533.405A Involuntary dissolution. 1. If the superintendent has taken over management of the property and business of a state credit union pursuant to section 533.502, and determined that the state credit unioncannot be reorganized or merged with another credit union, the superintendent may movefor the involuntary dissolution of the state credit union and shall apply to the district courtfor appointment as receiver with the authority to dissolve the state credit union. 2. If a state credit union is in the process of a voluntary dissolution, and pursuant to section 533.405, the superintendent finds that the state credit union is not making reasonableprogress toward terminating its affairs, the superintendent may move for the involuntarydissolution of the state credit union and shall apply to the district court for appointment asreceiver with the authority to dissolve the state credit union. 3. The provisions of section 533.503 shall apply when the superintendent is acting as receiver, and as receiver the superintendent shall distribute the assets pursuant to theprovisions of section 533.404. 2014 Acts, ch 1011, §5 Sat Dec 23 01:34:20 2023 Iowa Code 2024, Section 533.405A (10, 0)
Iowa Legal Code