§ 524.1304

524.1304 Voluntary dissolution — approval. 1. Within ninety days after acceptance of the application for processing, the superintendent shall approve or disapprove the application for voluntary dissolution onthe basis of the superintendent’s investigation. As a condition of receiving the decision ofthe superintendent with respect to the application, the applying state bank shall reimbursethe superintendent for all expenses incurred by the superintendent in connection with theapplication. The superintendent shall give to the applying state bank written notice of thesuperintendent’s decision. The decision of the superintendent shall be subject to judicialreview pursuant to chapter 17A. 2. Upon approval of the plan of voluntary dissolution by the superintendent, the superintendent shall file with the secretary of state articles of dissolution prepared by theapplicant in conformance with section 524.1304A. Upon filing of the articles of dissolutionwith the secretary of state, the state bank shall cease to accept deposits or carry on itsbusiness, except insofar as may be necessary for the proper winding up of the businessof the state bank in accordance with the approved plan of

tate bank shall cease to accept deposits or carry on itsbusiness, except insofar as may be necessary for the proper winding up of the businessof the state bank in accordance with the approved plan of dissolution. Upon request, thesuperintendent shall expressly revoke the authorization to do business of any state bankthat has voluntarily dissolved pursuant to this section and shall return the physical copyof such state bank’s authorization to do business in a manner clearly indicating that theauthorization has been revoked. 3. If applicable state or federal laws require approval by an appropriate state or federal agency, the superintendent may withhold delivery of the approved articles of dissolutionuntil the superintendent receives notice of the decision of such agency. If the final approvalof the agency is not given within six months of the superintendent’s approval, then thesuperintendent shall notify the applying state bank that the approval of the superintendenthas been rescinded for that reason. [C97, §1857; S13, §1857; C24, 27, 31, 35, 39, §9277; C46, 50, 54, 58, 62, 66, §528.76; C71, 73, 75, 77, 79, 81, §524.1304] 95 Acts, ch 148, §98; 2022 Acts, ch 1062, §105Referred to in

or that reason. [C97, §1857; S13, §1857; C24, 27, 31, 35, 39, §9277; C46, 50, 54, 58, 62, 66, §528.76; C71, 73, 75, 77, 79, 81, §524.1304] 95 Acts, ch 148, §98; 2022 Acts, ch 1062, §105Referred to in §524.1309 Sat Dec 23 01:23:08 2023 Iowa Code 2024, Section 524.1304 (23, 0)