1. A state bank may convert into a national bank upon authorization by and compliance with the laws of the United States, and adoption of a plan of conversion by the affirmative vote of at least a majority of its directors and the holders of two-thirds of each class of its shares at a meeting held upon not less than ten days' notice to all shareholders. The authority of a state bank to convert into a national bank shall be subject to the condition that at the time of the transaction, the laws of the United States shall authorize a national bank located in this state, without approval by the comptroller of the currency of the United States, to convert into a state bank under limitations and conditions no more restrictive than those contained in this section and section 524.1417 with respect to conversion of a state bank into a national bank.
2. A state bank which converts into a national bank shall notify the superintendent of the proposed conversion, provide such evidence of the adoption of the plan as the superintendent may request, notify the superintendent of any abandonment or disapproval of the plan, file with the superintendent and with the secretary of state a certificate of the approval of the conversion by the comptroller of the currency of the United States, and the date upon which such conversion is to become effective.
[C54, 58, 62, 66, § 528B.2; C71, 73, 75, 77, 79, 81, § 524.1416]
Iowa General Assembly
Search: Iowa Code 1997
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