Iowa Admin. Code r. 189-12.9 - Specific voting requirements for voluntary dissolution
(1)
Vote of board of directors. A state credit union that seeks to
dissolve shall proceed pursuant to a plan agreed upon by a favorable vote of a
majority of directors. Within ten days of the vote and prior to sending notice
of the membership vote, the board of directors shall notify the superintendent
of the intention to dissolve.
(2)
Subsequent vote of the membership. Following a vote by the
board of directors to dissolve, the board shall submit the dissolution to a
vote of the membership.
a. The board shall
submit the issue to the membership within 60 days of voting to
dissolve.
b. The board shall submit
the issue to all eligible voters of record as of the date of the vote by the
board of directors.
c. The board of
directors shall, by majority vote, select the method of voting for the
membership vote, in accordance with Iowa Code section 533.203. Each credit
union member shall have a meaningful opportunity to vote in a membership vote.
The board of directors shall vote to conduct the vote in whole by electronic
voting only if all members have access to an electronic voting device. If the
number of members who have opted to receive notices electronically is less than
all members , the board may provide access to an electronic device in each
credit union office for the members to vote electronically in order to satisfy
the access requirement. Otherwise, the board shall also conduct the vote in
part by mail-in ballot or in person at a meeting held for the purpose of
voting, pursuant to the requirements of this rule.
d. The approval of the dissolution is not
final until the superintendent issues a certificate of dissolution.
(3)
Preservation of
ballots. Ballots shall be preserved according to the requirements of
rule 189-12.11 (533). The 60-day retention period required by subrule 12.11(2)
shall run from the date the results are certified to the board by the election
committee.
(4)
Submission
to superintendent . The board of directors shall submit the dissolution
to the superintendent for review before the dissolution becomes effective. The
state credit union shall cease existence when the superintendent issues a
certificate of dissolution. The board shall submit the following documentation:
a. A certified copy of the board minutes
which contain the vote of the board of directors to approve the plan and to
submit the dissolution to a vote of the membership.
b. A certified copy of the notices provided
to members .
c. A certified copy of
any ballots provided to members .
d.
A certified statement, including the vote count, that a majority of the
eligible members voted in favor of the proposed dissolution.
e. Proof that is satisfactory to the
superintendent that all assets have been liquidated from which there is a
reasonable expectance of realization, that the liabilities of the state credit
union have been discharged and distribution made to its members , and that the
liquidation has been completed.
(5)
Publication of results.
The board shall inform the membership of the results of the vote according to
the provisions of rule 189-12.12 (533). The 60-day posting period required by
subrule 12.12(1) shall run from the date the results are certified to the board
by the election committee.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.