186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the commissioner. If the commissioner approves the articles and bylaws, the commissioner shall return one approved duplicate original of the articles of incorporation to the incorporators endorsed with his or her approval, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the commissioner a certificate stating the date and time when the articles were recorded, and the commissioner shall issue a certificate of incorporation to the credit union.
151,54 Section 54. 186.02 (3) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the office of credit unions. If the office of credit unions approves the articles and bylaws, the office of credit unions shall return one approved duplicate original of the articles of incorporation to the incorporators, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the office of credit unions a certificate stating the date and time when the articles were recorded, and the office of credit unions shall issue a certificate of incorporation to the credit union.
151,55 Section 55. 186.02 (3) (b) of the statutes is amended to read:
186.02 (3) (b) If the commissioner refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227.
151,56 Section 56. 186.02 (3) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (3) (b) If the office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227.
151,57 Section 57. 186.02 (4) (title) of the statutes is created to read:
186.02 (4) (title) Amendments.
151,58 Section 58. 186.02 (4) (a) of the statutes is amended to read:
186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the commissioner upon payment of a $5 $50 fee. If approved by the commissioner, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.
151,59 Section 59. 186.02 (4) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the office of credit unions upon payment of a $50 fee. If approved by the office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.
151,60 Section 60. 186.02 (4) (b) of the statutes is amended to read:
186.02 (4) (b) All amendments to the bylaws shall be filed with the commissioner and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the commissioner.
151,61 Section 61. 186.02 (4) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (4) (b) All amendments to the bylaws shall be filed with the office of credit unions and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the office.
151,62 Section 62. 186.02 (4) (c) of the statutes is created to read:
186.02 (4) (c) A credit union is not required to obtain the prior approval of its membership to move the credit union's principal office within a 20-mile radius of its present location, including to another county.
151,63 Section 63. 186.03 of the statutes is repealed and recreated to read:
186.03 Use of name exclusive. (1) Limits. A person may not use a name containing the phrase "credit union", represent itself as a credit union or conduct business as a credit union unless the person is any of the following:
(a) A credit union.
(b) An association of credit unions.
(c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.
(2) Use required. A credit union shall use the phrase "credit union" in its corporate name.
(3) Name approval. The commissioner shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.
(4) Penalty. Whoever violates this section may be fined not more than $5,000.
151,64 Section 64. 186.03 (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:
186.03 (3) Name approval. The commissioner office of credit unions shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.
151,65 Section 65. 186.04 of the statutes is renumbered 186.235 (14) and amended to read:
186.235 (14) (title) Examination and supervision fees Annual assessments and examination costs. (a) The commissioner, with the approval of the credit union review board, shall fix the amounts to be assessed against credit unions for their supervision and the examination examinations under and by virtue of this chapter. Such amounts Amounts shall be determined and paid as provided in this section subsection.
(b) On or before July 15 of each year, each credit union shall pay to the office of the commissioner an annual fee to be determined as provided in sub. (1) assessment, which shall represent as nearly as practicable its fair share of the maintenance of the office of the commissioner.
(c) In addition to the annual fee assessment, each credit union shall be assessed charged for the cost of every examination made, which cost shall be determined as provided in sub. (1) and. The examination charge shall include the prorated amount of salaries and expenses of all examiners and other employes actively engaged in the examination, the salaries and expenses of any other person whose services are required in connection with the examination and any reports thereof, examination report and any other expenses which may be directly attributable thereto. Any charge so made to the examination. The examination charge shall be paid within 30 days from the date the credit union receives notice of the assessment of such fee on the day on which the examination is completed.
(d) Failure of any credit union to pay any amount as provided in this section subsection shall be grounds for the revocation of the charter of the credit union failing to make the payment.
(e) If the amounts collected under this section are in excess of subsection exceed the actual amounts necessary for the supervision and examination of credit unions in each a year, the excess shall be retained by the commissioner and applied in reducing the amounts chargeable for ensuing years.
151,66 Section 66. 186.06 (title), (1) and (2) of the statutes are repealed and recreated to read:
186.06 (title) Membership meetings, fiscal year. (1) Manner of meeting. The annual meeting and any special meeting of the members of a credit union shall be held in the manner provided by the bylaws.
(2) Representation. An organization, association or corporation member of a credit union may be represented by and have its vote cast by an authorized representative of its members or owners.
151,67 Section 67. 186.06 (1m) of the statutes is created to read:
186.06 (1m) Voting. At a meeting, each member shall have one vote irrespective of the member's share total. Except as provided in sub. (2), a member may not vote by proxy.
151,68 Section 68. 186.06 (2m) of the statutes is created to read:
186.06 (2m) Voting eligibility. The bylaws shall prescribe the terms by which a member is eligible to vote at a meeting.
