524.612 Director dealing with state bank. 1. A director shall not receive terms or be paid a rate of interest on deposits, by a state bank of which the person is a director, which are more favorable than that provided to anyother customer under similar circumstances. Any waiver of ordinary or customary chargesrelated to deposit accounts shall not violate this subsection. 2. A director shall not purchase or lease any assets from or sell or lease any assets to a state bank of which the person is a director except upon terms not less favorable to the statebank than those offered to or by other persons. All purchases or leases from and sales orleases to a director shall receive the prior approval of a majority of the board of directorsvoting in the absence of the interested director. [C97, §1869; S13, §1869; C24, 27, 31, 35, 39, §9220; C46, 50, 54, 58, 62, 66, §528.6; C71, 73, 75, 77, 79, 81, §524.612] 91 Acts, ch 14, §1; 95 Acts, ch 148, §68; 2017 Acts, ch 138, §2, 3Referred to in §524.706, 524.1601, 524.1806 Sat Dec 23 01:15:08 2023 Iowa Code 2024, Section 524.612 (27, 0)
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