Iowa Code 533.403 – Conversion of state credit union into federal credit union
Current as of: 2023 | Check for updates
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1. A state credit union may convert into a federal credit union with the approval of the administrator of the national credit union administration and by the affirmative vote of a majority of the credit union’s members who vote on the proposal, according to the provisions of section 533.203.
Terms Used In Iowa Code 533.403
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- 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
- Superintendent: means the superintendent of credit unions appointed pursuant to section 533. See Iowa Code 533.102
- United States: includes all the states. See Iowa Code 4.1
2. The board of directors of the state credit union shall notify the superintendent of any proposed conversion and of any abandonment or disapproval of the conversion by the members or by the administrator of the national credit union administration. The board of directors of the state credit union shall file with the superintendent appropriate evidence of approval of the conversion by the administrator of the national credit union administration and shall notify the superintendent of the date on which the conversion is to be effective.
3. Upon receipt of satisfactory proof that the state credit union has complied with all applicable laws of this state and of the United States, the superintendent shall issue a certificate of conversion which shall be filed and recorded in the county in which the state credit union has its principal place of business and in the county in which its original articles of incorporation were filed and recorded.