1. A state bank shall have the power to create and issue:
a. Common shares with par value, and
b. One or more classes of preferred shares, all of which shall be shares with par value and any and all of which may be voting or nonvoting and which may have such designations, preferences, limitations, and relative rights as shall be stated in the articles of incorporation.
2. Without limiting the authority herein contained, a state bank, when so provided in its articles of incorporation, may issue preferred shares:
a. Subject to the right of the state bank to redeem any of such shares at the price fixed by the articles of incorporation for the redemption thereof.
b. Entitling the holders thereof to cumulative, noncumulative or partially cumulative dividends.
c. Having preference over common shares or any other classes of preferred shares as to the payment of dividends.
d. Having preference in the assets of the state bank over common shares or any other class of preferred shares upon the voluntary or involuntary dissolution of the state bank.
e. Convertible into shares of common or into shares of preferred of another class except a class having prior or superior rights and preferences as to dividends or distribution of assets upon dissolution.
Unless the articles of incorporation or bylaws otherwise provide, the board of directors may, by resolution duly adopted and with the approval of the superintendent as provided in section 524.405, issue from time to time, in whole or in part, the shares authorized by the articles of incorporation.
[C97, § 1853, 1865; C24, 27, § 9192, 9209; C31, 35, § 9192, 9209, 9261-c1; C39, § 9192, 9209, 9261.1; C46, 50, 54, 58, 62, 66, § 526.36, 527.7, 528.55; C71, 73, 75, 77, 79, 81, § 524.501]
Iowa General Assembly
Search: Iowa Code 1995
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