AB150-engrossed,1704,322
186.30
(2) Whenever the
commissioner
office of credit unions finds that the
23losses existing, or which it may reasonably be anticipated will be sustained in the
24near future, are more than two-thirds of the amount in the regular reserve of the
25credit union, the
commissioner office of credit unions may, with the approval of the
1review board, issue an order to such credit union, which order shall provide that no
2further dividends be credited or paid and no moneys paid out for retiring shares,
3whether noticed for withdrawal, until the
commissioner
office otherwise orders.
AB150-engrossed,1704,125
186.30
(3) After the
commissioner
office of credit unions shall have determined
6the losses existing or which the
commissioner office shall determine may reasonably
7be sustained in the near future, the
commissioner
office of credit unions shall issue
8an order providing that the book value of each share be depreciated as stated in such
9order, the officers shall forthwith proceed to depreciate the book value of all shares
10as ordered. A record shall be made on the books showing the amount by which the
11book value of the shares was depreciated, and a copy of such record shall be filed with
12the
commissioner office of credit unions.
AB150-engrossed,1704,1714
186.30
(5) The directors may, with the approval of the
commissioner office of
15credit unions, make share loans to members upon such terms and conditions as the
16commissioner office may order, but such loans shall be for provident purposes only
17and not more than $100 shall be loaned to any one member in any one month.
AB150-engrossed,1704,2319
186.30
(7) The directors may, with the approval of the
commissioner office of
20credit unions, sell, lease, transfer, exchange and convey any of the property of the
21credit union, and upon their order the proper officers shall execute and deliver such
22deeds, leases, assignments, bills of sale and such other transfers and conveyances as
23are necessary to dispose of such property as herein provided.
AB150-engrossed,1705,4
1186.30
(8) The directors may compromise and settle any claim, demand or
2judgment which is a part of the assets of the credit union, but no compromise of any
3claim, demand or judgment shall be made except upon express consent of the
4commissioner office of credit unions.
AB150-engrossed,1705,86
186.30
(9) The
commissioner office of credit unions shall prescribe reasonable
7rules and regulations not inconsistent with laws for the operation of credit unions
8operating as provided in this section.
AB150-engrossed,1705,1410
186.30
(11) The directors shall make no disbursements or contract to make
11disbursements for salaries, compensation, fees or any other item of expense, nor
12retire shares, nor pay or declare dividends during the time such credit union is
13operating as provided in this section without the approval of the
commissioner office
14of credit unions.
AB150-engrossed,1705,2516
186.31
(1) Any credit union, which is in good faith winding up its business for
17the purpose of consolidating with some other credit union, may transfer its assets
18and liabilities to the credit union with which it is in the process of consolidation; but
19no consolidation may be made without the consent of the
commissioner office of credit
20unions, and not then to defeat or defraud any of its creditors in the collection of debts
21against such credit union. No consolidation may be carried out without the consent
22of the Wisconsin credit union savings insurance corporation if it protects or
23guarantees the accounts of any credit union participating in the consolidation, or the
24national board if it insures the shares of any credit union participating in the
25consolidation.
AB150-engrossed,1706,132
186.31
(2) With the approval of the
commissioner office of credit unions, credit
3unions may consolidate. To effect a consolidation, the board of directors of each
4consolidating union shall, by resolution, propose a specific plan for consolidation
5which shall be agreed to by a majority of the board of each credit union joining in the
6consolidation and directing that the proposed plan of consolidation be submitted to
7a vote at a meeting of members of the credit unions being absorbed which may be
8either an annual or a special meeting. Written notice of the meeting setting forth the
9proposed plan of consolidation or a summary shall be given to each member of the
10credit unions being absorbed within the time and in the manner provided for the
11giving of notice of meetings of members of the credit union. The proposed plan shall
12be adopted upon receiving a majority of the votes entitled to be cast by members
13present at the meeting.
