1. A shareholder of a state bank, which is a party to a proposed merger or consolidation plan which will result in a state bank subject to this chapter, who objects to the plan is entitled to the rights and remedies of a dissenting shareholder as provided in chapter 490, division XIII. Shares acquired by a state bank pursuant to payment of their agreed value or to payment of the judgment entered therefor, pursuant to chapter 490, division XIII, shall be sold at public or private sale, within one year from the time of their purchase or acquisition, unless the time is extended by the superintendent.
2. If a shareholder of a national bank which is a party to a proposed merger or consolidation plan which will result in a state bank, or a shareholder of a state bank which is a party to a plan which will result in a national bank, shall object to the plan and shall comply with the requirements of the applicable laws of the United States, the resulting state bank or national bank, as the case may be, shall be liable for the value of the shareholder's shares as determined in accordance with such laws of the United States. Shares acquired by a state bank pursuant to this subsection shall be sold at public or private sale within one year from the time of their purchase or acquisition, unless the time is extended by the superintendent.
[C54, 58, 62, 66, § 528B.9; C71, 73, 75, 77, 79, 81, § 524.1406]
90 Acts, ch 1205, §47
Referred to in § 524.507
Iowa General Assembly
Search: Iowa Code 1995
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