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Senate File 506 - EnrolledAn Actrelating to procedural requirements for the merger of
state credit unions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 533.401, Code 2019, is amended by adding
the following new subsection:
NEW SUBSECTION. 1A. Prior to the sending of notice of
balloting for the membership vote on a merger, a merging credit
union shall submit to the superintendent all materials to
be included in the notice at least fifteen days before the
notice is sent to the members. The superintendent shall review
and approve the materials to be included in the notice at
least ten days before the notice is sent to the members. The
superintendent may direct any materials to be included in the
notice of balloting sent to members.
Sec. 2. Section 533.401, subsection 3, Code 2019, is amended
by adding the following new paragraph:
NEW PARAGRAPH. 0a. All materials included in the notice of
balloting for the membership vote on the merger were reviewed
and approved by the superintendent pursuant to subsection 1A.
______________________________
CHARLES SCHNEIDERPresident of the Senate______________________________
LINDA UPMEYERSpeaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 506, Eighty-eighth General Assembly.______________________________
W. CHARLES SMITHSONSecretary of the SenateApproved _______________, 2019______________________________
KIM REYNOLDSGovernorgh/rn
state credit unions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 533.401, Code 2019, is amended by adding
the following new subsection:
NEW SUBSECTION. 1A. Prior to the sending of notice of
balloting for the membership vote on a merger, a merging credit
union shall submit to the superintendent all materials to
be included in the notice at least fifteen days before the
notice is sent to the members. The superintendent shall review
and approve the materials to be included in the notice at
least ten days before the notice is sent to the members. The
superintendent may direct any materials to be included in the
notice of balloting sent to members.
Sec. 2. Section 533.401, subsection 3, Code 2019, is amended
by adding the following new paragraph:
NEW PARAGRAPH. 0a. All materials included in the notice of
balloting for the membership vote on the merger were reviewed
and approved by the superintendent pursuant to subsection 1A.
______________________________
CHARLES SCHNEIDERPresident of the Senate______________________________
LINDA UPMEYERSpeaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 506, Eighty-eighth General Assembly.______________________________
W. CHARLES SMITHSONSecretary of the SenateApproved _______________, 2019______________________________
KIM REYNOLDSGovernorgh/rn