Upon receipt of an application for approval of a conversion the superintendent shall conduct such investigation as the superintendent may deem necessary to ascertain whether:
1. The articles of conversion and supporting items satisfy the requirements of this chapter.
2. The plan adequately protects the interests of depositors.
3. The requirements for a conversion under all applicable laws have been satisfied and the resulting state bank would satisfy the requirements of this chapter applicable to it.
4. The resulting state bank will possess an adequate capital structure.
Within ninety days after receipt of the application the superintendent shall make a determination whether to approve or disapprove the pending application on the basis of the investigation. Before receiving the decision of the superintendent with respect to the pending application, the national bank shall, upon notice, reimburse the superintendent to the extent of the expenses incurred in connection with the application. Thereafter, the superintendent shall give the national bank written notice of the decision and, in the event of disapproval, a statement of the reasons for the decision. If the superintendent approves the pending application, the superintendent shall deliver the articles of conversion, with the superintendent's approval indicated thereon, to the secretary of state. The decision of the superintendent shall be subject to judicial review in accordance with the terms of the Iowa administrative procedure Act. Notwithstanding the terms of said Act, such a petition for judicial review must be filed within thirty days after the superintendent notifies the national bank of the superintendent's decision.
[C54, 58, 62, 66, § 528B.4; C71, 73, 75, 77, 79, 81, § 524.1413]
Iowa General Assembly
Search: Iowa Code 1995
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