524.610 Compensation of directors. 1. The shareholders of a state bank shall fix the reasonable compensation of directors for their services as members of the board of directors. Subject to approval by the shareholdersat an annual or special meeting called for that purpose, the shareholders of a state bank mayadopt a pension or profit-sharing plan, or both, or other plan of deferred compensation fordirectors, to which a state bank may contribute. Changes to such a pension or profit-sharingplan or other plan of deferred compensation, other than changes that affect eligibilityrequirements for directors under the plan, benefits provided to directors pursuant to theplan, and contributions required by the state bank or directors under the plan, may beadopted by the board of directors without shareholder approval. 2. Directors may be reimbursed for reasonable expenses incurred in the performance of their duties. [C97, §1869, 1871; S13, §1869, 1871; C24, 27, 31, 35, 39, §9219, 9227; C46, 50, 54, 58, 62, 66, §528.5, 528.21; C71, 73, 75, 77, 79, 81, §524.610; 81 Acts, ch 173, §1] 95 Acts, ch 148, §67; 2004 Acts, ch 1141, §21; 2018 Acts, ch 1041, §127; 2022 Acts, ch 1062, §68 Referred to in 54, 58, 62, 66, §528.5, 528.21; C71, 73, 75, 77, 79, 81, §524.610; 81 Acts, ch 173, §1] 95 Acts, ch 148, §67; 2004 Acts, ch 1141, §21; 2018 Acts, ch 1041, §127; 2022 Acts, ch 1062, §68 Referred to in §524.613 Sat Dec 23 01:15:06 2023 Iowa Code 2024, Section 524.610 (25, 0)
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