524.1303 Voluntary dissolution after commencement of business. 1. A state bank which has commenced business may propose to voluntarily dissolve upon the affirmative vote of the holders of at least a majority of the shares entitled to vote on thevoluntary dissolution, adopting a plan of dissolution involving both a provision for acquisitionof its assets and assumption of its liabilities by another state bank, national bank, or otherfinancial institution insured by the federal deposit insurance corporation and a provision forcontinuance of its business if acquisition of its assets and assumption of its liabilities is noteffected, or any other plan of dissolution providing for full payment of its liabilities. 2. Upon acceptance for processing of an application for approval of a plan of dissolution on forms prescribed by the superintendent, the superintendent shall conduct suchinvestigation as the superintendent may deem necessary to determine whether the plan ofdissolution adequately protects the interests of depositors, other creditors, and shareholdersand, if the plan of dissolution involves an acquisition of assets and assumption of liabilitiesby another state bank, whether such otects the interests of depositors, other creditors, and shareholdersand, if the plan of dissolution involves an acquisition of assets and assumption of liabilitiesby another state bank, whether such acquisition and assumption would be consistent withadequate and sound banking and in the public interest, on the basis of factors substantiallysimilar to those set forth in section 524.1403, subsection 1, paragraph 'd'. [C97, §1857; S13, §1857; C24, 27, 31, 35, 39, §9277; C46, 50, 54, 58, 62, 66, §528.76; C71, 73, 75, 77, 79, 81, §524.1303] 92 Acts, ch 1161, §5; 95 Acts, ch 148, §97; 2004 Acts, ch 1141, §27; 2005 Acts, ch 19, §110; 2022 Acts, ch 1062, §103, 104 Referred to in §524.1309 Sat Dec 23 01:23:19 2023 Iowa Code 2024, Section 524.1303 (24, 0)
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