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524.707 Removal of officers.

1. Any officer may be removed by the board of directors whenever in its judgment the best interests of the state bank shall be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the officer so removed. Election of an officer shall not of itself create contract rights.

2. Subsection 2 of section 524.606 providing for the removal of directors by the superintendent, shall have equal application to officers and employees.

Section History: Early form

[C71, 73, 75, 77, 79, 81, § 524.707]

Section History: Recent form

91 Acts, ch 220, §4

Internal References

Referred to in § 524.228

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