The shares of a state bank shall be represented by certificates signed by such officers, employees or agents as are authorized by the articles of incorporation or bylaws to sign. If no contrary provisions are made in the articles of incorporation or bylaws, such certificates shall be signed by the president or a vice president and the cashier or an assistant cashier of the state bank, and may be sealed with the seal of the state bank or a facsimile thereof. The signatures of the president or vice president and the cashier or an assistant cashier or other persons signing for the state bank upon a certificate may be facsimiles if the certificate is countersigned by a transfer agent, or registered by a registrar, other than the state bank itself or an employee of the state bank. In case any officer or other authorized person who has signed or whose facsimile signature has been placed upon such certificate for the state bank shall have ceased to be such officer or employee or agent before such certificate is issued, it may be issued by the state bank with the same effect as if the person were such officer or employee or agent at the date of its issue. If a state bank is authorized to issue preferred shares, every certificate issued by the state bank shall set forth upon the face or back of the certificate, or shall state that the state bank will furnish to any shareholder upon request and without charge, a full statement of the designations, preferences, limitations, and relative rights of such preferred shares.
Each certificate representing shares shall state upon the face thereof:
1. That the state bank is organized under the laws of this state.
2. The name of the person to whom issued.
3. The number and class of shares which such certificate represents.
4. The par value of each share represented by such certificate.
No certificate shall be issued for any share until such share is fully paid.
[C71, 73, 75, 77, 79, 81, § 524.502]
Iowa General Assembly
Search: Iowa Code 1995
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Feb 8 18:14:51 CST 1996
URL: /IACODE/1995/524/502.html
jhf