§ 533.113A — Meetings of the board called by superintendent

Iowa § 533.113A

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533: CREDIT UNIONS

Text

1. Whenever the superintendent deems it necessary and advisable, the superintendent
may notify the board of directors of a state credit union that a meeting will be held at a place
andtimeandmannerasthesuperintendentdirects. Thesuperintendent’snoticemaydisclose
the purpose of the meeting.
2. The superintendent may present to the board at the meeting any item the
superintendent desires to bring to the attention of the board, including but not limited
to any report of an examination required or allowed by this chapter, any conclusions or
projections drawn by the superintendent, any recommendations made relative to a report of
an examination, and any other matters concerning the operation and condition of the state
credit union.
3. Eachmemberofaboardofdirectorsrequiredtoholdameetingwiththesuperintendent
pursuant to this section shall furnish a statement to the superintendent, on forms supplied
by the superintendent, that the member acknowledges the matters presented by the
superintendent.
4. A state credit union required to hold a meeting with the superintendent pursuant to this
section shall cause the matters presented at such meeting to be recorded in the minutes of
the meeting.
5. If the superintendent concludes that a state credit union’s affairs are in an unfavorable
condition, the superintendent may direct the state credit union to consider consolidation,
dissolution, or any other form of reorganization.