151,69 Section 69. 186.06 (3) of the statutes is repealed and recreated to read:
186.06 (3) Meeting issues. (a) At any meeting, if the notice so indicates, a majority of the members present may direct the board of directors to do any of the following:
1. Consider implementing any policy proposed by the members.
2. Reconsider any decision of the directors, officers or committees.
(b) At any meeting, if the notice so indicates, the members may, by a three-fourths vote of the members present, do any of the following:
1. Remove any member of the board of directors.
2. Amend the bylaws.
151,70 Section 70. 186.06 (4) of the statutes is amended to read:
186.06 (4) (title) Fiscal year. The fiscal year of every credit union shall end at the close of business on December 31 and the credit union shall, at least semiannually, transfer funds to the loss reserve account as provided in s. 186.17.
151,71 Section 71. 186.07 (title), (1) and (2) of the statutes are repealed and recreated to read:
186.07 (title) Board of directors. (1) Directors. At the first meeting of the members, the members shall elect a board of directors, consisting of an odd number of directors. A board of directors shall consist of at least 5 directors. Subsequent elections for board members shall be held at the annual membership meeting held in a manner prescribed in the bylaws.
(2) Terms. A director shall hold office until any of the following occurs:
(a) A successor is elected or appointed and the successor signs an oath of office.
(b) The director is removed under sub. (5) or dies.
151,72 Section 72. 186.07 (1m) of the statutes is created to read:
186.07 (1m) Appointments. (a) The board of directors shall appoint a president of the credit union. The board may also appoint any committee that the board considers to be necessary.
(b) The president shall appoint any employe officer.
151,73 Section 73. 186.07 (3) (title) of the statutes is created to read:
186.07 (3) (title) Meeting participation.
151,74 Section 74. 186.07 (4) to (7) of the statutes are created to read:
186.07 (4) Director eligibility. Eligibility for election to the board of directors shall be prescribed in the bylaws.
(5) Director removal. The board of directors shall remove a director from the board if any of the following applies:
(a) The director withdraws from membership in the credit union.
(b) The director causes a loss to the credit union because of a delinquency or a known conflict of interest.
(c) The director is unable to be bonded for all activities of the credit union.
(d) In the judgment of the board of directors, removal of the director is in the best interests of the credit union.
(6) Removal notice and appeal. A director who is removed under sub. (5) or s. 186.071 (2) shall be given notice of removal and shall be given an opportunity to appeal before the board of directors.
(7) Vacancies. Within 60 days after the date of a removal, the board of directors shall appoint a director to fill the vacancy. The appointee shall serve until a successor is elected at the next annual membership meeting.
151,75 Section 75. 186.071 of the statutes is created to read:
186.071 Oath of office. (1) Oath. Every director, officer, committee member and employe shall sign an oath of office. The oath shall require the director, officer, committee member and employe to do all of the following:
(a) Keep confidential the financial affairs of credit union members, unless state and federal laws, security requirements or sound lending practices require disclosure.
(b) Keep confidential the records and accounts of the credit union unless state or federal law requires disclosure.
(c) Familiarize themselves with the credit union laws, bylaws, rules and policies.
(d) Avoid initiating or participating in any insider dealings using credit union funds or the credit union's power or authority.
(e) Avoid initiating or participating in any action that may be in that person's personal pecuniary interest.
(2) Removal for violation. If an individual refuses to sign the oath of office or knowingly and wilfully violates the oath of office, the board shall remove that individual as a director, officer or committee member or shall direct that the individual be terminated as an employe.
151,76 Section 76. 186.08 (1) (intro.) of the statutes is renumbered 186.08 (1) and amended to read:
186.08 (1) (title) Management. At its first meeting following the annual membership meeting, the board of directors shall elect from their its number a chairperson and one or more vice chairpersons, a secretary of the board and a treasurer and shall appoint a president. The board or the president may appoint one or more vice presidents in accordance with the bylaws. The president shall be the operating executive officer. The president and vice presidents may be directors of the board. Any 2 or more offices of the board may be held by the same person, except the offices of president and secretary and the offices of president and vice president chairperson and vice chairperson and the offices of chairperson and secretary. The board of directors shall have the general management of oversight and final decision-making authority over the affairs, funds and records of the credit union, and shall meet as often as may be necessary. It shall be the The president of the credit union shall be the chief executive officer of the credit union and shall be in active charge of managing the credit union's day-to-day operations.
(1m) (title) Board duties. The board's duty duties include all of the following:
151,77 Section 77. 186.08 (1) (a) to (d) of the statutes are renumbered 186.08 (1m) (a) to (d) and amended to read:
186.08 (1m) (a) To act upon Acting on all applications for membership, unless a membership officer is appointed; the board delegates that responsibility.
(b) To act upon the expulsion of Expelling members; for cause.
(c) To fix Setting the amount of surety bond which shall be required of each officer having custody of funds;.
(d) To fill Filling vacancies in on the board of directors or executive offices or in the credit committee in such manner as the bylaws prescribe;.
151,78 Section 78. 186.08 (1) (e) of the statutes is repealed.
151,79 Section 79. 186.08 (1) (f) of the statutes is renumbered 186.08 (1m) (e) and amended to read:
186.08 (1m) (e) To establish Establishing rates of interest on all loans or authorizing an officer or committee of the credit union to establish interest rates on loans.
Loading...
Loading...