§ 524.1416

524.1416 Authority for conversion of state bank into national bank or federal savings association. 1. A state bank may convert into a national bank or federal savings association by compliance with the laws of the United States, and adoption of a plan of conversion by theaffirmative vote of at least a majority of its directors and the holders of two-thirds of eachclass of its shares at a meeting held upon not less than ten days’ notice to all shareholders.The authority of a state bank to convert into a national bank or federal savings associationshall be subject to the condition that at the time of the transaction, the laws of the UnitedStates shall authorize a national bank or federal savings association located in this state,without approval by the comptroller of the currency of the United States or director of theoffice of thrift supervision, as applicable, to convert into a state bank under limitations andconditions no more restrictive than those contained in this section and section 524.1417 withrespect to conversion of a state bank into a national bank or federal savings association. 2.

mitations andconditions no more restrictive than those contained in this section and section 524.1417 withrespect to conversion of a state bank into a national bank or federal savings association. 2. A state bank which converts into a national bank or federal savings association shall notify the superintendent of the proposed conversion, provide such evidence of the adoptionof the plan as the superintendent may request, notify the superintendent of any abandonmentor disapproval of the plan, and file with the superintendent and with the secretary of state acertificate of the approval of the conversion by the comptroller of the currency of the UnitedStates or director of the office of thrift supervision, as applicable, and the date upon whichsuch conversion is to become effective. A state bank that converts into a national bank orfederal savings association shall comply with the provisions of section 524.310, subsection 1. 3. Upon request, the superintendent shall expressly revoke the authorization to do business of any state bank that converts into a national bank or federal savings associationpursuant to this section and shall return the physical copy of such state bank’s

ke the authorization to do business of any state bank that converts into a national bank or federal savings associationpursuant to this section and shall return the physical copy of such state bank’s authorizationto do business in a manner clearly indicating that the authorization has been revoked. [C54, 58, 62, 66, §528B.2; C71, 73, 75, 77, 79, 81, §524.1416]98 Acts, ch 1036, §13; 2004 Acts, ch 1141, §30; 2006 Acts, ch 1010, §149; 2007 Acts, ch 88, §14; 2012 Acts, ch 1017, §117; 2022 Acts, ch 1062, §131 Sat Dec 23 01:24:27 2023 Iowa Code 2024, Section 524.1416 (25, 0)