524.703 Officers and employees — employment and compensation. 1. The board of directors may fix the tenure and provide for the reasonable compensation of officers. The chief executive officer or the chief executive officer’s designee shall determinethe employees’ compensation and tenure. Officers and employees may be reimbursed forreasonable expenses incurred by them on behalf of the state bank. 2. Subject to approval by the shareholders at an annual or special meeting called for the purpose, the board of directors of a state bank may adopt a pension or profit-sharing plan, orboth, or other plan of deferred compensation, for both officers and employees, to which thestate bank may contribute. Changes to such a pension or profit-sharing plan or other planof deferred compensation, other than changes that affect eligibility requirements for officersand employees under the plan, benefits provided to officers and employees pursuant to theplan, and contributions required by state banks, officers, or employees under the plan, maybe adopted by the board of directors without shareholder approval. to officers and employees pursuant to theplan, and contributions required by state banks, officers, or employees under the plan, maybe adopted by the board of directors without shareholder approval. [C97, §1844, 1869; S13, §1869; C24, 27, 31, 35, 39, §9162, 9219; C46, 50, 54, 58, 62, 66, §526.7(4), 528.5; C71, 73, 75, 77, 79, 81, §524.703] 95 Acts, ch 148, §72; 2004 Acts, ch 1141, §22; 2018 Acts, ch 1041, §127; 2022 Acts, ch 1062, §70 Referred to in §524.710 Sat Dec 23 01:16:02 2023 Iowa Code 2024, Section 524.703 (25, 0)
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