Iowa Code 524.310 – Name of state bank
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Terms Used In Iowa Code 524.310
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. 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
524.310 Name of state bank.
1. The name of a state bank originally incorporated or organized after the effective date
of this chapter shall include the word “”bank”” and may include the word “”state”” or “”trust”” in its name. A state bank using the word “”trust”” in its name must be authorized under this chapter to act in a fiduciary capacity. A national bank or federal savings association shall not use the word “”state”” in its legally chartered name.
2. The provisions of this section shall not require any state bank existing and operating on January 1, 1970, to add to, modify, or otherwise change its corporate or organizational name, either on January 1, 1970, or at any time thereafter.
3. If a state bank existing and operating on January 1, 1970, causes its corporate or organizational name to be changed, the name as changed shall comply with subsection 1 of this section.
4. a. A person may reserve the exclusive use of a corporate or organizational name for a state bank by delivering an application to the secretary of state for filing. The application must set forth the name and address of the applicant and the name proposed to be reserved. If the secretary of state finds that the corporate or organizational name applied for is available, the secretary of state shall reserve the name for the applicant’s exclusive use for a nonrenewable one hundred twenty-day period.
b. The owner of a reserved corporate or organizational name may transfer the reservation to another person by delivering to the secretary of state a signed notice of the transfer that states the name and address of the transferee.
5. A state bank using a fictitious name to transact business in this state may file its fictitious name with the secretary of state by delivering to the superintendent for filing with the secretary of state a copy of the resolution of its board of directors certified by its secretary, adopting the fictitious name. A state bank using a fictitious name shall comply with the requirements of § 524.1206 and with any other regulatory requirements governing use of its name. The fictitious name must be distinguishable upon the record of the secretary of state from all of the following:
a. The corporate name of a business or nonprofit corporation incorporated or authorized to transact business in this state.
b. A corporate or company name reserved, registered, or protected as provided in section
489.113, 489.114, 489.710, 490.402, 490.403, 504.402, or 504.403.
c. The fictitious name of another foreign business or nonprofit corporation authorized to transact business in this state.
[C97, §1861, 1889; S13, §1889, 1889-i; C24, 27, 31, 35, 39, §9202, 9261, 9295, 9296; C46, 50,
54, 58, 62, 66, §527.1, 528.54, 532.12, 532.13; C71, 73, 75, 77, 79, 81, §524.310]
84 Acts, ch 1202, §1; 91 Acts, ch 11, §1; 91 Acts, ch 258, §61; 95 Acts, ch 148, §30; 2004 Acts, ch 1141, §18, 58; 2005 Acts, ch 19, §108; 2010 Acts, ch 1028, §8; 2011 Acts, ch 34, §120; 2011
Acts, ch 131, §73, 158; 2022 Acts, ch 1062, §35; 2023 Acts, ch 152, §159, 161
Referred to in §524.1416
2023 amendment to subsection 5, paragraph b effective January 1, 2024; 2023 Acts, ch 152, §161
Subsection 5, paragraph b amended
1. The name of a state bank originally incorporated or organized after the effective date
of this chapter shall include the word “”bank”” and may include the word “”state”” or “”trust”” in its name. A state bank using the word “”trust”” in its name must be authorized under this chapter to act in a fiduciary capacity. A national bank or federal savings association shall not use the word “”state”” in its legally chartered name.
2. The provisions of this section shall not require any state bank existing and operating on January 1, 1970, to add to, modify, or otherwise change its corporate or organizational name, either on January 1, 1970, or at any time thereafter.
3. If a state bank existing and operating on January 1, 1970, causes its corporate or organizational name to be changed, the name as changed shall comply with subsection 1 of this section.
4. a. A person may reserve the exclusive use of a corporate or organizational name for a state bank by delivering an application to the secretary of state for filing. The application must set forth the name and address of the applicant and the name proposed to be reserved. If the secretary of state finds that the corporate or organizational name applied for is available, the secretary of state shall reserve the name for the applicant’s exclusive use for a nonrenewable one hundred twenty-day period.
b. The owner of a reserved corporate or organizational name may transfer the reservation to another person by delivering to the secretary of state a signed notice of the transfer that states the name and address of the transferee.
5. A state bank using a fictitious name to transact business in this state may file its fictitious name with the secretary of state by delivering to the superintendent for filing with the secretary of state a copy of the resolution of its board of directors certified by its secretary, adopting the fictitious name. A state bank using a fictitious name shall comply with the requirements of § 524.1206 and with any other regulatory requirements governing use of its name. The fictitious name must be distinguishable upon the record of the secretary of state from all of the following:
a. The corporate name of a business or nonprofit corporation incorporated or authorized to transact business in this state.
b. A corporate or company name reserved, registered, or protected as provided in section
489.113, 489.114, 489.710, 490.402, 490.403, 504.402, or 504.403.
c. The fictitious name of another foreign business or nonprofit corporation authorized to transact business in this state.
[C97, §1861, 1889; S13, §1889, 1889-i; C24, 27, 31, 35, 39, §9202, 9261, 9295, 9296; C46, 50,
54, 58, 62, 66, §527.1, 528.54, 532.12, 532.13; C71, 73, 75, 77, 79, 81, §524.310]
84 Acts, ch 1202, §1; 91 Acts, ch 11, §1; 91 Acts, ch 258, §61; 95 Acts, ch 148, §30; 2004 Acts, ch 1141, §18, 58; 2005 Acts, ch 19, §108; 2010 Acts, ch 1028, §8; 2011 Acts, ch 34, §120; 2011
Acts, ch 131, §73, 158; 2022 Acts, ch 1062, §35; 2023 Acts, ch 152, §159, 161
Referred to in §524.1416
2023 amendment to subsection 5, paragraph b effective January 1, 2024; 2023 Acts, ch 152, §161
Subsection 5, paragraph b amended