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Section 524.1421 - Mutual to stock conversions.

IA Code § 524.1421 (2019) (N/A)
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524.1421 Mutual to stock conversions.

1. A mutual corporation, a mutual holding company, a federal mutual association, or a federal mutual holding company, subject to the provisions of this chapter, may convert into a stock corporation that is either a state bank or a state bank mutual bank holding company upon approval of the superintendent.

2. A mutual corporation, a mutual holding company, a federal mutual association, or a federal mutual holding company shall make an application to the superintendent for approval of the conversion in a manner prescribed by the superintendent and shall deliver to the superintendent, when available, the following:

a. Articles of conversion.

b. A business plan addressing factors prescribed by the superintendent.

c. Proof of publication of the notice required by section 524.1422.

d. The applicable fee payable to the secretary of state, under section 490.122, for the filing and recording of the articles of conversion.

3. The superintendent may adopt rules governing mutual to stock conversions.

2012 Acts, ch 1017, §14, 18

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Section 524.1420 - Nonconforming assets of resulting state bank.
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Section 524.1422 - Notice of mutual to stock conversion.