1. A shareholder of a state bank which converts into a national bank, who votes against the plan of conversion or has given the state bank written notice that the shareholder dissents from the plan, at or prior to the meeting at which the plan is adopted in the manner prescribed by section 524.1416, shall be entitled to receive in cash the value of the shares held by the shareholder, if and when the conversion is consummated, upon written request made to the resulting national bank at any time within thirty days after the consummation of the conversion, accompanied by the surrender of the shareholder's share certificates. The value of such shares shall be determined as of the date of the shareholders' meeting at which the conversion plan was adopted, by a committee of three persons, one to be selected by unanimous vote of the dissenting shareholders entitled to receive the value of their shares, one by the directors of the resulting national bank, and the third by the two so chosen. The valuation agreed upon by any two of three appraisers thus chosen shall govern. If the value so fixed shall not be satisfactory to any dissenting shareholder who has requested payment as provided herein, such shareholder may, within five days after being notified of the appraised value of the shares, appeal to the superintendent, who shall cause a reappraisal to be made, which shall be final and binding as to the value of the shares of the appellant. If, within ninety days from the date of consummation of the conversion, for any reason one or more of the appraisers is not selected as herein provided, or the appraisers fail to determine the value of such shares, the superintendent shall, upon written request of any interested party, cause an appraisal to be made which shall be final and binding on all parties. The expenses of the superintendent in making the reappraisal, or the appraisal as the case may be, shall be paid by the resulting national bank. The plan of conversion shall provide the manner of disposing of the shares of the resulting national bank not taken by the dissenting shareholders of the state bank.
2. If a shareholder of a national bank, which converts into a state bank, shall object to the plan of conversion and shall comply with the requirements of applicable laws of the United States, the resulting state bank 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 purchase or acquisition, unless the time is extended by the superintendent.
[C54, 58, 62, 66, § 528B.9; C71, 73, 75, 77, 79, 81, § 524.1417]
Referred to in § 524.507, 524.1416
Iowa General Assembly
Search: Iowa Code 1995
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