AB150-engrossed,1706,1715
186.314
(2) A statement of the results of the vote, verified by the affidavits of
16the president or vice president and the secretary, shall be filed with the office of
the
17commissioner credit unions within 10 days after the vote is taken.
AB150-engrossed,1706,2519
186.314
(3) Promptly after the vote is taken and in no event later than 90 days
20thereafter, if the proposition for conversion was approved by such vote, the credit
21union shall take such action as may be necessary under the federal law to make it
22a federal credit union, and within 10 days after receipt of the federal credit union
23charter, there shall be filed with the office of
the commissioner credit unions a copy
24of the charter thus issued. Upon such filing, the credit union shall cease to be a state
25credit union.
AB150-engrossed,1707,82
186.314
(4) Upon ceasing to be a state credit union, such credit union shall no
3longer be subject to this chapter. The successor federal credit union shall be vested
4with all the assets and shall continue to be responsible for all of the obligations of the
5state credit union, including annual and special assessments levied under s. 186.35
6(5) (d) prior to the date a copy of the federal credit union charter is filed with the
7commissioner office of credit unions, to the same extent as though the conversion had
8not taken place.
AB150-engrossed,1708,2
10186.315 Charter cancellation. Upon completion of a voluntary liquidation
11as provided in s. 186.18, or upon completion of the liquidation in cases under s.
12186.29, or after the assets and liabilities of a credit union are transferred to another
13credit union for the purpose of consolidation as provided in s. 186.31 (3), the
14commissioner office of credit unions shall forthwith cancel the charter of the credit
15union or credit unions liquidated or absorbed in consolidation without any other or
16further notice to said credit union or to any person. A certified copy of the order or
17certificate of the
commissioner office of credit unions shall be recorded with the
18register of deeds of the county where said credit union is located. The register of
19deeds shall note on the margin of the record of the articles of incorporation of said
20credit union the volume and page where said order or certificate canceling its charter
21is recorded and shall be entitled to a fee of 50 cents therefor. In case of voluntary
22liquidation under s. 186.18 or consolidation under s. 186.31, the credit union shall
23record the order or certificate of the
commissioner
office of credit unions and pay the
24fee therefor. In case of liquidation under s. 186.29, the
commissioner office of credit
25unions or special deputy
commissioner as therein provided shall record the order or
1certificate of the
commissioner office and pay the fee therefor out of the assets of the
2credit union as an expense of liquidation.
AB150-engrossed,1708,17
4186.33 Other powers. Credit unions may engage in the business and
5functions provided for in s. 218.05 and ch. 217 for their members upon receiving a
6certificate of authority from the
commissioner office of credit unions. The certificate
7of authority shall be issued by the
commissioner
office of credit unions upon
8application of a credit union whenever the
commissioner office finds that the credit
9union has adequate clerical facilities and has provided for the keeping of adequate
10accounts and for the segregation of funds used in carrying on the business of issuing
11their own credit union money orders. The applicants shall meet the same
12requirements as other applicants under ch. 217, but no investigation fee may be
13charged of credit union applicants. The
commissioner
office of credit unions may
14revoke a certificate of authority following a hearing held upon 10 days' notice to the
15credit union for any reason which would have justified the rejection of an application
16or on the ground that the continued operation of the business threatens the solvency
17of the credit union.
AB150-engrossed,1708,2319
186.34
(2) (a) Every credit union organized under this chapter prior to July 20,
201985, except a corporate central credit union, shall file a complete application for
21federal share insurance from the national board not later than January 18, 1986.
22The
commissioner office of credit unions shall suspend the business of or liquidate
23any credit union that fails to comply with this paragraph under s. 186.29 (1m) (b).
