Iowa Admin. Code r. 189-3.10

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 189-3.10 - Limit on compensation of officials

(1) No director or senior management official of an Iowa credit union shall receive any economic benefit in connection with a plan of conversion or the actual conversion of the credit union, other than regular compensation and other usual benefits paid to directors or senior management officials in the ordinary course of business.

(2) In connection with the notices to members required by this chapter, the converting credit union shall disclose to the members the cost of the conversion, including any change or increase in compensation or economic benefit to directors or senior management officials of the credit union in the event the conversion process is accomplished.

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