Iowa Code 524.1417 – Appraisal rights of shareholder of converting state or national bank or federal savings association
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Terms Used In Iowa Code 524.1417
- Appraisal: A determination of property value.
- 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
- 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
524.1417 Appraisal rights of shareholder of converting state or national bank or federal savings association.
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.
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.
[C54, 58, 62, 66, §528B.9; C71, 73, 75, 77, 79, 81, §524.1417]
95 Acts, ch 148, §122, 123; 98 Acts, ch 1036, §14; 2002 Acts, ch 1154, §118, 125; 2007 Acts, ch 88, §15; 2012 Acts, ch 1017, §118; 2019 Acts, ch 24, §104; 2022 Acts, ch 1062, §132
Referred to in §524.1416
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.
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.
[C54, 58, 62, 66, §528B.9; C71, 73, 75, 77, 79, 81, §524.1417]
95 Acts, ch 148, §122, 123; 98 Acts, ch 1036, §14; 2002 Acts, ch 1154, §118, 125; 2007 Acts, ch 88, §15; 2012 Acts, ch 1017, §118; 2019 Acts, ch 24, §104; 2022 Acts, ch 1062, §132
Referred to in §524.1416