AB150-ASA,1716,32
215.60
(2) Minimum requirements. (intro.) The
commissioner division by rule
3shall determine:
AB150-ASA,1716,65
215.60
(2) (c) Such other requirements as the
commissioner division deems
6necessary or desirable.
AB150-ASA,1716,108
215.60
(3) Who may organize. Any individual who is a resident of this state may
9apply to the
commissioner division for authority to incorporate a stock association
10under this section. The individual applying is the incorporator.
AB150-ASA,1716,1212
215.60
(4) (h) Such other information as the
commissioner division requires.
AB150-ASA,1716,1814
215.60
(5) Application fee. The incorporators shall pay to the
commissioner 15division a $500 fee, which sum shall be paid by the
commissioner division into the
16general fund to the credit of the
office division. Applicants shall also be liable for any
17other direct costs incurred by the
commissioner division or review board for any
18transcripts of hearings, per diems and travel expenses.
AB150-ASA,1716,2320
215.60
(6) Notice of application and hearing thereon. Upon receipt of a
21properly executed application, the
commissioner division shall, within 30 days,
22assign a date and place for hearing on the application and notice thereof shall be
23given as provided in s. 215.40 (7).
AB150-ASA,1717,7
1215.60
(7) Certificate of authority; when issued. If the application to
2organize a capital stock association is approved, the
commissioner division shall
3issue to the incorporators a certificate of authority to effect a temporary
4organization, consisting of a chairperson, a secretary and a treasurer; to adopt
5articles of incorporation; to adopt bylaws; to adopt rules for the procedure of the
6incorporators; to conduct meetings; and to open subscription books for the sale of
7capital stock and also open subscription books for savings accounts.
AB150-ASA,1717,129
215.60
(10) Certificate of authority, when voided. The certificate of authority
10as described in sub. (7) shall be void after 180 days from its date, but the
11commissioner division may, for cause, extend the life of the certificate for such time
12as the
commissioner division deems advisable.
AB150-ASA, s. 5761
13Section
5761. 215.60 (11) (a) (intro.) of the statutes is amended to read:
AB150-ASA,1717,1614
215.60
(11) (a) (intro.) Within the time prescribed in sub. (10), the incorporators
15of the proposed capital stock association shall file with the
commissioner division a
16certificate stating:
AB150-ASA,1717,1918
215.60
(11) (a) 1. That articles of incorporation have been executed, filed with
19and approved by the
commissioner division and recorded;
AB150-ASA,1717,2221
215.60
(11) (a) 2. That a meeting of stockholders was held and that directors
22and officers acceptable to the
commissioner division were elected at the meeting;
AB150-ASA,1717,2524
215.60
(11) (a) 3. That bylaws were adopted and filed with and approved by the
25commissioner division;
AB150-ASA,1718,42
215.60
(11) (a) 7. That insurance of savings accounts has been obtained from
3the federal savings and loan insurance corporation or other instrumentality
4approved by the
commissioner division; and
AB150-ASA,1718,96
215.60
(11) (b) No business, other than that of completing the organization of
7the proposed capital stock association, may be transacted until such time as the
8commissioner division issues a certificate of incorporation to the association to
9commence business.
AB150-ASA,1718,1711
215.60
(12) Certificate of incorporation, when issued. Upon receipt of the
12certificate of compliance from the incorporators, described in sub. (11), and after all
13fees have been paid, the
commissioner division may within 90 days issue a certificate
14of incorporation to the association
under the commissioner's hand and seal 15authorizing
such the association to commence business. The date appearing on the
16certificate of incorporation shall be the date of the corporate existence of the
17association.
AB150-ASA,1718,2419
215.60
(13) Certificate of incorporation, when voided. Any capital stock
20association failing to commence business within 6 months from the date of the
21certificate of incorporation shall have its corporate existence terminated, and its
22articles of incorporation and certificate of incorporation shall be voided, but the
23commissioner division may for cause, extend the life of such certificate for such time
24as the
commissioner division deems advisable.
