Iowa Code r. 189-12.8 - Specific voting requirements regarding merger
(1)
Vote by board of
directors. A state credit union that seeks to merge with another
credit union shall proceed pursuant to a plan agreed upon by a favorable vote
of a majority of directors.
(2)
Subsequent vote of the membership. Following a vote by the
board of directors to merge with another credit union, the board shall submit
the merger to a vote of the membership of the merging credit union unless the
superintendent finds that an emergency exists justifying the waiver of the
membership vote.
a. The board of the
continuing credit union shall, within ten days of voting to merge, notify the
superintendent of the merger vote.
b. After the superintendent has given
preliminary approval to the merger, the board of the merging credit union shall
submit the issue within 60 days to all eligible voters of record as of the date
of the vote by the board of directors.
c. The approval of the merger is not final
until approved by the superintendent after the membership vote of the merging
credit union.
(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 merger to the
superintendent for approval before the merger becomes effective. The board
shall submit the following documentation in support of its request for
approval:
a. A certified copy of the board
minutes which contain the vote of the board of directors to approve the merger
and to submit the merger 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 merger.
(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
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