Mutual to stock conversions.

1. A mutual corporation, a mutual holding company, a federal mutual association, or a federal mutual holding company, subject to the provisions of this chapter , may convert into a stock corporation that is either a state bank or a state bank mutual bank holding company upon approval of the superintendent. 2. A mutual corporation, a mutual holding company, a federal mutual association, or a federal mutual holding company shall make an application to the superintendent for approval of the conversion in a manner prescribed by the superintendent and shall deliver to the superintendent, when available, the following: a. Articles of conversion. b. A business plan addressing factors prescribed by the superintendent. c. Proof of publication of the notice required by section 524.1422 . d. The applicable fee payable to the secretary of state, under section 490.122 , for the filing of the articles of conversion. 3. The superintendent may adopt rules governing mutual to stock conversions. 2012 Acts, ch 1017, §14, 18 ; 2022 Acts, ch 1062, §133