The Florida Senate

657.259  Plan of operation.--

(1)  The corporation shall establish the plan of operation to assure the fair, reasonable, expeditious, and equitable administration of the corporation. The plan of operation, and any amendments thereto, shall be approved by the board of directors and submitted to the department. The plan of operation, and any amendments thereto, shall become effective upon approval in writing by the department, which shall approve or disapprove any proposal within 60 days after the proposal is received by the department.

(2)  All member credit unions shall comply with the plan of operation, amendments thereto, and any rules adopted by the department under this part.

(3)  The plan of operation shall:

(a)  Require that every member credit union authorized by certificate of organization by the department, excepting only those whose accounts are insured through the National Credit Union Administration, shall maintain membership in the corporation. Failure to meet the standards and qualifications of full membership within the terms of a provisional guaranty certificate shall constitute a ground for revocation of the certificate of organization by the department.

(b)  Establish the procedure whereby all of the powers and duties of the corporation will be performed.

(c)  Establish the procedures for handling assets of the corporation.

(d)  Establish the amount and method of reimbursing members of the board of directors for reasonable and necessary expenses incurred by them as members of the board of directors.

(e)  Establish procedures by which claims against insolvent credit unions, which are required to be filed with the receiver or liquidator, are to be referred to the corporation. No claim shall be filed with the corporation unless the same is properly filed with the liquidator. The liquidator shall periodically submit a list of all claims filed to the corporation for its consideration, approval, and payment.

(f)  Establish the terms of office of members of the board of directors and the places and times for meetings of the board.

(g)  Establish procedures for records to be kept of all financial transactions of the corporation and its agents and the board of directors.

(h)  Contain any additional provisions necessary or proper for the execution of the powers, functions, and duties of the corporation consistent with this part.

(i)  Provide for the dissolution of the corporation to include procedures for the payment of liquidating dividends to member credit unions as provided in s. 657.269

History.--s. 11, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 7, ch. 78-95; s. 8, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 24, 58, ch. 85-82; ss. 5, 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429.