Completing Dissolution of Credit Union

PURPOSE: This rule outlines the procedures for liquidating a credit union which enters dissolution either voluntarily or involuntarily (see section 370.350, RSMo, for more information regarding dissolutions). (1) Immediately following the receipt of consent of dissolution from the director of the Division of Credit Unions, the liquidating agent will file with the director a list of all members holding accounts in the credit union, showing the number, name, and share and loan balances. (2) The liquidating agent will begin filing the following quarterly reports with the director at the director’s office in Jefferson City, Missouri: (A) A financial and statistical report; (B) A list of each loan account, showing number, name, total payments since last report, and balance. The agent shall also report action taken toward collection; (C) Copy of the minutes of all board meetings since last report. Minutes shall show any court action for or against credit union; and (D) Statement of total amount and rate of any refund or partial refund of shares to members before final distribution. (3) The liquidating agent shall present plan of final distribution of funds to the director of the Division of Credit Unions for approval. (4) Upon written approval of the director, the liquidating agent shall make final payment to members. (5) The liquidating agent shall report to the director the date of final dissolution of the credit union and shall submit an analysis of the disposition of all funds to members. (6) The liquidating agent shall report the location of the storage of the credit union’s books and records for five (5) subsequent years. AUTHORITY: section 370.100, RSMo Supp. 2011.* This rule originally filed as 4 CSR 100-2.070. Original rule filed Jan. 15, 1968, effective Jan. 25, 1968. Amended: Filed Sept. 14, 1972, effective Sept. 24, 1972. Amended: Filed Dec. 15, 1975, effective Dec. 25, 1975. Emergency amendment filed Feb. 14, 1984, effective Feb. 24, 1984, expired June 23, 1984. Amended: Filed March 12, 1984, effective June 11, 1984. Moved to 20 CSR 1100-2.070, effective Aug. 28, 2006. Amended: Filed May 14, 2012, effective Nov. 30, 2012. *Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972. Op. Atty. Gen. No. 56, Mackey, 5-15-53. A solvent credit union, subject to provisions of Chapter 370, RSMo (1949), but which cannot effect liquidation and dissolution under the provisions of that chapter, may do so under the provisions of Chapter 351, RSMo (1949).