508B.8 Payment of fees, salaries and costs.
A director, officer, agent or employee of the mutual company shall not receive a fee, commission or other valuable consideration, other than regular salary and compensation, for aiding, promoting or assisting in the conversion except as set forth in the plan approved by the commissioner. This section does not prohibit the payment of reasonable fees and compensation to a consultant, attorneys at law, accountants, actuaries or other persons specifically employed for services performed in the practice of their professions while completing the plan of conversion, even if these persons are directors of the mutual company.
85 Acts, ch 127, §8
Structure Iowa Code
Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY
Section 508B.2 - Mutual company becoming stock company — authorization.
Section 508B.4 - Eligible policyholders participation.
Section 508B.5 - Appointment of consultant.
Section 508B.6 - Approval of plan by policyholders — notice of election — effective date.
Section 508B.7 - Review of plan by commissioner — hearing authorized — approval.
Section 508B.8 - Payment of fees, salaries and costs.
Section 508B.9 - Act of conversion — continuation of company.
Section 508B.10 - Continuation of officers.
Section 508B.12 - Amendments — withdrawal.
Section 508B.13 - Prohibitions on certain offers to acquire shares.
Section 508B.14 - Limitation of actions — security for attorney fees.