AB150-engrossed,1709,10
1186.34
(2) (b) Every credit union incorporated under this chapter prior to July
220, 1985, except a corporate central credit union, shall obtain a certificate of
3insurance issued by the national board within 54 months after July 20, 1985. The
4commissioner office of credit unions may extend for a period not to exceed 12 months
5the date by which a credit union must obtain a certificate of insurance upon
6satisfactory evidence that the credit union has made or is making a substantial effort
7to satisfy the conditions precedent to issuance of the certificate of insurance. Unless
8the
commissioner office of credit unions approves a consolidation under s. 186.31, the
9commissioner office shall liquidate under s. 186.29 any credit union that fails to
10comply with this paragraph.
AB150-engrossed,1709,1412
186.34
(3) (intro.) The
commissioner
office of credit unions shall give the
13Wisconsin credit union savings insurance corporation written notice of all of the
14following:
AB150-engrossed,1709,2216
186.34
(4) Every credit union that receives a certificate of insurance from the
17national board shall file a copy of the certificate with the
commissioner office of credit
18unions within 30 days after the credit union receives the certificate. Every credit
19union organized under this chapter prior to July 20, 1985, that receives a certificate
20of insurance from the national board shall also file a copy of the certificate with the
21Wisconsin credit union savings insurance corporation within 30 days after receipt of
22the certificate.
AB150-engrossed,1710,1224
186.35
(1) Organization. The Wisconsin credit union savings insurance
25corporation, a nonprofit corporation, hereinafter referred to as the "corporation",
1shall be organized within one year after February 14, 1970, by the authorized
2representatives of not less than 9 credit unions chartered and existing under this
3chapter. The articles of incorporation shall require the approval of the
commissioner 4office of credit unions, and shall be filed with the
commissioner office of credit unions 5and recorded with the register of deeds of the county in which the principal office of
6the corporation is located. Amendments to the articles, adopted by a vote of
7two-thirds of the member credit unions present at an annual meeting or a special
8meeting called for that purpose, shall be filed with the
commissioner office of credit
9unions upon payment of a fee of $5 and if approved by the
commissioner office shall
10become effective upon being recorded in the office of the register of deeds in the same
11manner as the original articles. This corporation shall be under the exclusive
12supervision of the
commissioner office of credit unions.
AB150-engrossed,1710,1614
186.35
(2) (b) Cooperate with its member credit unions and the office of
the
15commissioner credit unions for the purpose of improving the general welfare of credit
16unions in this state.
AB150-engrossed,1710,2018
186.35
(3) (n) As determined by the trustees, declare and pay dividends in cash
19or property to its members, except that the corporation may not declare or pay a
20dividend unless the
commissioner office of credit unions has approved the dividend.
AB150-engrossed,1711,222
186.35
(3m) Prohibited use of funds. (intro.) Notwithstanding subs. (2) and
23(3) (d), none of the corporation's funds may be used to assist member credit unions
24to meet the eligibility requirements for obtaining a certificate of federal share
1insurance under s. 186.34, unless the
commissioner office of credit unions 2determines all of the following:
AB150-engrossed,1711,104
186.35
(5) (d) 2. In the event of the potential impairment of the corporation's
5capital, special assessments may be levied against all member credit unions by the
6trustees with the approval of the
commissioner office of credit unions. The trustees
7shall determine the total amount of any special assessment, and each member shall
8be liable to the corporation for a fraction of the total special assessment. Each
9member's fractional share of a special assessment shall be determined under sub.
10(12).
AB150-engrossed,1711,1412
186.35
(5) (f) The trustees may reduce or waive the annual assessment when
13the total funds in this corporation equal an amount which is mutually agreed upon
14by the trustees and the
commissioner office of credit unions.
AB150-engrossed,1711,1816
186.35
(7) Supervision of corporation. The corporation shall be subject to
17supervision and an annual examination by the office of
the commissioner credit
18unions. The cost of each examination shall be paid by the corporation.
