524.602 Board of directors — election. 1. Except as provided in subsection 2, at the first annual meeting of shareholders and at each annual meeting thereafter the shareholders shall elect directors to hold office untilthe next succeeding annual meeting. Directors shall hold office for one year or until theirsuccessors have been elected and qualified, unless removed in accordance with provisionsof section 524.606. When the shareholders determine the number of directors at an annualmeeting or at a special meeting, they shall, at the same meeting, elect a director to fill eachdirectorship. 2. The articles of incorporation of a state bank may authorize directors to be elected to staggered terms of three years. At the first meeting of shareholders or at an annual orspecial meeting where the shareholders adopt staggered terms for directors, and at eachannual meeting thereafter, the shareholders shall elect directors to hold office for any vacantposition. A director shall hold office until the director’s term expires or until the director’ssuccessor has been elected and qualified, unless the director is removed in accordance withthe provisions of section 524.606. hall hold office until the director’s term expires or until the director’ssuccessor has been elected and qualified, unless the director is removed in accordance withthe provisions of section 524.606. [C97, §1846; C24, 27, 31, 35, 39, §9171, 9172; C46, 50, 54, 58, 62, 66, §526.14, 526.15; C71, 73, 75, 77, 79, 81, §524.602] 95 Acts, ch 148, §61; 2010 Acts, ch 1028, §9 Sat Dec 23 01:15:00 2023 Iowa Code 2024, Section 524.602 (23, 0)
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