1. Upon the issuance of the certificate of incorporation of a state bank, the corporate existence shall begin, unless the certificate in conformity with a provision of the articles of incorporation provides that it shall begin on a stated day in the future, in which event the corporate existence shall without further action by either the incorporators or the secretary of state begin on the day so stated. Such certificate of incorporation shall be conclusive evidence of the fact that the state bank has been incorporated except as against the superintendent in a proceeding instituted by the superintendent to dissolve a state bank pursuant to section 524.1302.
2. The state bank shall not accept deposits or transact any business except such business as is incident to commencement of business, or to the obtaining of subscriptions and payment for its shares until receipt of an authorization to do business from the superintendent. The superintendent shall issue an authorization to do business upon finding that the proposed state bank has complied with all the requirements of this chapter precedent to commencing business and has submitted to the superintendent a statement under oath, in the manner designated by the superintendent, showing that the capital, surplus and undivided profits required by the superintendent in accordance with this chapter have been fully paid in.
3. If a state bank transacts any business before receipt of an authorization to do business in violation of subsection 2, the directors and officers who willfully authorized or participated in such action shall be severally liable for the debts and liabilities of the state bank incurred prior to the receipt of the authorization to do business.
[C97, § 1843, 1864; S13, § 1843, 1864; C24, 27, 31, 35, 39, § 9161, 9207; C46, 50, 54, 58, 62, 66, § 526.6, 527.5; C71, 73, 75, 77, 79, 81, § 524.308]
Referred to in § 524.106
Iowa General Assembly
Search: Iowa Code 1995
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