Iowa Code 533.203 – Fiscal year — membership meetings — voting by membership — notice
Current as of: 2023 | Check for updates
|
Other versions
1. The fiscal year of all state credit unions shall end December 31.
Terms Used In Iowa Code 533.203
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Quorum: The number of legislators that must be present to do business.
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Superintendent: means the superintendent of credit unions appointed pursuant to section 533. See Iowa Code 533.102
2. Annual meetings shall be held, and special meetings may be held, in the manner indicated in the bylaws.
a. A member shall have one vote regardless of the number of or class of shares held by the member.
b. There shall be no voting by proxy.
c. A member other than a natural person may cast a single vote through a delegated agent.
3. a. When a vote of the membership is required under the provisions of this chapter, the board of directors, by a favorable vote of the majority of the board, shall select one of the following methods for conducting that vote, unless a procedure for that vote is otherwise specified:
(1) The favorable vote of a majority of the members present at a meeting, if that number constitutes a quorum and if the proposed vote was contained in the notice of the meeting.
(2) By a majority vote of members voting by mailed or electronic ballot according to procedures specified by rule of the superintendent or as specified in the bylaws.
(3) A combination of procedures as specified in subparagraphs (1) and (2), according to procedures specified by rule of the superintendent or as specified in the bylaws.
b. Notice shall be given to members of the results of the vote. Ballots of members shall be preserved for at least sixty days after the results are tallied and notice given to members, and until any challenge is resolved.
4. Votes of the membership conducted in accordance with this chapter shall ensure that votes remain confidential and secret from all interested parties, and that each member is only allowed to vote once.
5. When notice to members is required under the provisions of this chapter, the board of directors may satisfy the notice requirement by sending the notice electronically to those members who have exercised an option to receive notices electronically.
6. Credit unions may send account statements and other communications electronically to those members who have exercised an option to receive communications electronically.