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Iowa Code Title XIII. Commerce [Chs. 505-554D] § 524.1301. Dissolution by incorporators, organizers, or initial directors

Current as of January 01, 2024 | Updated by Findlaw Staff

<[Text subject to final changes by the Iowa Code Editor for Code 2024.]>

A majority of the incorporators, organizers, or initial directors of a state bank that has not issued shares or has not commenced business may dissolve the state bank by delivering articles of dissolution to the superintendent, together with the applicable filing fees, for filing with the secretary of state that set forth all of the following:

1. The name of the state bank.

2. The date of its incorporation or organization.

3. Either of the following:

a. That the state bank has not issued any shares.

b. That the state bank has not commenced business.

4. That no debt of the state bank remains unpaid.

5. If shares were issued, that the net assets of the state bank remaining after the payment of all necessary expenses have been distributed to the shareholders.

6. That a majority of the incorporators, organizers, or initial directors authorized the dissolution.

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Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 524.1301. Dissolution by incorporators, organizers, or initial directors - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-524-1301/

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