Iowa Code 524.1417 – Appraisal rights of shareholder of converting state or national bank or federal savings association
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1. A shareholder of a state bank that converts into a national bank or federal savings association who objects to the plan of conversion is entitled to appraisal rights as provided in chapter 490, subchapter XIII.
Terms Used In Iowa Code 524.1417
- Appraisal: A determination of property value.
- 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
- Federal savings association: means a corporation organized under 12 U. See Iowa Code 524.103
- Member: means a person with a membership interest in a state bank incorporated as a mutual corporation under this chapter. See Iowa Code 524.103
- National bank: means a corporation organized under 12 U. See Iowa Code 524.103
- 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
- Out-of-state bank: means a corporation, other than a credit union, industrial bank, or trust company, that is authorized by the laws of another state to solicit, receive, or accept money or its equivalent for deposit or to otherwise engage in the business of banking. See Iowa Code 524.103
- Shareholder: means one who is a holder of record of shares in a state bank. See Iowa Code 524.103
- Shares: means the units into which the proprietary interests in a state bank incorporated as a stock corporation are divided. 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
- United States: includes all the states. See Iowa Code 4.1
2. If a shareholder of a national bank, federal savings association, or out-of-state bank, or a member of a state or federally chartered credit union, that converts into a state bank objects to the plan of conversion and complies with the requirements of applicable laws of the United States, the resulting state bank is liable for the value of the shares as determined in accordance with such laws of the United States.