# 12 CFR § 708a.101: Definitions > Federal · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.101 ## Section - **Citation:** 12 CFR § 708a.101 - **Heading:** Definitions - **Jurisdiction:** Federal - **Kind:** Regulations - **Status:** In force - **Text as of:** September 22, 2026 - **Source:** Publisher's official text - **Location:** Title 12—Banks and Banking > CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION > SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS > PART 708a—BANK CONVERSIONS AND MERGERS > Subpart A—Conversion of Insured Credit Unions to Mutual Savings Banks ## Text As used in this part: Clear and conspicuous means text in bold type in a font size at least one size larger than any other text used in the document (exclusive of headings), but in no event smaller than 12 point. Conducted by an independent entity means: (1) The independent entity will receive the ballots directly from voting members. (2) After the conclusion of the special meeting that ends the ballot period, the independent entity will open all the ballots in its possession and tabulate the results. The entity must not open or tabulate any ballots before the conclusion of the special meeting. (3) The independent entity will certify the final vote tally in writing to the credit union and provide a copy to the NCUA Regional Director. The certification will include, at a minimum, the number of members who voted, the number of affirmative votes, and the number of negative votes. During the course of the voting period the independent entity may provide the credit union with the names of members who have not yet voted, but may not provide any voting results to the credit union prior to certifying the final vote tally. Credit union has the same meaning as insured credit union in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). Federal banking agencies have the same meaning as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). Independent entity means a company with experience in conducting corporate elections. No official or senior management official of the credit union, or the immediate family member of any official or senior management official, may have any ownership interest in, or be employed by, the entity. Mutual savings bank and savings association have the same meaning as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). Regional Director means either the director for the NCUA Regional Office for the region where a natural person credit union's main office is located or the director of the NCUA's Office of Credit Union Resources and Expansion. For corporate credit unions and natural person credit unions defined as ONES credit unions under part 700 of this chapter, Regional Director means the Director of NCUA's Office of National Examinations and Supervision. Secret ballot means no credit union employee or official can determine how a particular member voted. Credit union employees and officials are prohibited from assisting members in completing ballots or handling completed ballots. Senior management official means a chief executive officer, an assistant chief executive officer, a chief financial officer, and any other senior executive officer as defined by the appropriate federal banking agencies pursuant to section 32(f) of the Federal Deposit Insurance Act. [71 FR 77167, Dec. 22, 2006. Redesignated and amended at 75 FR 81386, Dec. 28, 2010; 76 FR 13505, Mar. 14, 2011; 78 FR 32544, May 31, 2013; 81 FR 76496, Nov. 3, 2016; 82 FR 60292, Dec. 20, 2017; 84 FR 1607, Feb. 5, 2019; 86 FR 15401, Mar. 23, 2021; 87 FR 45009, July 27, 2022] ## Nearby sections - [12 CFR § 708a.101 § 708a.101 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.101.md) - [12 CFR § 708a.102 § 708a.102 Authority to convert.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.102.md) - [12 CFR § 708a.103 § 708a.103 Board of directors' approval and members' opportunity to comment.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.103.md) - [12 CFR § 708a.104 § 708a.104 Disclosures and communications to members.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.104.md) - [12 CFR § 708a.105 § 708a.105 Notice to NCUA.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.105.md) - [12 CFR § 708a.106 § 708a.106 Membership approval of a proposal to convert.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.106.md) - [12 CFR § 708a.107 § 708a.107 Certification of vote on conversion proposal.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.107.md) - [12 CFR § 708a.108 § 708a.108 NCUA oversight of methods and procedures of membership vote.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.108.md) - [12 CFR § 708a.109 § 708a.109 Other regulatory oversight of methods and procedures of membership vote.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.109.md) - [12 CFR § 708a.110 § 708a.110 Completion of conversion.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.110.md) - [12 CFR § 708a.111 § 708a.111 Limit on compensation of officials.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.111.md) - [12 CFR § 708a.112 § 708a.112 Voting incentives.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.112.md) - [12 CFR § 708a.113 § 708a.113 Voting guidelines.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.113.md) - [12 CFR § 708a.301 § 708a.301 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.301.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-12-708a.101. Check the current official text before relying on it. Not legal advice.