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524.312 Location of state bank---exceptions.

1. A state bank originally incorporated pursuant to this chapter shall have its principal place of business within the confines of a municipal corporation. The existence of a state bank shall not, however, be affected by the subsequent discontinuance of the municipal corporation. A state bank existing and operating on January 1, 1970, which does not have its principal place of business within the confines of a municipal corporation, may renew its corporate existence pursuant to section 524.106 without regard to this section and may also operate as a bank or convert to and operate as a bank office when acquired by or merged into another state bank and approved by the superintendent.

2. A state bank may, with the prior written approval of the superintendent, change the location of its principal place of business to a new location. A change of location shall be limited to another location in the same municipal corporation, to a location in a municipal corporation in the same county or to a municipal corporation in counties surrounding and contiguous to or touching or cornering on the county in which the state bank is located. If a state bank has its principal place of business in an unincorporated area, the superintendent may authorize a change of location of its principal place of business to a new location within the same unincorporated area as well as to any location referred to in the preceding sentence.

3. A state bank approved under the provisions of section 524.305, subsection 6, shall not commence its business at any location other than within a municipal corporation or unincorporated area in which was located the principal place of business or an office of the bank the condition of which was the basis for the superintendent authorizing incorporation of the new state bank.

Section History: Early form

[C71, 73, 75, 77, 79, 81, § 524.312]

Section History: Recent form

85 Acts, ch 13, §1

Internal References

Referred to in § 524.1213, 524.1507

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