220.04 (9) (d) Cease and desist order. If the recipient of a notice of hearing fails to appear or if upon the record made at the hearing the commissioner division finds that a violation or unsafe or unsound practice has been established, the commissioner division may issue and serve on the official or regulated entity an order to cease and desist from the violation or practice. The order may require the official or regulated entity to correct the conditions resulting from the violation or practice. An order issued under this paragraph is effective upon service on the official or regulated entity named in the order and may be appealed under s. 220.035.
27,6009 Section 6009. 220.04 (9) (e) 1. of the statutes is amended to read:
220.04 (9) (e) 1. If the commissioner division finds that a violation or practice described in par. (b) is likely to cause insolvency or substantial dissipation of assets or earnings of the regulated entity or seriously prejudice the interests of its depositors, the commissioner division may issue a temporary order requiring the official or regulated entity named in the notice of hearing to cease and desist from the violation or practice and to take affirmative action to prevent insolvency, dissipation of assets or earnings or prejudice to depositors pending completion of the proceedings. The temporary order is effective upon service on the official or regulated entity named in the notice of hearing and remains effective and enforceable pending completion of the administrative proceedings unless suspended, set aside or limited by a court as provided in subd. 2.
27,6010 Section 6010. 220.04 (9) (f) 1. of the statutes is amended to read:
220.04 (9) (f) 1. As part of an order issued under par. (d), the commissioner division may impose a forfeiture of up to $10,000 for each violation or practice under par. (b).
27,6011 Section 6011. 220.04 (9) (g) (intro.) of the statutes is amended to read:
220.04 (9) (g) Enforcement. (intro.) The commissioner division may institute proceedings to recover a forfeiture under par. (f) or to enjoin the violation of an order issued under par. (d) and, after notice and opportunity for a hearing as provided in sub. (4), may order the removal of an official who commits a violation or engages in a practice under par. (b) or who violates an order issued under par. (d), if the commissioner division finds that the practice or violation involves personal dishonesty resulting in financial gain to the official or demonstrates a wilful or continuing disregard for the safety or soundness of the regulated entity, and the commissioner division finds any of the following:
27,6012 Section 6012. 220.04 (10) of the statutes is amended to read:
220.04 (10) If it appears to the commissioner of banking division that a person has engaged or is about to engage in an act or practice constituting a violation of the laws of this state relating to banks and banking, including this chapter, chs. 217, 218 and 221 to 224 and s. 138.09, or a rule promulgated or order issued under those laws, the commissioner division may bring an action in the name of the state in the circuit court of the appropriate county to enjoin the acts or practices and to enforce compliance with the laws, rules or orders, or the commissioner division may refer the matter to the district attorney of the appropriate county or, if the alleged violation may be enforced by the attorney general under s. 220.12, 221.18, 221.205, 221.28 or 224.06 (7) or is statewide in nature, to the attorney general. Upon a proper showing, the court may grant a permanent or temporary injunction or restraining order, appoint a receiver for the defendant or the defendant's assets or order rescission of any acts determined to be unlawful. The court may not require the commissioner division to post a bond.
27,6013 Section 6013. 220.05 (title) of the statutes is amended to read:
220.05 (title) Examination fees; assessment by commissioner and assessments.
27,6014 Section 6014. 220.05 (1) of the statutes is amended to read:
220.05 (1) The commissioner of banking division shall assess each state bank and trust company bank for the cost of each examination made, which cost shall be determined by the commissioner division and shall include the salaries and expenses of all examiners and other employes of the commissioner division actively engaged in such an examination, the salaries and expenses of the commissioner, review examiner or any other person whose services are required in connection with such examination and any reports thereof, and any other expenses which may be directly apportioned. Any charge so made shall be paid within 30 days from the time the bank receives notice of the assessment.
27,6015 Section 6015. 220.05 (2) of the statutes is amended to read:
220.05 (2) On or before July 15 of each year, each state bank and trust company bank shall pay to the commissioner division an annual assessment for the maintenance of the functions of the office of the commissioner of banking division in an amount to be determined by the banking review board, but which shall not exceed 8 cents per $1,000 of resources, or part thereof, for the first $5,000,000 and shall not exceed 6 cents per $1,000, or part thereof, for all resources over $5,000,000.
