524.707 Removal of officers or employees. 1. An officer or employee may be removed by the board of directors whenever in its judgment the best interests of the state bank shall be served by such removal, but theremoval shall be without prejudice to the contract rights, if any, of the officer or employeeso removed. Election of an officer shall not of itself create contract rights. 2. Section 524.606, subsection 2, which provides for the removal of directors by the superintendent, shall have equal application to officers and employees of a state bank, bankholding company, bank affiliate, or trust company. [C71, 73, 75, 77, 79, 81, §524.707]91 Acts, ch 220, §4; 95 Acts, ch 148, §75; 2006 Acts, ch 1015, §7; 2022 Acts, ch 1062, §71Referred to in §524.228 Sat Dec 23 01:16:04 2023 Iowa Code 2024, Section 524.707 (23, 0)
Iowa Legal Code