Iowa Admin. Code r. 189-12.10

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

Rule 189-12.10 - Specific voting requirements to remove or reinstate an officer, director, or member of the auditing committee

(1)Auditing committee vote. If the auditing committee deems the action to be necessary to the proper conduct of the state credit union, the auditing committee may suspend, by majority vote, any officer, director, or member of the auditing committee.

(2)Subsequent vote of membership. Following a vote by the auditing committee to suspend an officer, director, or member of the auditing committee, the suspension shall be put to a vote of the membership.

a. The members may vote to sustain the suspension and remove the officer, director, or auditing committee member permanently or may vote to reinstate the officer, director, or auditing committee member.

b. The board of directors shall meet to determine the method of voting for the membership vote and shall, within 30 days of the date of the auditing committee's vote, submit the issue to all eligible voters of record as of the date of the auditing committee's meeting. The board of directors shall, by majority vote, select the method of voting for the membership vote, in accordance with Iowa Code section 533.203. Each credit union member shall have a meaningful opportunity to vote in a membership vote.

(3)Election committee. The board shall appoint an election committee of not fewer than five members, no more than two of whom may be from the board of directors and none of whom may be from the auditing committee.

(4)Preservation of ballots. Ballots shall be preserved according to the requirements of rule 189-12.11 (533). The 60-day retention period required by subrule 12.11(2) shall run from the date the results are certified to the board by the election committee.

(5)Publication of results. The board shall inform the membership of the results of the vote according to the provisions of rule 189-12.12 (533). The 60-day posting period required by subrule 12.12(1) shall run from the date the results are certified to the board by the election committee.

Iowa Admin. Code r. 189-12.10

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

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