1. At any time after the dissolution of a state bank is authorized, the state bank may dissolve by delivering to the superintendent for filing with the secretary of state articles of dissolution setting forth all of the following:

 a. The name of the state bank.
 b. The date dissolution was authorized.
 c. The number of votes entitled to be cast by the shareholders on the proposal to dissolve.
 d. The total number of shareholder votes cast for and against dissolution, or the total number of undisputed votes cast for dissolution and a statement that the number cast for dissolution was sufficient for approval.
 e. If voting by voting groups was required, the information required by paragraphs “c” and “d” must be separately provided for each voting group entitled to vote separately on the plan to dissolve.
 f. That all debts, obligations, and liabilities of the state bank will be paid or otherwise discharged or that adequate provision will be made for such discharge.
 g. That all the remaining property and assets of the state bank will be distributed among its shareholders in accordance with their respective rights and interests.
 h. That there are no legal actions pending against the state bank in any court or that adequate provision has been made for the satisfaction of any judgment, order, or decree which may be entered against it in any pending legal action.

Terms Used In Iowa Code 524.1304A

  • Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • property: includes personal and real property. See Iowa Code 4.1
  • Shareholder: means one who is a holder of record of shares in a state bank. See Iowa Code 524.103
  • 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
  • State bank: means any bank incorporated pursuant to the provisions of this chapter after January 1, 1970, and any "state bank" incorporated pursuant to the laws of this state and doing business as such on January 1, 1970, or a bank organized as a mutual corporation under this chapter. See Iowa Code 524.103
  • Superintendent: means the superintendent of banking of this state. See Iowa Code 524.103
 2. A state bank is dissolved upon the effective date of its articles of dissolution.
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