Iowa Code r. 189-3.2 - Authority to convert
(1) An
Iowa-chartered credit union, with the approval of its members, may convert to a
federal credit union, subject to applicable law, regulation and procedures of
the governing recipient chartering authority, the National Credit Union
Administration, and the requirements of this chapter.
(2) An Iowa-chartered credit union shall
remain responsible for the entire annual fee pursuant to Iowa Code section
533.112 during the year in which
the credit union converts.
(3)
Disclosure to members.
a. No credit union
shall convert to a federal credit union without full disclosure to its members
of the intents and purposes of conversion.
b. If the intent to undertake a second
conversion to a mutual savings bank or a savings association is among the
purposes for conversion to a federal credit union, those facts and all related
information shall be fully disclosed to members.
c. If a further conversion to a stock
institution is among the possible outcomes from the conversion, the converting
Iowa-chartered credit union shall fully and accurately disclose this
possibility to its members.
Notes
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