Iowa Code 533.405A – Involuntary dissolution
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Terms Used In Iowa Code 533.405A
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
533.405A Involuntary dissolution.
1. If the superintendent has taken over management of the property and business of a state credit union pursuant to § 533.502, and determined that the state credit union cannot be reorganized or merged with another credit union, the superintendent may move for the involuntary dissolution of the state credit union and shall apply to the district court for appointment as receiver with the authority to dissolve the state credit union.
2. If a state credit union is in the process of a voluntary dissolution, and pursuant to § 533.405, the superintendent finds that the state credit union is not making reasonable progress toward terminating its affairs, the superintendent may move for the involuntary dissolution of the state credit union and shall apply to the district court for appointment as receiver with the authority to dissolve the state credit union.
3. The provisions of § 533.503 shall apply when the superintendent is acting as receiver, and as receiver the superintendent shall distribute the assets pursuant to the provisions of § 533.404.
2014 Acts, ch 1011, §5
1. If the superintendent has taken over management of the property and business of a state credit union pursuant to § 533.502, and determined that the state credit union cannot be reorganized or merged with another credit union, the superintendent may move for the involuntary dissolution of the state credit union and shall apply to the district court for appointment as receiver with the authority to dissolve the state credit union.
2. If a state credit union is in the process of a voluntary dissolution, and pursuant to § 533.405, the superintendent finds that the state credit union is not making reasonable progress toward terminating its affairs, the superintendent may move for the involuntary dissolution of the state credit union and shall apply to the district court for appointment as receiver with the authority to dissolve the state credit union.
3. The provisions of § 533.503 shall apply when the superintendent is acting as receiver, and as receiver the superintendent shall distribute the assets pursuant to the provisions of § 533.404.
2014 Acts, ch 1011, §5