CHAPTER 222
UNIVERSAL BANKS
SUBCHAPTER I
GENERAL PROVISIONS
222.0101   Title.
222.0102   Definitions.
222.0103   Applicability.
222.0105   Fees.
222.0107   Administration.
SUBCHAPTER II
CERTIFICATION
222.0201   Procedure.
222.0203   Eligibility.
222.0205   Certificate of authority.
222.0207   Voluntary termination of certification.
SUBCHAPTER III
ORGANIZATION
222.0301   Articles of incorporation and bylaws.
222.0303   Name.
222.0305   Capital and assets.
222.0307   Acquisitions, mergers, and asset purchases.
SUBCHAPTER IV
POWERS
222.0401   Federal financial institution powers.
222.0403   Loan powers.
222.0405   Investment powers.
222.0407   Universal bank purchase of its own stock.
222.0409   Stock in bank-owned banks.
222.0411   General deposit powers.
222.0413   Necessary or convenient powers, reasonably related or incidental activities, and other approved activities.
222.0415   Trust powers.
subch. I of ch. 222 SUBCHAPTER I
GENERAL PROVISIONS
222.0101 222.0101 Title. This chapter may be cited as the “Wisconsin universal bank law."
222.0101 History History: 2003 a. 63.
222.0102 222.0102 Definitions. In this chapter:
222.0102(1) (1) “Capital" of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division:
222.0102(1)(a) (a) For a universal bank organized as a stock organization, the universal bank's capital stock, preferred stock, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital of the universal bank by a deposit insurance corporation.
222.0102(1)(b) (b) For a universal bank organized as a mutual organization, the universal bank's net worth, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital by a deposit insurance corporation.
222.0102(2) (2) “Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of, or corporation chartered by, the United States that insures deposits of financial institutions and that is supported by the full faith and credit of the U.S. government as stated in a congressional resolution.
222.0102(3) (3) “Division" means the division of banking.
222.0102(4) (4) “Financial institution" means a savings bank organized under ch. 214, savings and loan association organized under ch. 215, or bank chartered under ch. 221.
222.0102(5) (5) “Universal bank" means a financial institution that has been issued a certificate of authority under s. 222.0205.
222.0102(6) (6) “Well-capitalized" has the meaning given in 12 USC 1831o (b) (1) (A).
222.0102 History History: 2003 a. 63.
222.0103 222.0103 Applicability.
222.0103(1)(1) Savings banks. A universal bank that is a savings bank organized under ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103(2) (2)Savings and loan associations. A universal bank that is a savings and loan association organized under ch. 215 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings and loan association, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103(3) (3)Banks. A universal bank that is a bank chartered under ch. 221 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103 History History: 2003 a. 63.
222.0105 222.0105 Fees. The division may establish such fees as it determines are appropriate for documents filed with the division under this chapter and for services provided by the division under this chapter.
222.0105 History History: 2003 a. 63.
222.0107 222.0107 Administration.
222.0107(1)(1) Powers of division. The division shall administer this chapter for all universal banks.
222.0107(2) (2)Rule-making authority. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements on universal banks, if the division determines that the limits or requirements are necessary for the protection of depositors, members, investors, or the public.
222.0107 History History: 2003 a. 63.
subch. II of ch. 222 SUBCHAPTER II
CERTIFICATION
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2015-16 Wisconsin Statutes updated through 2017 Wis. Act 6 and all Supreme Court and Controlled Substances Board Orders effective on or before April 26, 2017. Published and certified under s. 35.18. Changes effective after April 26, 2017 are designated by NOTES. (Published 4-26-17)