27,6016 Section 6016. 220.05 (5) of the statutes is amended to read:
220.05 (5) Whenever in the judgment of the commissioner division, the condition or conduct of any bank renders it necessary or expedient to make an extra examination or to devote any extraordinary attention to its affairs, the commissioner division shall have the authority to make any and all necessary extra examinations and audits or partial audits and to devote any necessary attention to the conduct of its affairs; and such bank shall pay for each additional examination, and for each audit or partial audit, the actual cost thereof. Where an audit or partial audit is ordered, the actual reasonable cost of auditors shall be charged. Before directing any examination in excess of 2 or any audit or partial audit, the commissioner division shall examine the audits and examinations of any clearing house association as to the bank in question which may be furnished to it and shall avoid duplication of examinations, audits or partial audits wherever reasonably possible. In case of audits or partial audits for which a charge may be made under the provisions of this section, the commissioner division shall promptly send a copy to the bank and the bank shall pay the reasonable cost thereof. When the commissioner division delivers to a bank a copy of any examination, audit or partial audit, the commissioner division may by letter accompanying same require the bank to have the receipt of same acknowledged in the record of the next meeting of directors of the bank and may require that there be sent to the commissioner division a certified copy of action by the directors showing that all the directors of the bank have read said copy and are familiar with its contents and have signed a statement to such effect on the copy received by the bank and may require that a duplicate of such signed statement signed by all directors to be sent to the commissioner division to be attached to and filed with the original of such examination, audit or partial audit on file in with the office division. Failure of the bank or its board of directors or any of them to comply with any such order or direction of the commissioner division within a reasonable time fixed by it shall be sufficient ground for the taking of possession of said bank by the commissioner division and liquidating said bank under s. 220.08.
27,6017 Section 6017. 220.05 (6) of the statutes is amended to read:
220.05 (6) Any bank or trust company holding any property in trust or in any fiduciary capacity or as custodian or bailee shall pay in addition to said fees and assessments provided for in sub. (2) the actual reasonable cost of any and all examinations (whether or not they are in excess of 2 in any one year) conducted by the office of the commissioner of banking division of the books, records and business of said bank or trust company insofar as they relate to said property held in trust or other fiduciary capacity or as custodian or bailee, said cost to include a fair charge for time of assistants and office overhead and to be determined by the commissioner division within a reasonable time after each said examination has been completed. A statement of such charge shall be promptly sent to said bank or trust company. Each such bank or trust company shall pay such charge within 10 days after receipt of such statement. Said cost shall include the cost of furnishing copy to the bank or trust company.
27,6018 Section 6018. 220.06 (1) of the statutes is amended to read:
220.06 (1) In this section, "licensee" means a person licensed by the commissioner of banking division under ch. 138, 217 or 218.
27,6019 Section 6019. 220.06 (1m) of the statutes is amended to read:
220.06 (1m) No commissioner of banking, deputy, assistant deputy or examiner division employe may examine a bank or licensee in which such that person is interested as a stockholder, officer or employe. No commissioner, deputy, assistant deputy or examiner division employe may examine a bank or licensee located in the same village, city or county with any bank or licensee in which such that person is so interested. The commissioner of banking, deputy, assistant deputies and every employe Employes in the office of the commissioner division, and each member and employe of the banking review board, shall keep secret all facts and information obtained in the course of examinations or from reports not under s. 221.15 (1) filed by a bank or licensee with the office of the commissioner of banking division, except so far as the public duty of the officer person requires reporting upon or taking special action regarding the affairs of any bank or licensee, and except when called as a witness in any criminal proceeding or trial in a court of justice. The commissioner division may furnish to the federal deposit insurance corporation or to any regulatory authority for state or federal financial institutions, insurance or securities a copy of any examination made of any such bank or licensee or of any report made by such bank or licensee and may give access to and disclose to the corporation or to any regulatory authority for state or federal financial institutions, insurance or securities any information possessed by the commissioner division with reference to the conditions or affairs of any such insured bank or licensee if the regulatory authority agrees to treat all information received with the same degree of confidentiality as applies to reports of examination that are in the custody of the commissioner division.
