The duties and responsibilities of a director or of the board of directors shall include, but are not limited to, the following:
1. Reasonably regular attendance at meetings of the board.
2. Employment of officer personnel, and determination of their compensation.
3. Periodic review of the original records of the state bank, or comprehensive summaries thereof prepared by the officers of the state bank, pertaining to loans, discounts, security interests and investments in bonds and securities.
4. Utilization of a method to insure the safety of the funds of depositors as provided for in section 524.608.
5. Periodic review of the utilization of security measures for the protection of the state bank and the maintenance of reasonable insurance coverage.
Directors of a state bank shall discharge the duties of their position in good faith and with that diligence, care and skill which ordinarily prudent persons would exercise under similar circumstances in like positions. The directors shall have a continuing responsibility to assure themselves that the bank is being managed according to law and that the practices and policies adopted by the board are being implemented.
[C27, 31, 35, § 9283-b23; C39, § 9283.71; C46, 50, 54, 58, 62, 66, § 531.23; C71, 73, 75, 77, 79, 81, § 524.604]
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/1995/524/604.html
jhf