Iowa Admin. Code r. 189-12.1

Current through Register Vol. 47, No.14, January 8, 2025

Rule 189-12.1 - Voting requirements and eligibility

(1) All elections are determined by plurality vote.

(2) A member shall have one vote regardless of the number of or class of shares held by the member. Jointly held ownership shares are entitled to one vote, and joint tenants shall not be permitted to cast more than one vote per ownership share jointly held.

(3) Members shall not vote by proxy.

(4) A member other than a natural person may cast a single vote through a delegated agent.

(5) Members shall be at least 16 years of age by the date of the meeting in order to vote, sign nominating petitions, or sign petitions requesting special meetings.

(6) Members shall be at least 18 years of age by the date of the meeting where the election or appointment will occur in order to hold an elected or appointed position.

(7) The quorum for membership votes shall be no less than twice the members of the board of directors, plus two, as recorded in the credit union's bylaws.

(8) Member voting shall be conducted in accordance with rules 189-12.2 (533) and 189-12.3 (533) and any specific voting requirements established for individual substantive voting.

Iowa Admin. Code r. 189-12.1

ARC 0938C, IAB 8/7/2013, effective 9/15/2013

Amended by IAB December 15, 2021/Volume XLIV, Number 12, effective 1/19/2022