1. Whenever any person proposes to purchase or otherwise acquire directly or indirectly any ofthe outstanding shares of a statebank, and the proposed purchase or acquisition would result in control or in a change in control of the state bank, the person proposing topurchase or acquire the shares shall first apply in writing to the superintendent for a certificate of approval for the proposed change of control. The superintendent shall grant the certificate ifthe superintendent is satisfied that the person who proposes to obtain control of the state bank is qualified by character, experience, and financial responsibility to control and operate the state bank ina sound and legal manner, and that the interests of the depositors, creditors, and shareholders of the state bank, and of the public generally, particularly the state bank’s plans to accept deposits from, lend money in, and process payments in the area the state bank primarily serves, will not be jeopardized by the proposed change of control. A person which will become a bank holding company upon completion of an acquisition shall make application to the superintendent for a certificate of approval as provided in thissection. Any other bank holding company shallcomply with section 524.1804 in lieuof seeking a certificate of approval under this section. In any situation where the president or cashier of a state bank has reason to believe any of the foregoing requirements have not been complied with, itshall be the duty of the president or cashier to promptly report in writing such facts to the superintendent upon obtaining knowledge thereof. 2. As used in this section, the term “control” means owning, controlling, or having the power to vote twenty-five percent or more of any class of voting securities of a state bank or having the power, directly or indirectly, to elect the board of directors. If there isany doubt as to whether a change in the ownership of the outstanding shares is sufficient to result in control thereof, or to effect a change in the control thereof, such doubt shall be resolved in favor of reporting the facts to the superintendent. 3. The reports required by subsection 1 of this section shall contain information, to the extent known by the person making the report, relative to the number of shares involved, the names of the sellers and purchasers or transferors and transferees, the purchase price, the name of the borrower, the amount, source, and terms of the loan, or other transaction, the name of the bank issuing the shares used as security, and the number of shares used as security. 4. The superintendent may require, at such times as the superintendent deems appropriate, the submission of a financial statement from a shareholder or shareholders of a state bank possessing, directly or indirectly, control of such state bank. CS95, §524.544
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