Iowa Admin. Code r. 189-3.9 - Completion of conversion
(1) Upon
receipt of approvals under
189-3.7 (533) and
189-3.8 (533), the credit union
may complete the conversion transaction.
(2) Submission of evidence of approval and
effective date.
a. The board of directors of
the credit union shall file with the superintendent appropriate evidence of
approval of the conversion by the appropriate federal agency having
jurisdiction over the financial institution after conversion and from the
federal agency providing deposit insurance to the converted financial
institution, and, if applicable, a copy of the notice from the National Credit
Union Administration canceling the credit union insurance
certificate.
b. The board of
directors of the credit union shall also notify the superintendent of the
actual date on which the conversion is to be effective.
(3) Upon receipt of satisfactory proof that
the Iowa-chartered credit union has complied with all applicable laws and
regulations of this state and of the United States, the superintendent shall
cancel the charter of the credit union and issue a certificate of conversion
that shall be filed and recorded in the county in which the credit union has
its principal place of business and in the county in which its original
articles of incorporation or certification of organization was filed and
recorded, if different.
(4)
Violations of law or intent to deceive or mislead.
a. In the event it is subsequently determined
the conversion was accomplished contrary to applicable law, regulation or the
requirements of this chapter, in whole or in part, or with the intent to
deceive or mislead the members of the credit union or the superintendent, the
superintendent shall take immediate action to cause the conversion to be
declared null and void, and to request from the appropriate regulatory
authority that the converted institution be ordered to surrender its charter
and be returned to the authority of the superintendent for reinstatement as a
state charter, or other action.
b.
The provisions of Iowa Code chapter 533 shall apply in the event it is
determined that any director, officer, agent, employee or clerk of the credit
union knowingly submitted or made or exhibited false statements, papers or
reports to the superintendent.
c.
If during the conversion process any person commits any act constituting a
fraudulent practice under Iowa Code section
714.8, the matter shall be
referred to the attorney general.
(5) If the superintendent finds a material
deviation from the provisions of this chapter, or from Iowa Code chapter 533,
that would invalidate any steps taken in the conversion, the superintendent
shall promptly notify the credit union and the National Credit Union
Administration of the nature of the adverse findings.
(6) The conversion of the Iowa credit union
to a federal credit union shall not be effective and completed until final
approval is given by the superintendent, any improper actions are cured, and
corrective steps have been accomplished, if applicable.
Notes
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