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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

 Chapter 369

previous next Effective - 28 Aug 1997bottom

  369.695.  Powers of savings bank — taxed, how. — 1.  The powers of a savings bank shall be limited to those of a bank or trust company pursuant to chapter 362.  Where such powers may be exercised only upon obtaining the approval of the director, the procedures and standards in chapter 362 shall be used in determining whether a savings bank shall be permitted to exercise such powers and the savings bank shall be treated for such purposes as if it were a bank.  Any appeal from a decision on such an application shall be handled as if it were an appeal by a bank pursuant to chapter 362.

  2.  Except where expressly stated otherwise in sections 369.670 to 369.714, a savings bank shall be subject to the provisions of this chapter pertaining to the organization, operation, examination, assessment, reorganization, conversion, merger and liquidation of associations to the same extent as if it were an association.  Sections 369.019, 369.024 and 369.034 shall not apply to the incorporation of a savings bank.

  3.  For purposes of sections 148.610 to 148.710, a savings bank shall be taxed as if it were a savings and loan association.

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(L. 1997 H.B. 257 § 369.425)


---- end of effective   28 Aug 1997 ----

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