524.1417 - APPRAISAL RIGHTS OF SHAREHOLDER OF CONVERTING STATE OR NATIONAL BANK OR FEDERAL OR STATE SAVINGS ASSOCIATION.
524.1417 APPRAISAL RIGHTS OF SHAREHOLDER OF CONVERTING STATE OR NATIONAL BANK OR FEDERAL OR STATE SAVINGS ASSOCIATION. 1. A shareholder of a state bank that converts into a national bank, federal savings association, or a state savings and loan association who objects to the plan of conversion is entitled to appraisal rights as provided in chapter 490, division XIII. 2. If a shareholder of a national bank or federal savings association that converts into a state bank objects to the plan of conversion and complies with the requirements of applicable laws of the United States, the resulting state bank is liable for the value of the shareholder's shares as determined in accordance with such laws of the United States. 3. If a shareholder of a state savings and loan association that converts to a state bank objects to the plan of conversion and complies with the requirements of applicable laws of this state, the resulting bank is liable for the value of the shareholder's shares as determined in accordance with such laws of this state.
Section History: Early Form [C54, 58, 62, 66, § 528B.9; C71, 73, 75, 77, 79, 81, § 524.1417]
Section History: Recent Form 95 Acts, ch 148, §122, 123; 98 Acts, ch 1036, §14; 2002 Acts, ch 1154, §118, 125; 2007 Acts, ch 88, §15 Referred to in § 524.1416