AB150-engrossed,1712,720
186.35
(8) Examinations of credit unions. The office of
the commissioner 21credit unions shall promptly forward to the corporation copies of examination reports
22of all members. The cost of these copies shall be paid by the corporation. If the
23trustees of the corporation ascertain evidence of carelessness, unsound practices or
24mismanagement of any member or if the trustees determine that the activities of any
25member may jeopardize any of the corporation's assets, the trustees or their
1designees may require the member to disclose its operational policies and
2procedures, and may recommend appropriate corrective measures to the member.
3If the trustees determine that the carelessness, unsound practices or
4mismanagement is not promptly corrected or that the threat to the corporation's
5assets has not been removed, the trustees may make appropriate recommendations
6to the
commissioner office of credit unions, including the recommendation that the
7member be liquidated or consolidated.
AB150-engrossed,1712,139
186.35
(9) Bylaws. The incorporators shall subscribe and submit to the
10commissioner office of credit unions, for approval, the bylaws and any amendments
11thereto under which the corporation shall operate. These bylaws may be amended
12at any regular or special meeting of the trustees or any annual or special meeting of
13the corporation.
AB150-engrossed,1713,215
186.35
(11) (a) Within 30 days after receipt of written notice from the
16commissioner office of credit unions under s. 186.34 (3), the corporation shall publish
17a class 3 notice, under ch. 985, requiring all persons who have claims against the
18corporation to file proof of their respective claims at a place and by a date not earlier
19than 30 days after the last insertion of the notice. Proof of publication shall be filed
20with the clerk of the circuit court. Notwithstanding any other law, any claim for
21which no proof of claim is filed by the date fixed in the notice is barred. Within 30
22days after the last date for filing claims, the corporation shall give notice by
23registered or certified mail to each claimant if the corporation denies all or any part
24of the claimant's claims. Any claim for which notice of complete or partial denial is
1duly mailed is barred unless the claimant commences an action within 90 days after
2the date of mailing of the notice.
AB150-engrossed,1713,134
186.35
(11) (b) Within 30 days after the termination of the period for
5commencing actions under par. (a), the trustees shall determine the amount
6reasonably necessary to pay all of the corporation's outstanding, lawful liabilities
7and to pay the expenses of winding up the corporation's affairs. Upon receiving the
8approval of the
commissioner office of credit unions, the corporation shall set aside
9the amount approved by the
commissioner office and shall immediately distribute
10all of the remaining assets of the corporation, subject to par. (c). The corporation may
11make other subsequent distributions, subject to par. (c) if any additional surplus is
12realized. Any surplus remaining after the corporation has been dissolved shall be
13distributed, subject to par. (c).
AB150-engrossed,1713,20
15186.37 (title)
Immunity of commissioner office. The commissioner An
16employe of the office of credit unions shall not be subject to any civil liability or
17penalty, nor to any criminal prosecution, for any error in judgment or discretion made
18in good faith and upon reasonable grounds in any action taken or omitted by the
19commissioner office of credit unions in the
commissioner's office's official capacity
20under this chapter.
AB150-engrossed,1714,1122
186.38
(2) Organization. The corporation may be organized under this section
23by the authorized representatives of one or more credit union share or deposit
24corporations. The articles of incorporation shall require the approval of the
25commissioner office of credit unions and shall be filed with the
commissioner office
1and recorded with the register of deeds of the county in which the principal office of
2the corporation is located. Amendments to the articles, adopted by a vote of
3two-thirds of the voting shares represented at an annual meeting or at a special
4meeting called for that purpose, shall be filed with the
commissioner office of credit
5unions upon payment of a fee of $5 and if approved by the
commissioner office of
6credit unions shall become effective upon being recorded in the office of the register
7of deeds in the same manner as the original articles. This corporation shall be under
8the exclusive supervision of the
commissioner office of credit unions under sub. (9)
9and the
commissioner office shall, with the approval of the credit union review board,
10fix and assess the corporation a fair amount for such supervision and examination
11of the corporation.
