524.543  Distribution of shares of state bank.

1.  The board of directors of a state bank may, subject to the provisions of section 524.405, distribute pro rata to holders of common shares authorized but unissued common shares of the state bank.

2.  A distribution shall not be made in authorized but unissued shares of the state bank unless an amount equal to the total par value of the shares distributed is transferred to capital.

Section History: Early form

  [C71, 73, 75, 77, 79, 81, § 524.517]

Section History: Recent form

  95 Acts, ch 148, §58

  CS 95, §524.543

Internal References

  Referred to in § 524.524

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