AB150-ASA,1719,11
1215.60
(14) (title)
Discretionary authority of commissioner. The
2commissioner division shall have the discretionary power in the granting of
3certificates of authority to incorporators desiring to organize capital stock
4associations. The
commissioner division may refuse to issue certificates of
5incorporation to the incorporators of a capital stock association to commence
6business when, in the
commissioner's division's opinion, the incorporators or any of
7them are not of such character and general fitness as to warrant belief that the
8association will be conducted for the best interests of the public; the location of the
9proposed association is so close to an existing association that undue harm might
10result, or the support of the new association might not be such as to assure its
11success; or when other good and sufficient reasons exist for such refusal.
AB150-ASA,1719,1613
215.60
(15) Appeal by applicants. If the
commissioner division refuses to grant
14a certificate of authority or a certificate of incorporation and the applicants feel
15aggrieved thereby, they may appeal to the review board to review the
commissioner's 16division's determination.
AB150-ASA,1719,2018
215.61
(1) Form. The articles of incorporation of a stock association shall be
19approved by the
commissioner division. The
commissioner division shall, with the
20approval of the review board, promulgate rules governing articles of incorporation.
AB150-ASA,1719,2522
215.61
(2) Filing and approval. Duplicate originals of the articles of
23incorporation executed by the incorporators, and any subsequent amendments
24thereto adopted by the stockholders of the association, shall be filed with and
25approved by the
commissioner division.
AB150-ASA,1720,52
215.61
(5) Effective date. The effective date of the articles of incorporation
3and amendments thereto shall be the date when left for record in the office of register
4of deeds. The register of deeds shall forward a certificate of recording to the
5commissioner division.
AB150-ASA,1720,97
215.62
(1) Form. The bylaws of a stock association shall be approved by the
8commissioner division. The
commissioner division shall, with the approval of the
9review board, promulgate rules governing bylaws.
AB150-ASA,1720,1211
215.62
(2) Filing and approval. Duplicate originals of the bylaws and
12amendments thereto shall be filed with and approved by the
commissioner division.
AB150-ASA,1720,1614
215.62
(3) Effective date. The effective date of bylaws and subsequent
15amendments thereto shall be the date on which such bylaws or amendments are
16approved by the
commissioner division.
AB150-ASA,1721,1218
215.64
(1) A savings and loan holding company shall be deemed to be engaged
19in the savings and loan business and shall be subject to the supervision and control
20of the
office of the commissioner division. Such savings and loan holding company
21shall file reports of its financial condition when requested by the
commissioner 22division, and the
commissioner division may order an examination of its solvency
23and economic condition whenever, in the
commissioner's
division's opinion, an
24examination is required. The cost of the examination shall be paid by the savings
25and loan holding company. Whenever in the opinion of the
commissioner division,
1the condition of the savings and loan holding company shall endanger the safety of
2the savings capital of any savings and loan association which it owns or in any
3manner controls, or the operation of such savings and loan holding company shall
4be carried on in a manner which endangers the safety of such savings and loan
5association or its savers, or is contrary to the public interest, the
commissioner 6division may order the savings and loan holding company to remedy such condition
7or policy within 90 days. If the
commissioner's
division's order is not complied with,
8the
commissioner division may fully direct the operation of such savings and loan
9association or savings and loan holding company until the order is complied with,
10and may withhold all dividends from the institution whose operation the
11commissioner division directs during the period in which the
commissioner division 12exercises such authority.
AB150-ASA,1721,15
14215.67 Dividends. The board of a stock association may declare and pay
15dividends, subject to the orders and rules of the
commissioner division.
AB150-ASA,1721,2217
215.70
(1) Management responsibility. The management of a stock
18association shall be vested in a board of directors, who are charged with the
19responsibility of complying with this chapter, orders of the
commissioner division,
20rules of the
commissioner division promulgated under ch. 227, the articles of
21incorporation and bylaws of the association, and other laws applicable to savings and
22loan operations.
AB150-ASA,1722,224
215.70
(4) Promulgation of rules. The board may by resolution adopt rules
25for the conduct of business by the association, provided they are consistent with this
1chapter, the rules of the
commissioner
division, and the articles of incorporation and
2bylaws of the association.
