§ 524.312 — Location of state bank — exceptions

Iowa § 524.312

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

1. A state bank originally incorporated or organized pursuant to this chapter shall have
its principal place of business within the state of Iowa.
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 within the state.
3. If a change in the location of the principal place of business of a state bank is
proposed, application for approval of the superintendent shall be made as required by
the superintendent pursuant to this section. A change in location of the principal place of
business of a state bank, including a change from one municipal corporation to another
municipal corporation within an urban complex, requires an amendment to the articles of
incorporation pursuant to sections 524.1502, 524.1504, and 524.1506.
4. Within thirty days after acceptance of an application for approval of a change of
location of the principal place of business of a state bank pursuant to subsection 3, the
superintendent shall commence an investigation into the circumstances of the application as
deemed necessary by the superintendent, giving due consideration to factors substantially
similar to those set forth in section 524.305, subsection 1, paragraphs “c” through “f”. Within
ninety days after the application has been accepted for processing, the superintendent shall
approve or disapprove the application on the basis of the investigation. The superintendent
shall give written notice of the decision to the state bank, and in the event of disapproval
a statement of the reasons for the disapproval. If the superintendent approves the change
in location the superintendent shall deliver the articles of amendment to the secretary of
state. As a condition of receiving the decision of the superintendent with respect to the
application, the state bank shall reimburse the superintendent for all expenses incurred by
the superintendent in connection with the application.
5. A state bank approved under the provisions of section 524.305, subsection 8, shall not
commence its business at any location other than the principal place of business or an office
of the state bank the condition of which was the basis for the superintendent authorizing
incorporation or organization of the new state bank.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.312]