribution of shares of state bank. 1. The board of directors of a state bank may, subject to the provisions of section 524.405, distribute pro rata to holders of common shares authorized but unissued common shares ofthe state bank. 2. A distribution shall not be made in authorized but unissued shares of the state bank unless an amount equal to the total par value of the shares distributed is transferred to capital. [C71, 73, 75, 77, 79, 81, §524.517]95 Acts, ch 148, §58CS95, §524.543Referred to in §524.524 Sat Dec 23 01:14:26 2023 Iowa Code 2024, Section 524.543 (23, 0)
Iowa Legal Code