Iowa Code 533.311 – Acceptance of deposits and investments while insolvent
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When a state credit union is insolvent, the state credit union shall not do either of the following:
1. Accept any deposits or investments in ownership shares.
Terms Used In Iowa Code 533.311
- credit union: is a lso a "supervised financial organization" as that term is defined and used in chapter 537, the Iowa consumer credit code. See Iowa Code 533.102
- 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
- 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
- State credit union: means a credit union organized pursuant to section 533. See Iowa Code 533.102
2. Renew or extend the term of any time deposits or time investments.