533.403 Conversion of state credit union into federal credit union. 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 amajority of the credit union’s members who vote on the proposal, according to the provisionsof section 533.203. 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 themembers or by the administrator of the national credit union administration. The board ofdirectors of the state credit union shall file with the superintendent appropriate evidence ofapproval of the conversion by the administrator of the national credit union administrationand 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 acertificate of conversion which shall be filed and recorded in the county in which the statecredit union has its principal laws of this state and of the United States, the superintendent shall issue acertificate of conversion which shall be filed and recorded in the county in which the statecredit union has its principal place of business and in the county in which its original articlesof incorporation were filed and recorded. 2007 Acts, ch 174, §64; 2012 Acts, ch 1020, §20 Sat Dec 23 01:34:18 2023 Iowa Code 2024, Section 533.403 (18, 0)
Iowa Legal Code