27,6020 Section 6020. 220.06 (2) of the statutes is amended to read:
220.06 (2) If any commissioner, deputy, assistant deputy, examiner or other employe in such office the division or any member of the banking review board or any employe thereof discloses the name of any debtor of any bank or licensee, or anything relative to the private account or transactions of such bank or licensee, or any fact obtained in the course of any examination of any bank or licensee, except as herein provided, he or she that person shall be subject, upon conviction, to forfeiture of office, or position and to the payment of a fine of not less than $100 nor more than $1,000, or imprisonment in the Wisconsin state prisons not less than 6 months nor more than 2 years, or both.
27,6021 Section 6021. 220.06 (3) (a) of the statutes is amended to read:
220.06 (3) (a) Examination reports possessed by a bank or licensee are confidential, remain the property of the office of the commissioner of banking division and are returnable immediately on request of the office division.
27,6022 Section 6022. 220.065 of the statutes is amended to read:
220.065 (title) Immunity of commissioner. The commissioner of banking Employes of the division shall not be subject to any civil liability or penalty, nor to any criminal prosecution, for any error in judgment or discretion made in good faith and upon reasonable grounds in any action taken or omitted by the commissioner division in the commissioner's division's official capacity under the provisions of chs. 220 to 224.
27,6023 Section 6023. 220.07 (1) of the statutes is amended to read:
220.07 (1) (title) Capital impaired; duty of commissioner; deficiency. Whenever the commissioner of banking division determines that the capital of any bank is impaired or reduced below the amount required by law or the articles of incorporation, or below the amount certified to the commissioner division as paid in, the commissioner division may require such bank under his or her hand and seal of office to make good such impairment or deficiency within 60 days after the date of such requisition. In any case, where the capital of a bank becomes impaired or reduced below the amount required by law or the articles of incorporation, the board of directors of such bank may make a proportional assessment upon all of the stock of the bank to make good such deficiency, and may provide that the amount of such deficiency shall be due and payable at a time to be fixed by such board of directors, which time shall be not less than 10 days after notice of the assessment. Notice to stockholders residing in another state shall be given by registered mail and a return receipt demanded. If any stockholder fails or neglects to pay the amount of the assessment against his or her stock for 10 days after the assessment becomes due and payable, the directors of the bank may offer the stock for sale, and sell the stock at public sale upon 10 days' notice to be given by posting copies of the notice of sale in 5 public places in the town, village or city where the bank is located. Upon the sale, the purchaser shall forthwith pay the amount of the assessment against the stock. The amount received from the sale of the stock, less the cost and expenses of the sale, shall be paid to the original owner of the stock.
27,6024 Section 6024. 220.07 (2) of the statutes is amended to read:
220.07 (2) (title) Review of commissioner's order. In any case where the commissioner division has made an order requiring capital to be made good, the bank may within 10 days after the making of said order secure a review of same by the banking review board by filing in the office of the commissioner with the division a statement requesting such review and stating the grounds of objection to the order of the commissioner division. Said board shall promptly conduct a hearing thereon after affording reasonable notice to the bank and shall affirm, modify or set aside the order of the commissioner division. No such review or hearing shall extend the time for compliance with the order of the commissioner division unless the banking review board shall so direct.
27,6025 Section 6025. 220.075 (1) of the statutes is amended to read:
220.075 (1) If the commissioner division finds that the average of deposits for a fiscal year, as computed under sub. (2), in a bank exceed an amount equal to 15 times the unimpaired capital and the undistributed surplus of the bank, the commissioner division shall order the bank to increase its capital or surplus or both. The order shall provide that within one year the total unimpaired capital and undistributed surplus shall exceed one-fifteenth of the average deposits as reported in accordance with this section. For purposes of making calculations under this subsection, a bank shall subtract from undistributed surplus that amount of all items classified by the commissioner division as doubtful or loss which exceeds the bank's undivided profits and loan loss reserves.
27,6026 Section 6026. 220.075 (3) of the statutes is amended to read:
220.075 (3) On or before April 15 annually, each bank shall file with the commissioner division a report, in the form required by the commissioner division, which discloses the unimpaired capital, the undistributed surplus and the average of actual deposits, average of cash and cash equipment items and average of deposits for the fiscal year ending at the close of business on March 31 of the same year.
