524.609 Executive and other committees. If the articles of incorporation or the bylaws so provide, the board of directors, by resolution adopted by a majority of the full board of directors, may designate from among its members anexecutive committee and one or more other committees each of which, to the extent providedin such resolution or in the articles of incorporation or the bylaws of the state bank shallhave and may exercise all the authority of the board of directors, but no such committeeshall have the authority of the board of directors in reference to amending the articles ofincorporation, adopting a plan of merger or consolidation, recommending to the shareholdersthe sale, lease, exchange or other disposition of all or substantially all the property and assetsof the state bank, recommending to the shareholders a voluntary dissolution of the state bankor a revocation thereof, or amending the bylaws of the state bank. The designation of anysuch committee and the delegation thereto of authority shall not operate to relieve the boardof directors, or any member thereof, of any responsibility imposed by law. ate bank. The designation of anysuch committee and the delegation thereto of authority shall not operate to relieve the boardof directors, or any member thereof, of any responsibility imposed by law. [C71, 73, 75, 77, 79, 81, §524.609] Sat Dec 23 01:15:06 2023 Iowa Code 2024, Section 524.609 (22, 0)
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