The Florida Senate

657.269  Dissolution of the corporation.--

(1)  The corporation shall liquidate its assets, complete its business activities, and make final distribution to the member credit unions not later than the date the corporation converted its assets into cash and paid its liabilities or 6 months after the date all member credit unions received certificates of insurance through the National Credit Union Administration or were liquidated or merged, whichever last occurs.

(2)  The liquid assets of the corporation remaining after making provision for all amounts required to be paid or reserved to meet conditions of a liquidation, a merger, or the issuance of certificates of insurance through the National Credit Union Administration of member credit unions, and setting aside an adequate reserve to fully pay all future covered claims, losses, liabilities, and guarantees, and a provision for expenses of liquidation and dissolution of the corporation, all as determined by the corporation, with the approval of the department, shall be available for distribution to member credit unions proportionately according to the interest in the corporation of each member credit union.

(3)  Any amount paid or committed to assist in the merger or liquidation of a member credit union or in the qualification of a member credit union for a certificate of insurance through the National Credit Union Administration must be taken into account and shall reduce the amount otherwise distributable to that member credit union or its successor. Any member credit union that is liquidated is ineligible for any portion of a liquidating dividend that is paid subsequent to liquidation of that member credit union.

(4)  When all member credit unions have been liquidated, merged, or received certificates of insurance through the National Credit Union Administration or the financial impact on the corporation from satisfying any conditions of a liquidation, merger, or receipt of a certificate of insurance has been determined with reasonable certainty, the corporation shall begin making partial liquidating distributions. After the initial partial liquidating distribution, supplemental partial liquidating distributions must be made to member credit unions from time to time as funds are available. Determination of the amount available for distribution must be made at least once during each 12-month period and must be paid within 30 days after the determination.

(5)  Within 6 months after making final distribution to member credit unions, the corporation shall prepare and file with the department a final report and, pursuant to s. 657.263(2), shall turn over to the department all remaining books, records, and accounts of the corporation and of liquidated member credit unions which are in the possession of the corporation.

History.--ss. 9, 12, ch. 91-17; s. 4, ch. 91-429.