27,6027 Section 6027. 220.075 (4) of the statutes is amended to read:
220.075 (4) Any bank failing to file a report as required by this section shall be subject, at the discretion of the commissioner division, to a forfeiture of $100 for each day after the due date of the report until the report is filed. A bank's failure to comply with an order issued by the commissioner division under this section is cause for forfeiture of the bank's charter or for the removal of its officers or directors.
27,6028 Section 6028. 220.08 (title) of the statutes is amended to read:
220.08 (title) Delinquent banks; commissioner division may take possession.
27,6029 Section 6029. 220.08 (1) of the statutes is amended to read:
220.08 (1) Whenever it shall appear to the commissioner of banking division that any bank or banking corporation to which this chapter is applicable has violated its charter or any law of the state, or is conducting its business in an unsafe or unauthorized manner, or if the capital of any such bank or banking corporation is impaired, or if any such bank or banking corporation shall refuse to submit its books, papers, and concerns to the inspection of any examiner, or if any officer thereof shall refuse to be examined upon oath touching the concerns of any such bank or banking corporation, or if any such bank or banking corporation shall suspend payment of its obligations, or if from any examination or report provided for by this chapter the commissioner division shall have reason to conclude that such bank or banking corporation is in an unsound or unsafe condition to transact the business for which it is organized, or that it is unsafe and inexpedient for it to continue business, or if any such bank or banking corporation shall neglect or refuse to observe an order of the commissioner division, specified in s. 220.07, or if the commissioner division shall find that the management of the bank or the manner in which the work of any of its officers or employes is done, if continued, is such as to endanger the safety or solvency of the bank and the commissioner division shall have made written recommendations for change in management or officers and employes and such recommendation shall not have been complied with after the expiration of a reasonable time therefor fixed by the commissioner division, the commissioner division may take possession of the property and business of such bank or banking corporation, and retain such possession until such bank or banking corporation shall resume business, or its affairs be finally liquidated as herein provided. Whenever facts have come to the attention of the commissioner division which cause the commissioner division to believe that it may be necessary or advisable to take possession of a bank, or if the commissioner division has reasonable cause to believe that any of the grounds for taking possession of a bank, specified in this section, exist, the commissioner division shall bring the matter to the attention of the banking review board, reporting to them in writing the situation and the commissioner's division's recommendation as to action to be taken. The banking review board shall promptly consider the matter and promptly decide whether or not the commissioner division should take possession of the bank. If the review board decides that the commissioner division should take possession, the commissioner division shall forthwith take possession as hereinbefore provided. If at any time the commissioner division is confronted with an emergency situation where in the commissioner's division's opinion it is imperative in order to protect the public or for other reasons that possession of the bank be at once taken, the commissioner division may do so forthwith without referring the matter to the banking review board.
27,6030 Section 6030. 220.08 (2) of the statutes is amended to read:
220.08 (2) On taking possession of the property and business of any such bank or banking corporation, the commissioner division shall forthwith give notice of such fact to any and all banks or banking corporations holding or in possession of any assets of such bank or banking corporation. No bank or banking corporation knowing of such taking possession by the commissioner division, or notified as aforesaid, shall have a lien or charge for any payment, or advance, thereafter made, or liability thereafter incurred, against any of the assets of the bank or banking corporation of whose property and business the commissioner division shall have taken possession as aforesaid, except that all drafts issued and delivered against existing balances on deposit in any drawee banks or banking corporations shall be paid on presentation, if they correspond by number and amount to a list to be certified to them by the commissioner, the commissioner's deputies or representatives division, and if there be insufficient funds in deposit such drafts shall be preferred claims. Such bank or banking corporation may, with the consent of the commissioner division, resume business upon such conditions as may be approved by the commissioner division.
