PURPOSE: This rule outlines the procedures for
liquidating a credit union which enters dissolution either voluntarily or
involuntarily (see section
RSMo, for more information regarding dissolutions).
(1) Immediately following the receipt of
consent of dissolution from the director of the Division of Credit Unions, the
liquidating agent will file with the director a list of all members holding
accounts in the credit union, showing the number, name, and share and loan
The liquidating agent
will begin filing the following quarterly reports with the director at the
director's office in Jefferson City, Missouri:
(A) A financial and statistical
(B) A list of each loan
account, showing number, name, total payments since last report, and balance.
The agent shall also report action taken toward collection;
(C) Copy of the minutes of all board meetings
since last report. Minutes shall show any court action for or against credit
(D) Statement of total
amount and rate of any refund or partial refund of shares to members before
The liquidating agent shall present plan of final distribution of funds to the
director of the Division of Credit Unions for approval.
(4) Upon written approval of the director,
the liquidating agent shall make final payment to members.
(5) The liquidating agent shall report to the
director the date of final dissolution of the credit union and shall submit an
analysis of the disposition of all funds to members.
(6) The liquidating agent shall report the
location of the storage of the credit union's books and records for five (5)