524.707 - REMOVAL OF OFFICERS OR EMPLOYEES.

        524.707  REMOVAL OF OFFICERS OR EMPLOYEES.         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 bank, bank holding company, bank      affiliate, or trust company.  
         Section History: Early Form
         [C71, 73, 75, 77, 79, 81, § 524.707] 
         Section History: Recent Form
         91 Acts, ch 220, §4; 95 Acts, ch 148, §75; 2006 Acts, ch 1015, §7         Referred to in § 524.228