27,6031 Section 6031. 220.08 (2a) of the statutes is amended to read:
220.08 (2a) The commissioner division on taking possession of a bank for liquidation shall, with the approval of the circuit court, withdraw from the general fund of such bank an amount of money deemed adequate by the commissioner division and the circuit court for the payment of current monthly expenses and set up a working fund. Such working fund shall be deposited by the commissioner division in one or more state banks in an account known as "bank liquidation account" together with like funds from other banks in liquidation. Once each month the expenses so paid from the working fund shall be approved by the circuit court. Upon such approval, the working fund of each liquidating bank shall be reimbursed from the general fund of said liquidating bank so that the balance of each working account in said bank liquidation account shall always be the amount approved by the circuit court. When a liquidating bank is ready to pay the final dividend and final expenses, the working fund assigned to the bank liquidation account shall be reassigned back to the general account of such bank.
27,6032 Section 6032. 220.08 (3) of the statutes is amended to read:
220.08 (3) Upon taking possession of the property and business of such bank or banking corporation, the commissioner division is authorized to collect moneys due to such bank or banking corporation, and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof, as hereinafter provided. The commissioner division shall collect all debts due and claims belonging to it, and, upon the order of the circuit court, may sell or compound all bad or doubtful debts, and on like order may sell all the real and personal property of such bank or banking corporation on such terms as the court shall direct.
27,6033 Section 6033. 220.08 (3a) of the statutes is amended to read:
220.08 (3a) That in addition to the authority conferred by sub. (3), the commissioner division with the approval of the banking review board may, for purposes of collection or liquidation, sell, assign, convey and transfer or approve the sale, assignment, conveyance and transfer of the assets of a closed bank or bank operating under a stabilization and readjustment agreement to any other bank or trust company under such terms and conditions as the commissioner division may deem for the best interests of the depositors and unsecured creditors of such bank.
27,6034 Section 6034. 220.08 (3b) of the statutes is amended to read:
220.08 (3b) The acts of any special deputy commissioner under sub. (4) shall be binding on the commissioner of banking division to the same extent and with like effect as if such acts were done by said commissioner division.
27,6035 Section 6035. 220.08 (4) of the statutes is amended to read:
220.08 (4) The commissioner division may, under his or her hand and official seal, appoint one or more special deputy commissioners deputies, as agent or agents, to assist the commissioner division in the duty of reorganization, consolidation, liquidation and distribution, the certificate of appointment to be filed in the office of the commissioner with the division and a certified copy in the office of the clerk of the circuit court for the county in which such bank or banking corporation is located. Such special deputy commissioners deputies may execute, acknowledge and deliver any and all deeds, assignments, releases or other instruments necessary and proper to effect any sale and transfer or encumbrance of real estate or personal property after the same has been approved by the commissioner division, and an order obtained from the circuit court of the county in which the bank concerned is located. The commissioner division may from time to time authorize a special deputy commissioner to perform such duties connected with such reorganization, consolidation, liquidation and distribution as the commissioner division deems proper. The commissioner division may employ such counsel and procure such expert assistance and advice as may be necessary in the reorganization, consolidation, liquidation and distribution of the assets of such banks or banking corporations. The commissioner division may retain such of the officers or employes of such banks or banking corporations as he or she deems necessary.
27,6036 Section 6036. 220.08 (5) of the statutes is amended to read:
220.08 (5) The commissioner division shall give notice, in such newspapers as the commissioner division may direct, by publication of a class 3 notice, under ch. 985, calling on all persons who may have claims against such bank or banking corporation, to present the same to the commissioner division, within 3 months after the date of first insertion. Such notice shall also fix a place and time (not less than 3 months after the date of first insertion) to make legal proof thereof. The commissioner division shall mail a similar notice to all persons whose names appear as creditors upon the books of the bank or banking corporation. Any creditor of such bank or banking corporation holding security of any nature, shall file a claim as a general creditor only for the amount by which the debt exceeds the value of such security. The value of said security and the amount to be allowed on the claim so filed shall, upon application of such creditor or the commissioner division and upon at least 20 days' notice to the opposing party, be determined by the circuit court of the county wherein such bank or banking corporation is located. If the commissioner division doubts the justice and validity of any claim, the commissioner division may reject the same, and serve notice of such rejection upon the claimant either by mail or personally. An affidavit of the service of such notice, which shall be prima facie evidence thereof, shall be filed with the commissioner division. An action upon a claim so rejected must be brought within 6 months after such service. Claims presented after the expiration of the time fixed in the notice to creditors shall be entitled to receive only liquidating dividends declared after presentation, unless otherwise ordered by the court.
