Iowa Admin. Code r. 189-3.5 - Notice to the superintendent
(1) The
credit union shall provide the superintendent with notice of its intent to
convert and a plan of conversion no less than 30 calendar days prior to the
90-calendar-day period preceding the close of balloting under
189-3.4 (533).
(2) The credit union shall give notice to the
superintendent and provide a plan of conversion describing the material
features of the conversion, along with a copy of the filing the credit union
has made with the federal regulatory agency by which the credit union seeks
that agency's approval of the conversion. The credit union shall include with
the notice to the superintendent a copy of the notice the credit union proposes
to provide to members under
189-3.4 (533), as well as the
proposed ballot and related instructions and envelopes, all written materials
the credit union has distributed or intends to distribute to its members, and
the procedures the election committee will follow in its receipt and counting
of the ballots.
(3)
Superintendent's preliminary determination.
a.
The superintendent shall make a preliminary determination regarding the methods
and procedures applicable to the membership vote.
b. The superintendent shall notify the credit
union within 30 calendar days of receipt of the credit union's notice of intent
to convert if the superintendent disapproves of the proposed methods and
procedures applicable to the membership vote.
c. The credit union's submission of the
notice of intent and plan of conversion does not relieve the credit union of
its obligation to certify the results of the membership vote required by
189-3.6 (533) or certify
compliance with these rules as required by
189-3.3 (533) or eliminate the
right of the superintendent to disapprove the actual methods and procedures
applicable to the membership vote if the credit union fails to conduct the
membership vote in a fair and legal manner.
(4) The superintendent may disapprove a plan
of conversion submitted by the board of directors of a credit union based upon
any of the following determinations:
a. The
plan is inconsistent with applicable statutes and regulations.
b. The plan does not contain all required
information.
c. The plan fails to
fully and fairly disclose the effect of the proposal on members of the credit
union.
d. The plan does not fairly
compensate members for their ownership interests in the credit union.
Notes
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