Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 3 - Conversion of an Iowa-chartered Credit Union to Another Charter Type › Rule 189-3.4 - Notice to Members and Voting Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Requirements.
All
			 conversion plans shall be submitted to the superintendent in accordance with
			 189-3.5 (533). The members may
			 not vote on the proposal until the credit union has received preliminary
			 approval from the superintendent under
			 189-3.5 (533), as well as the
			 preliminary determination from the National Credit Union Administration on the
			 proposition for conversion.
(2)
Vote by board of directors.
The board of directors shall, by
			 majority vote, select the method of voting for the membership vote on the
			 conversion proposal in accordance with Iowa Code section
			 533.203. Each credit union
			 member shall have a meaningful opportunity to vote in a membership vote. The
			 board of directors shall vote to conduct the vote in whole by electronic voting
			 only if all members have access to an electronic voting device. If the number
			 of members who have opted to receive notices electronically is less than all
			 members, the board may provide access to an electronic device in each credit
			 union office for the members to vote electronically in order to satisfy the
			 access requirement. Otherwise, the board shall also conduct the vote in part by
			 mail-in ballot or in person at a meeting held for the purpose of voting,
			 pursuant to the requirements of this rule.
(3)
Election committee.
The
			 board shall appoint an election committee of not fewer than seven members, none
			 of whom may be from the board of directors or be a member of a director's
			 immediate family or be an employee of the credit union or a member of an
			 employee's immediate family.
a. It is the duty
			 of the election committee to oversee balloting, to tabulate votes, and to
			 ensure that each member shall only be allowed to vote once and that multiple
			 ballots submitted by the same member are disqualified.
b. The election committee shall elect a
			 chairperson from among the committee members. If the balloting includes a vote
			 taken at a meeting of members, the chairperson of the election committee shall
			 announce the results of the election at the meeting; otherwise, the chairperson
			 shall certify the vote to the board within five days of the close of
			 balloting.
c. No member or agent of
			 the election committee shall reveal the manner in which any member
			 voted.
d. If the board of
			 directors, by majority vote, has elected to utilize electronic voting, the
			 election committee shall test the integrity of the electronic voting system at
			 regular intervals during the election period. In the event of a malfunction of
			 the electronic voting system, the board may in its discretion order the
			 election to be held in another form, consistent with Iowa Code section
			 533.203.
e. For electronic ballots, it is the duty of
			 the election committee to verify, or cause to be verified, the name and credit
			 union account number of the voter as registered in the electronic voting
			 system.
f. For mail-in ballots,
			 including absentee ballots, it is the duty of the election committee to verify,
			 or cause to be verified, the name and credit union account number of the voter
			 as they appear on the identification form, to place the verified identification
			 form and the sealed ballot envelope in a place of safekeeping pending the count
			 of the vote, and, in the case of a questionable or challenged identification
			 form, to retain the identification form and sealed ballot envelope together
			 until the verification or challenge has been resolved.