Register, July, 1998, No. 511

Chapter DFI-SL 18

REQUIREMENTS TO ORGANIZE A NEW ASSOCIATION

DFI-SL 18.01       Minimum requirement for new associations.

Ch. DFI-SL 18 Note Note: Chapter S-L 18 was renumbered chapter DFI-SL 18 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, July, 1998, No. 511.

DFI-SL 18.01 DFI-SL 18.01  Minimum requirement for new associations.

DFI-SL 18.01(1) (1)  Capital stock associations. Except as provided under sub. (2), the division may approve the organization of a stock association and issue a certificate of incorporation only if:

DFI-SL 18.01(1)(a) (a) Stockholders pay to the association capital and additional paid-in capital of at least $2,000,000 or a higher amount as the division may determine; and

DFI-SL 18.01(1)(b) (b) At least one person subscribes for and is issued stock of the association.

DFI-SL 18.01(2) (2) Interim stock association. The division may waive any portion of this chapter if the organization of a stock association is to facilitate the acquisition of 100% of the voting stock of an existing stock association by a newly formed or existing savings and loan holding company or to facilitate any other transaction which is approved by the division and involves an existing stock association.

DFI-SL 18.01(3) (3) Mutual associations. The division may approve the organization of a mutual association and issue a certificate of incorporation only if:

DFI-SL 18.01(3)(a) (a) Savings account subscriptions are obtained from at least 500 persons; and

DFI-SL 18.01(3)(b) (b) At least $2,000,000 in savings account subscriptions are obtained.

DFI-SL 18.01 Note Note: This section interprets or implements ss. 215.40 and 215.60, Stats.

DFI-SL 18.01 History History: Cr. Register, June, 1989, No. 402, eff. 7-1-89.