§ 524.312

524.312 Location of state bank — exceptions. 1. A state bank originally incorporated or organized pursuant to this chapter shall have its principal place of business within the state of Iowa. 2. A state bank may, with the prior written approval of the superintendent, change the location of its principal place of business to a new location within the state. 3. If a change in the location of the principal place of business of a state bank is proposed, application for approval of the superintendent shall be made as required bythe superintendent pursuant to this section. A change in location of the principal place ofbusiness of a state bank, including a change from one municipal corporation to anothermunicipal corporation within an urban complex, requires an amendment to the articles ofincorporation pursuant to sections 524.1502, 524.1504, and 524.1506. 4. Within thirty days after acceptance of an application for approval of a change of location of the principal place of business of a state bank pursuant to subsection 3, thesuperintendent shall commence an investigation into the circumstances of the application asdeemed necessary by the superintendent, giving due consideration to

state bank pursuant to subsection 3, thesuperintendent shall commence an investigation into the circumstances of the application asdeemed necessary by the superintendent, giving due consideration to factors substantiallysimilar to those set forth in section 524.305, subsection 1, paragraphs 'c' through 'f'. Withinninety days after the application has been accepted for processing, the superintendent shallapprove or disapprove the application on the basis of the investigation. The superintendentshall give written notice of the decision to the state bank, and in the event of disapprovala statement of the reasons for the disapproval. If the superintendent approves the changein location the superintendent shall deliver the articles of amendment to the secretary ofstate. As a condition of receiving the decision of the superintendent with respect to theapplication, the state bank shall reimburse the superintendent for all expenses incurred bythe superintendent in connection with the application. 5. A state bank approved under the provisions of section 524.305, subsection 8, shall not commence its business at any location other than the principal place of business or an officeof the

lication. 5. A state bank approved under the provisions of section 524.305, subsection 8, shall not commence its business at any location other than the principal place of business or an officeof the state bank the condition of which was the basis for the superintendent authorizingincorporation or organization of the new state bank. [C71, 73, 75, 77, 79, 81, §524.312]85 Acts, ch 13, §1; 95 Acts, ch 148, §31, 32; 2004 Acts, ch 1141, §59; 2006 Acts, ch 1015, §5; 2008 Acts, ch 1160, §7; 2022 Acts, ch 1062, §36 Sat Dec 23 01:12:18 2023 Iowa Code 2024, Section 524.312 (25, 0)