Iowa Code 524.1421 – Mutual to stock conversions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 524.1421
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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 § 524.1422.
d. The applicable fee payable to the secretary of state, under § 490.122, for the filing of the articles of conversion.
3. The superintendent may adopt rules governing mutual to stock conversions.
2012 Acts, ch 1017, §14, 18; 2022 Acts, ch 1062, §133
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 § 524.1422.
d. The applicable fee payable to the secretary of state, under § 490.122, for the filing of the articles of conversion.
3. The superintendent may adopt rules governing mutual to stock conversions.
2012 Acts, ch 1017, §14, 18; 2022 Acts, ch 1062, §133