Iowa Admin. Code r. 189-3.10 - Limit on compensation of officials
(1) No director or senior management official
of an Iowa credit union shall receive any economic benefit in connection with a
plan of conversion or the actual conversion of the credit union , other than
regular compensation and other usual benefits paid to directors or senior
management officials in the ordinary course of business.
(2) In connection with the notices to members
required by this chapter, the converting credit union shall disclose to the
members the cost of the conversion, including any change or increase in
compensation or economic benefit to directors or senior management officials of
the credit union in the event the conversion process is accomplished.
Notes
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