497.14  May act as trustee.

In case the cash value of such purchased business exceeds one thousand dollars, the directors of the association are authorized to hold the shares in excess of one thousand dollars in trust for the vendor, and dispose of the same to such persons, and within such times, as may be mutually satisfactory to the parties in interest, and to pay the proceeds thereof as currently received to the former owner of said business.

Section History: Early form

  [SS15, § 1641-r11; C24, 27, 31, 35, 39, § 8472; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 497.14]

Previous Section 497.13

Next Section 497.15

Return To Home index

© 2001 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Mon Jan 22 17:13:42 CST 2001
URL: /DOCS/IACODE/2001/497/14.html