524.1409 - CONVERSION OF NATIONAL BANK OR FEDERAL SAVINGS ASSOCIATION OR STATE SAVINGS AND LOAN ASSOCIATION INTO STATE BANK. - Iowa Statutes

524.1409 CONVERSION OF NATIONAL BANK OR FEDERAL SAVINGS ASSOCIATION OR STATE SAVINGS AND LOAN ASSOCIATION INTO STATE BANK. A national bank, federal savings association, or state savings and loan association, subject to the provisions of this chapter, may convert into a state bank upon authorization by and compliance with the laws of the United States, 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, and upon approval of the superintendent.          Section History: Early Form [C54, 58, 62, 66, § 528B.3, 528B.7; C71, 73, 75, 77, 79, 81, § 524.1409]          Section History: Recent Form 98 Acts, ch 1036, §5; 2007 Acts, ch 88, §8