27,6037 Section 6037. 220.08 (6) of the statutes is amended to read:
220.08 (6) Upon taking possession of the property and assets of such bank or banking corporation, the commissioner division shall make an inventory of the assets of such bank or banking corporation, in duplicate, one to be filed in the office of the commissioner with the division, and one in the office of the clerk of circuit court for the county in which such bank or banking corporation is located; upon the expiration of the time fixed for the presentation of claims, the commissioner division shall make in duplicate a full and complete list of the claims presented, including and specifying such claims as have been rejected by it, one to be filed in the office of the commissioner with the division, and one in the office of the clerk of circuit court for the county in which such bank or banking corporation is located. Such inventory and list of claims shall be open at all reasonable times to inspection.
27,6038 Section 6038. 220.08 (7) of the statutes is amended to read:
220.08 (7) The compensation of the special deputy commissioners deputies, counsel, and other employes and assistants, and all expenses of supervision and liquidation, shall be fixed by the commissioner division subject to the approval of the circuit court for the county in which such bank or banking corporation is located, on notice of such bank or banking corporation, and shall upon the certificate of the commissioner division be paid out of the funds of such bank or banking corporation in the hands of the commissioner division. Expenses of supervision and liquidation shall include the cost of services rendered by the office of the commissioner of banking division to the bank or banking corporation being liquidated and the commissioner division shall the first of each month determine such cost in the manner hereinafter provided, which cost shall be charged to each bank in liquidation and the same shall be paid to the office of the commissioner of banking division as other expenses of liquidation are paid. The amount of the aforesaid supervision cost to be paid by each bank in liquidation shall be determined by taking that portion of the total supervision cost of all banks in liquidation for the preceding month, which the total book value of the unliquidated book assets of each said bank bears to the total book value of all the unliquidated book assets of every bank in liquidation. In making computations for each month the total supervision cost and all book values of unliquidated assets shall be determined as of the last business day of the preceding month. The moneys collected by the commissioner division shall be from time to time deposited in one or more state banks, and, in case of the suspension or insolvency of the depository, such deposits shall be preferred before all other deposits.
27,6039 Section 6039. 220.08 (8) of the statutes is amended to read:
220.08 (8) At any time after the expiration of the date fixed for the presentation of claims, the commissioner division may out of the funds remaining in the commissioner's hands division's possession after the payment of expenses declare one or more dividends, and after the expiration of one year from the first publication of notice to creditors, the commissioner division may declare a final dividend, such dividends to be paid to such persons, and in such amounts, and upon such notice, as may be directed by the circuit court for the county in which such bank or banking corporation is located. Objections to any claim not rejected by the commissioner division may be made by any party interested by filing a copy of such objections with the commissioner, who division, which shall present the same to the circuit court at the time of the next application to declare a dividend. The court may if deemed advisable provide for the setting aside of a sum sufficient to pay all or any part of the dividends due on any unproved or unclaimed deposits.
27,6040 Section 6040. 220.08 (9) of the statutes is amended to read:
220.08 (9) Whenever any such bank or banking corporation, of whose property and business the commissioner division has taken possession, as aforesaid, deems itself aggrieved thereby, it may, at any time within 10 days after such taking possession, apply to the circuit court for the county in which such bank or banking corporation is located to enjoin further proceedings; and said court, after citing the commissioner division to show cause why further proceedings should not be enjoined and hearing the allegations and proofs of the parties and determining the facts may, upon the merits dismiss such application or enjoin the commissioner division from further proceedings, and direct the commissioner division to surrender such business and property to such bank or banking corporation. Said bank or banking corporation may, if it desires so to do, within 10 days after taking possession apply to the banking review board to review the action of the commissioner division in taking possession. The banking review board shall act speedily on such application. Within 10 days after notice of the decision of the banking review board, said bank or banking corporation may apply to said circuit court of the county in which such bank or banking corporation is located to enjoin further proceedings. The proceedings on such application shall be on notice to the commissioner division and shall be the same as where the application to the court is made as above provided without application to the review board.
