Iowa Code 524.1421 – Mutual to stock conversions
Current as of: 2023 | Check for updates
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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.
Terms Used In Iowa Code 524.1421
- 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
- 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
- Mutual bank holding company: means a bank holding company that is a mutual corporation or that owns or controls a mutual corporation. See Iowa Code 524.103
- Mutual corporation: means a corporation that is incorporated on a mutual ownership basis under this chapter or converted to become subject to this chapter and is not authorized to issue capital stock. See Iowa Code 524.103
- notice: means as defined in section 490. See Iowa Code 524.533
- 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
- Stock corporation: means a corporation which is authorized to issue capital stock. See Iowa Code 524.103
- Superintendent: means the superintendent of banking of this state. See Iowa Code 524.103
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 section 524.1422.
d. The applicable fee payable to the secretary of state, under section 490.122, for the filing of the articles of conversion.
3. The superintendent may adopt rules governing mutual to stock conversions.