(1) Nothing in the law of this state shall restrict the right of a state bank to convert into a national bank upon compliance with the laws of the United States, and, upon completion of such conversion, it shall surrender its charter as a state bank.
The board shall grant a state charter to a national bank located in this state thatfollows the procedure prescribed by federal law to convert into a state bank if it meets the requirements established by the banking board in its rules. Any requirement that shares must be paid in cash may be satisfied by the exchange of shares of the converted state bank for those of the converting national bank, which may be valued at no more than their fair cash market value. The procedure for incorporation of a state bank may be modified to the extent made necessary by the difference between an ordinary incorporation and a conversion as established by the banking board in its rules. The converting bank shall cause to be published a notice of the conversion once a week for three successive weeks in a newspaper of general circulation in the county in which the converting bank has its principal office. The converting bank shall file proof of the publication with the division.
The converted bank shall be considered the same business and corporate entity as theconverting bank with all of the rights, powers, and duties of the converting bank except as limited by the charter and bylaws of the resulting bank. It may use the name of the converting bank whenever it can do any act under such name more conveniently.
Any reference to the converting bank in any writing, whether executed or takingeffect before or after the conversion, shall be deemed a reference to the converted bank if not inconsistent with the other provisions of such writing.
Source: L. 2003: Entire article added with relocations, p. 1098, § 3, effective July 1. L. 2013: (2) amended, (SB 13-154), ch. 282, p. 1481, § 46, effective July 1.
Editor's note: This section is similar to former § 11-4-108 as it existed prior to 2003.