Iowa Admin. Code r. 189-3.3 - Board of directors and membership approval
(1) Any conversion proposal may be approved
by the board of directors only upon the affirmative vote of a majority of the
board. The board shall then set a date for a vote on the proposal by the
members of the credit union and select the method of voting by a favorable vote
of a majority of the board, according to the provisions of Iowa Code section
533.203.
(2) The membership shall approve the proposal
to convert by the affirmative vote of a majority of those members who vote on
such proposal. Each eligible member shall have one vote regarding the
conversion proposal.
(3) The vote
of the members to convert shall be in the manner prescribed in this
chapter.
(4) The board of directors
shall notify the superintendent of any proposed conversion within three days of
an affirmative vote by the board on a conversion proposal. The board shall also
notify the superintendent of any abandonment or disapproval of the conversion
by the members or by the recipient chartering authority, the National Credit
Union Administration, or applicable federal deposit insurer within seven days
of a membership vote to abandon or disapprove the conversion, receipt of
disapproval by a chartering authority, or other decision to abandon the
conversion.
(5) Prior to completion
of any conversion, the board shall supply the superintendent a certified
affidavit of compliance with these rules.
Notes
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