§ 524.1401

524.1401 Authority to merge. 1. Upon compliance with the requirements of this chapter, one or more state banks, one or more out-of-state banks, one or more national banks, one or more federal savingsassociations, one or more corporations, or any combination of these entities, with theapproval of the superintendent, may merge into a state bank pursuant to a plan of merger. 2. Upon compliance with the requirements of this chapter, one or more state banks may merge into a national bank, federal savings association, or out-of-state bank. The authorityof a state bank to merge into a national bank or federal savings association is subject to thecondition that at the time of the transaction the laws of the United States shall authorize anational bank or federal savings association located in this state, without approval by thecomptroller of the currency of the United States, to merge into a state bank under limitationsno more restrictive than those contained in this chapter with respect to the merger of a statebank into a national bank or federal savings association. The authority of a state bank tomerge into an out-of-state bank is subject to the condition that at the time of the

t to the merger of a statebank into a national bank or federal savings association. The authority of a state bank tomerge into an out-of-state bank is subject to the condition that at the time of the transactionthe laws of the home state of the resulting bank shall authorize a bank organized under thelaws of such home state, without approval by the home state’s bank regulatory authority, tomerge into a state bank under limitations no more restrictive than those contained in thischapter with respect to the merger of a state bank into an out-of-state bank. 3. As used in this section, the term 'merger' or 'merge' means any plan by which the assets and liabilities of an entity are combined with those of one or more other entities,including transactions in which one of the corporate entities survives and transactions inwhich a new corporate entity is created. [C54, 58, 62, 66, §528B.1 – 528B.3; C71, 73, 75, 77, 79, 81, §524.1401]95 Acts, ch 148, §108; 2012 Acts, ch 1017, §109; 2022 Acts, ch 1062, §116 Sat Dec 23 01:24:18 2023 Iowa Code 2024, Section 524.1401 (25, 0)