AB150-engrossed,1714,1613
186.38
(5) (c) The terms of withdrawal from membership and restrictions on
14sale of capital stock shall be as prescribed in the articles of incorporation as approved
15by the
commissioner office of credit unions, and such terms shall be binding on all
16members and shareholders.
AB150-engrossed,1714,2118
186.38
(7) Reserves. The corporation shall maintain reserves for its liabilities,
19including contingent liabilities, and the
commissioner
office of credit unions shall
20have authority to order a change in reserves if the
commissioner office deems them
21to be unacceptable.
AB150-engrossed,1715,223
186.38
(9) Supervision of corporation. The corporation shall be subject to
24supervision and an annual examination by the office of
the commissioner, who credit
1unions. The office of credit unions may invite participation by credit union
2supervisory authorities from other states.
AB150-engrossed,1715,94
186.38
(10) Examinations. The office of
the commissioner credit unions shall
5promptly forward to the corporation a copy of its examination report of the Wisconsin
6credit union savings insurance corporation, if it becomes a member of the
7corporation, and shall cooperate with the corporation in obtaining similar
8examination reports from other state credit union supervisory authorities where
9member state credit union share or deposit corporations are domiciled.
AB150-engrossed,1715,1511
186.38
(11) Bylaws. The board of directors shall subscribe and submit to the
12commissioner office of credit unions, for filing and approval, the bylaws and any
13amendments thereto under which the corporation shall operate. These bylaws may
14be amended at any regular or special meeting of the board of directors or at any
15annual or special meeting of the shareholders.
AB150-engrossed,1715,2017
186.41
(2) (b) An in-state credit union proposing any action under par. (a) shall
18provide the
commissioner office of credit unions a copy of any original application
19seeking approval by a federal agency or by an agency of the regional state and of any
20supplemental material or amendments filed in connection with any application.
AB150-engrossed,1715,2522
186.41
(4) (a) The
commissioner office of credit unions finds that the statutes
23of the regional state in which the regional credit union has its principal office permit
24in-state credit unions to both acquire regional credit union assets and merge with
25one or more regional credit unions in the regional state.
AB150-engrossed,1716,42
186.41
(4) (b) The
commissioner office of credit unions has not disapproved the
3acquisition of in-state credit union assets or the merger with the in-state credit
4union under sub. (5).
AB150-engrossed,1716,156
186.41
(4) (c) The
commissioner office of credit unions gives a class 3 notice,
7under ch. 985, in the official state newspaper, of the application to take an action
8under sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this
9state petition for a hearing within 30 days of the final notice or if the
commissioner 10office of credit unions on
his or her
its own motion calls for a hearing within 30 days
11of the final notice, the
commissioner office of credit unions holds a public hearing on
12the application, except that a hearing is not required if the
commissioner office of
13credit unions finds that an emergency exists and that the proposed action under sub.
14(3) is necessary and appropriate to prevent the probable failure of an in-state credit
15union that is closed or in danger of closing.
AB150-engrossed,1716,2017
186.41
(4) (d) The
commissioner office of credit unions is provided a copy of any
18original application seeking approval by a federal agency of the acquisition of
19in-state credit union assets or of the merger with an in-state credit union and of any
20supplemental material or amendments filed with the application.
AB150-engrossed,1716,2422
186.41
(4) (e) The applicant has paid the
commissioner office of credit unions 23a fee of $1,000 together with the actual costs incurred by the
commissioner office in
24holding any hearing on the application.
AB150-engrossed,1717,3
1186.41
(5) Standards for disapproval. (intro.) The
commissioner office of
2credit unions may disapprove of any action under sub. (3) if the
commissioner office 3finds any of the following:
AB150-engrossed,1717,85
186.41
(5) (ct) The applicant has failed to enter into an agreement prepared by
6the
commissioner office of credit unions to comply with laws and rules of this state
7regulating consumer credit finance charges and other charges and related disclosure
8requirements, except to the extent preempted by federal law or regulation.