Iowa Admin. Code r. 189-16.2

Current through Register Vol. 47, No. 10, November 13, 2024

Rule 189-16.2 - Plan requirements

All credit unions proposing a merger plan that would result in a spin-off must file, in addition to other merger documents detailed by the division, a plan that addresses the following points, at a minimum, in support for their spin-off plan:

(1) Why the spin-off is being requested.

(2) What part of the field of membership is to be spun off.

(3) Which assets, liabilities, shares, and capital are to be transferred.

(4) The financial impact of the spin-off on the affected credit unions.

(5) The ability of the acquiring credit union effectively to serve the new members.

(6) The proposed spin-off date.

(7) Disclosure to the members of the requirements set forth in this rule.

Iowa Admin. Code r. 189-16.2

Adopted by IAB March 4, 2015/Volume XXXVII, Number 18, effective 4/8/2015