27,6041 Section 6041. 220.08 (10) of the statutes is amended to read:
220.08 (10) Whenever the commissioner division has paid to every depositor and creditor of such bank or banking corporation (not including stockholders), whose claims as such creditor or depositor have been duly proved and allowed, the full amount of such claims, and has made proper provision for unclaimed and unpaid deposits or dividends, and has paid all the expenses of the liquidation, the commissioner division shall call a meeting of the stockholders of such bank or banking corporation by giving notice thereof by certified mail and by publication of a class 2 notice, under ch. 985, in the county where such bank or banking corporation is located. At such meeting the stockholders shall determine whether the commissioner division shall be continued as liquidator and shall wind up the affairs of such bank or banking corporation, or whether an agent or agents shall be elected for that purpose, and in so determining the said stockholders shall vote by ballot, in person or by proxy, each share of stock entitling the holder to one vote, and the majority of the stock shall be necessary to a determination.
27,6042 Section 6042. 220.08 (11) of the statutes is amended to read:
220.08 (11) In case it is determined to continue the liquidation under the commissioner division, the commissioner division shall complete the liquidation of the affairs of such bank or banking corporation, and after paying the expenses thereof, shall distribute the proceeds among the stockholders in proportion to the several holdings of stock in such manner and upon such notice as may be directed by the circuit court. In case it is determined to appoint an agent or agents to liquidate, the stockholders shall thereupon select such agent or agents by ballot, a majority of the stock present and voting, in person or by proxy, being necessary to a choice. Such agent or agents shall execute and file with the commissioner division a bond to the people of the state in such amount, with such sureties and in such form as shall be approved by the commissioner division, conditioned for the faithful performance of all the duties of the agent's or the agents' trust, and thereupon the commissioner division shall transfer and deliver to such agent or agents all the undivided or uncollected or other assets of such bank or banking corporation then remaining in the commissioner's hands division's possession; and upon such transfer and delivery, the said commissioner division shall be discharged from any and all further liability to such bank or banking corporation and its or their creditors.
27,6043 Section 6043. 220.08 (12) of the statutes is amended to read:
220.08 (12) Such agent or agents shall convert the assets coming into the agent's or agents' possession into cash, and shall account for and make distribution of the property of said bank or banking corporation, as is herein provided in the case of distribution by the commissioner division, except that the expenses thereof shall be subject to the direction and control of the circuit court. In case of the death, removal, or refusal to act of any such agent or agents, the stockholders, on the same notice, to be given by the commissioner division upon proof of such death, removal, or refusal to act being filed with it, and by the same vote hereinbefore provided, may elect a successor, who shall have the same powers and be subject to the same liabilities and duties as the agent originally elected.
27,6044 Section 6044. 220.08 (13) of the statutes is amended to read:
220.08 (13) The commissioner division shall deposit dividends and unclaimed deposits which have been provided for and which remain unpaid in the hands of the commissioner division for 6 months after the order for final distribution in one or more state banks, to the credit of the commissioner division, in trust for the several depositors with and creditors of the liquidated bank or banking corporations from which they were received. The commissioner's division's annual report under s. 220.14 shall include the names of banks or banking corporations so taken possession of and liquidated and the sums of unclaimed and unpaid deposits or dividends with respect to each of them respectively.
27,6045 Section 6045. 220.08 (14) of the statutes is amended to read:
220.08 (14) The commissioner division may pay the moneys held by him or her the division to the persons entitled to them, upon being furnished satisfactory evidence of their right to the same. In cases of doubt or conflicting claims, the commissioner division may require an order of the circuit court authorizing and directing the payment thereof. The commissioner division may apply the interest earned towards defraying the expenses in the payment and distribution of such unclaimed deposits or dividends to the depositors and creditors entitled to receive them, and if necessary may draw on the fund to defray such expenses. After one year from the time of the order for final distribution, the commissioner division shall report and deliver all unclaimed funds to the state treasurer as provided in ch. 177. All claims subsequently arising shall be presented to the commissioner division. If the commissioner division determines that any claim should be allowed, he or she the division shall certify to the department of administration the name and address of the person entitled to payment and the amount thereof and shall attach the claim to the certificate. The department secretary of administration shall certify the claim to the state treasurer for payment.
