§ 533.404

533.404 Dissolution generally. The following shall apply to dissolution of a state credit union under this chapter, whether voluntary or involuntary: 1. Distribution of the assets of the state credit union shall be made in the following order:a. The payment of costs and expense of the administrator of dissolution.b. The payment of claims for public funds deposited pursuant to chapter 12C and the payment of claims which are given priority by applicable statutes. If the assets are insufficientfor payment of the claims in full, priority shall be determined by the statutes or, in the absenceof conflicting provisions, on a pro rata basis. c. The payment of deposits, including accrued interest, up to the date of the special meeting of the members at which voluntary dissolution was authorized, or in the case ofinvoluntary dissolution, the date of appointment of a receiver. d. The pro rata apportionment of the balance among the members of record on the date of the special meeting of the members at which voluntary dissolution was authorized, or inthe case of involuntary dissolution, the members of record on the date of appointment of areceiver. 2.

e date of the special meeting of the members at which voluntary dissolution was authorized, or inthe case of involuntary dissolution, the members of record on the date of appointment of areceiver. 2. All amounts due members who are unknown, or who are under a disability and no person is legally competent to receive the amounts, or who cannot be found after theexercise of reasonable diligence, shall be transmitted to the treasurer of state who shallhold the amounts in the manner prescribed by chapter 556. All amounts due creditors asdescribed in section 490.1440 shall be transmitted to the treasurer of state in accordancewith that section, shall be retained by the treasurer of state, and are subject to claim asprovided for in that section. 3. The superintendent shall assume custody of the records of a state credit union dissolved pursuant to this chapter and shall retain the records which, in the superintendent’sdiscretion, are deemed necessary, in accordance with the provisions of section 533.322. Thesuperintendent may cause film, photographic, photostatic, or other copies of the records tobe made and the superintendent shall retain the copies in lieu of the original records.

section 533.322. Thesuperintendent may cause film, photographic, photostatic, or other copies of the records tobe made and the superintendent shall retain the copies in lieu of the original records. 2007 Acts, ch 174, §65; 2011 Acts, ch 34, §127; 2013 Acts, ch 17, §6Referred to in §12C.23, 533.314, 533.405, 533.405A Sat Dec 23 01:34:20 2023 Iowa Code 2024, Section 533.404 (20, 0)