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Code · Iowa · Chapter 524 — Banks

524.707 Removal of officers or employees.

107 words·~1 min read·/ia/chapter-524-banks/524-707·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. An officer or employee may be removed by the board of directors whenever in its judgment the best interests of the state bank shall be served by such removal, but the removal shall be without prejudice to the contract rights, if any, of the officer or employee so removed. Election of an officer shall not of itself create contract rights.
2. Section 524.606, subsection 2, which provides for the removal of directors by the superintendent, shall have equal application to officers and employees of a state bank, bank holding company, bank affiliate, or trust company.
[C71, 73, 75, 77, 79, 81, §524.707]
Referred to in §524.228
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