27,6046 Section 6046. 220.08 (15) of the statutes is amended to read:
220.08 (15) Whenever the commissioner division, with a view of restoring the solvency of any bank of which the commissioner division has taken charge pursuant to law, shall approve a reorganization plan entered into between the depositors and unsecured creditors of such bank and the bank or reorganizers thereof, which represent 80 per cent of the amount of deposits and unsecured claims of such banks, then and in such case all other depositors and unsecured creditors shall be held to be subject to such agreement to the same extent and with the same effect as if they had joined in the execution thereof, and their claims shall be treated in all respects as if they had joined in the execution of such articles or reorganization plan in the event of restoration of such bank to solvency, and the reopening of the same for business. The investment board and the governing board of any county, city, village, town, drainage district, power district, school district, sewer district, or other governmental subdivision, or any commission, committee, board or officer thereof, having any funds on deposit at the time of the closing of the bank are authorized to join in any reorganization plan, if, in the judgment of such investment board or other governing board, the reorganization plan is in the best interests of all persons concerned. All deposits made in any state bank subsequent to June 3, 1927 shall be subject to the conditions hereof.
27,6047 Section 6047. 220.08 (16) of the statutes is amended to read:
220.08 (16) Whenever the commissioner division is informed, within 10 days after the commissioner division has taken charge of a bank pursuant to law, that a plan for the reorganization of such bank is being considered, the commissioner division may refrain from complying with any or all of the provisions of this section for such time as the commissioner division deems advisable, but for not more than 40 days after the commissioner division has taken charge of said bank. The approval by the commissioner division and the acceptance by the depositors and unsecured creditors of a reorganization plan within the time specified as provided in sub. (15), shall operate to relieve the commissioner division of the duties and liabilities provided by this section in the case of liquidation of banks.
27,6048 Section 6048. 220.08 (17) of the statutes is amended to read:
220.08 (17) Whenever it shall appear to the commissioner division that the books and records of any liquidated bank or banking corporation or segregated trust are no longer required by the commissioner, he or she division, the division may make application to the circuit court having jurisdiction of such liquidated bank or banking corporation or segregated trust for an order determining what books and records are to be kept and what destroyed, stating in such application his or her the division's recommendations thereon. Said circuit court shall thereupon enter an order determining what books and records shall be kept and what shall be destroyed. The books and records ordered preserved shall be delivered to the clerk of such court to be kept by him or her until further order of the court. Following the expiration of the retention period provided in SCR chapter 72, the circuit court shall submit to the historical society copies of the commissioner's division's application and the court order determining what books and records have been kept. On subsequent application of the historical society the court may order delivery to the society of such books and records as the society deems of permanent historical significance and the destruction of the balance, whether or not any such records have been photographed or microphotographed.
27,6049 Section 6049. 220.08 (18) of the statutes is amended to read:
220.08 (18) Whenever any bank or banking corporation has been completely liquidated, the commissioner division shall and is hereby authorized to cancel the charter of such bank or banking corporation.
27,6050 Section 6050. 220.08 (19) (intro.) of the statutes is amended to read:
220.08 (19) (intro.) Segregated trusts heretofore or hereafter created in connection with the stabilization and readjustment or reorganization of a bank shall be administered and liquidated under the supervision of the commissioner division and the circuit court of the county in which the bank is located.
27,6051 Section 6051. 220.08 (19) (b) of the statutes is amended to read:
220.08 (19) (b) The administration and liquidation of such trust shall be subject to the supervision of the commissioner division and as far as practicable shall be subject to the approval of the circuit court of the county wherein such bank is located in the same manner and to the same extent as is the administration of banks in liquidation under the provisions of this section.
27,6052 Section 6052. 220.08 (19) (c) of the statutes is amended to read:
220.08 (19) (c) The commissioner division shall make such examinations of the books, records and assets of such trust as the commissioner division deems necessary and shall submit copies of such examinations to the trustees and to the circuit court. The cost of such examinations and the cost of the supervision rendered by the commissioner division, which cost shall be determined by said commissioner the division, shall be a charge against the trust and shall be paid as an expense of administration.
Loading...
Loading...