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Can you summarize IACO 524.1809?
BANKS > Mutual bank holding companies.
Short Summary
This legal document pertains to the establishment and regulation of mutual bank holding companies in Iowa. It states that a state bank can be owned by a mutual bank holding company, either directly or indirectly. It also allows a mutual holding company authorized under federal law to convert to a mutual bank holding company authorized under the Iowa Code. The document further explains the process for a mutual corporation to reorganize as a mutual holding company. It states that a mutual bank holding company authorized under this chapter is also subject to the Iowa Business Corporations Act. In case of any conflict between the provisions of the Iowa Business Corporations Act and this chapter, the provisions of this chapter or the superintendent’s rules shall prevail. The superintendent is authorized to adopt rules pertaining to mutual bank holding companies and reorganizations into mutual bank holding companies under this chapter.
Whom does it apply to?
State banks, mutual holding companies, mutual corporations
What does it govern?
Mutual bank holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa