1. 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. 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:

   1. a. Articles of conversion.
   2. b. A business plan addressing factors prescribed by the superintendent.
   3. c. Proof of publication of the notice required by section 524.1422.
   4. d. The applicable fee payable to the secretary of state, under section 490.122, for the filing of the articles of conversion.
3. 3. The superintendent may adopt rules governing mutual to stock conversions.

2012 Acts, ch 1017, §14, 18; 2022 Acts, ch 1062, §133