1. The business and affairs of a state bank shall be managed by a board of five or more directors eighteen years of age or older, a majority of whom shall be citizens of this state and all of whom shall be citizens of the United States.
2. The number of directors may be increased, or decreased to a number not less than five, by the shareholders at the annual meeting, or at a special meeting called for that purpose, but no decrease shall have the effect of shortening the term of an incumbent director.
[C97, § 1845, 1866; C24, 27, § 9163, 9164, 9165, 9166, 9210--;9212, 9213; C31, 35, § 9163, 9164, 9165, 9210--;9212, 9217-c2; C39, § 9163, 9164, 9165, 9210--;9212, 9217.2; C46, 50, 54, 58, 62, 66, § 526.8, 526.9, 526.10, 527.8--;527.10, 528.2; C71, 73, 75, 77, 79, 81, § 524.601]
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Search: Iowa Code 1995
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