AB150-ASA, s. 5781
3Section
5781. 215.73 (1) (a) (intro.) of the statutes is amended to read:
AB150-ASA,1722,74
215.73
(1) (a) (intro.) With the consent of the
commissioner division and subject
5to any condition that the
commissioner division prescribes, a stock association
6organized under this chapter may, by an affirmative vote of at least two-thirds of the
7board of each association, do any of the following:
AB150-ASA,1722,139
215.73
(3) Withdrawal requests. Any saver in an absorbed association or
10savings bank, who intends to file a written withdrawal request for savings accounts
11within one year after the date of approval of such absorption by the
commissioner 12division, may do so by giving 90 days' written notice of such intention, and the
13savings accounts shall be withdrawn as provided in s. 215.17.
AB150-ASA,1722,1615
215.76
(1) (b) 1. Certified to the
commissioner division under the seal of the
16association, by its president and secretary.
AB150-ASA,1722,2018
215.76
(2) Period of liquidation. A stock association so liquidating shall
19dispose of its assets within 10 years from the date of liquidation, unless the
20commissioner division orders otherwise.
AB150-ASA,1722,2422
215.76
(6) Resumption of business. A stock association in liquidation may
23resume business with the approval of the
commissioner
division upon conditions
24approved by the
commissioner division.
AB150-ASA,1723,11
1215.76
(7) (a) Unclaimed liquidating dividends and all funds remaining unpaid
2in the hands of the association or its board at or immediately prior to the date of final
3distribution, together with all final liquidating costs, shall be delivered to the
4commissioner division to be deposited in one or more state banks, state savings
5banks or state-chartered savings and loan associations, to the credit of the
6commissioner division, in trust for the various stockholders, owners of savings
7accounts or creditors entitled thereto. The
commissioner division shall include in the
8annual report under s. 215.02 (11) the names of the associations so liquidated and
9the sums of unclaimed and unpaid liquidating dividends and unclaimed funds with
10respect to each of them respectively, including a statement of interest or dividends
11earned upon such funds.
AB150-ASA, s. 5787
12Section
5787. 215.76 (7) (b) (intro.) of the statutes is amended to read:
AB150-ASA,1723,1313
215.76
(7) (b) (intro.) The
commissioner division may:
AB150-ASA,1723,1615
215.76
(7) (b) 3. Apply the interest and dividends earned by the moneys so held
16toward defraying the expenses of the
office division.
AB150-ASA,1723,2018
215.76
(8) (title)
Reserved authority
of commissioner. This section does not
19prohibit the
commissioner division from proceeding against any association as
20provided in s. 215.32.
AB150-ASA,1724,322
215.77
(1) (b) At such meeting, the stockholders may by the affirmative vote,
23in person or by proxy, of not less than two-thirds of the outstanding capital stock of
24the association the stockholders may by resolution declare to convert the association
25into a federal association, or in the case of a federal capital stock association into a
1state-chartered association. A copy of the minutes of the meeting, verified by the
2affidavit of the chairperson and the secretary of the meeting, shall be filed
in the
3office of the commissioner with the division within 10 days after the meeting.
AB150-ASA,1724,115
215.77
(1) (d) 1. Within 6 months after the adjournment of a meeting to convert
6into a federal association, the association shall do what is necessary to make it a
7federal association. Within 10 days after receipt of the federal charter, the
8association shall file with the
commissioner division a copy of the federal charter,
9certified by the federal home loan bank board. Upon such filing the association shall
10cease to be a state-chartered association and shall thereafter be a federal
11association.
AB150-ASA,1724,1813
215.77
(1) (d) 2. Within 6 months after the adjournment of a meeting of the
14stockholders of a federal stock association called for the purpose of converting the
15association into a state-chartered association, the
commissioner division shall
16examine such association and shall determine the action necessary to qualify the
17converting federal stock association for a state charter. Upon complying with the
18necessary requirements, a state charter shall be issued to such association.
AB150-ASA,1724,2320
215.77
(4) (title)
Commissioner's approval Approval required before
21conversion becomes effective. Before any conversion under this section is final and
22in effect, the written approval of the
commissioner
division must be secured by the
23converting association.
AB150-ASA,1724,2525
217.02
(2m) "Division" means the division of banking.
AB150-ASA,1725,32
217.02
(3) "General order" means an order of the
office division other than a
3special order.
AB150-ASA,1725,76
217.02
(10) "Special order" means an order of the
office division to or affecting
7a person.
