AB150-engrossed,1839,2120
215.32
(2) (b) Mail notice to the last-known address of any person known to
21the
commissioner division to be in possession of assets of the association.
AB150-engrossed,1840,223
215.32
(3) Employment of counsel; retention of officers and employes of
24association. The
commissioner division may employ necessary counsel and experts
1in a liquidation under this section and may retain any officer or employe of the
2association.
AB150-engrossed,1840,94
215.32
(4) (title)
Appointment of special deputy commissioners. The
5commissioner division may appoint special
deputy commissioners deputies as agents
6to assist in the liquidation and distribution of the assets of associations whose
7business and property the
commissioner division has taken possession of. A
8certificate of the appointment shall be filed
in the office of the commissioner with the
9division and a certified copy
shall be filed in the office of the clerk of circuit court.
AB150-engrossed,1840,1311
215.32
(5) (title)
Surety bonds of special deputy commissioners
deputies and
12assistants. Special
deputy commissioners deputies and assistants shall furnish
13surety bonds in accordance with s. 215.11.
AB150-engrossed,1840,1515
215.32
(6) (title)
Duties of special
deputy commissioners deputies.
AB150-engrossed,1841,717
215.32
(6) (a)
Notice, allowance and payment of claims. The special deputy
18commissioner shall publish a class 3 notice, under ch. 985, requiring all persons who
19have claims against the association, other than savers whose claims are shown in the
20records of the association, to file proof of their claims at a place and by a date not
21earlier than 30 days after the last insertion of the notice. The special deputy
22commissioner shall mail a copy of the notice to all persons, at their last-known
23addresses, who appear as creditors upon the books of the association. Proof of
24publication and service of the notice shall be filed with the clerk of circuit court. A
25claim, other than that of a saver whose claim is shown on the records of the
1association, for which no proof of claim is filed by the date fixed in the notice is barred.
2Savers whose claims are shown in the records of the association need not file proof
3of their claims. Any interested party may file written objections to any claim with
4the special deputy
commissioner. The special deputy
commissioner may reject any
5claim, including a claim of a saver. After notice by registered mail of rejection, the
6claim is barred unless the claimant commences an action within 90 days after the
7date of mailing of the notice of rejection.
AB150-engrossed,1841,179
215.32
(6) (b)
Inventory of assets and statement of liabilities. The special
10deputy
commissioner appointed under this section shall make an inventory of the
11assets of the association. One copy of the inventory shall be filed
in the office of the
12commissioner with the division and one in the office of the clerk of circuit court. After
13the time for filing proof of claims has expired, the special deputy
commissioner shall
14make a complete list of the claims for which proof of claims were filed and specify the
15claims
he or she the special deputy has rejected. One copy shall be filed
in the office
16of the commissioner with the division and one in the office of the clerk of circuit court.
17The inventory of assets and list of claims shall be open to inspection.
AB150-engrossed,1841,2419
215.32
(6) (c)
Execution of legal documents; borrowing of money. A special
20deputy
commissioner appointed under this section may, with the prior approval of
21the
commissioner division and the circuit court, execute, acknowledge and deliver all
22deeds, assignments, releases or other instruments necessary and proper to effect any
23sale or transfer or incumbrance of the property of an association subject to this
24section and may borrow money for use in the liquidation.
AB150-engrossed,1842,8
1215.32
(6) (d)
Conservation of assets; collection of claims; sale of assets and
2performance of any other acts upon order of the court. A special deputy
commissioner 3appointed under this section may take any action necessary to conserve the assets
4and business of an association subject to this section and shall proceed to liquidate
5its affairs. The special deputy
commissioner shall collect all claims belonging to the
6association, and, with the prior approval of the
commissioner division and the circuit
7court, may sell or compound all bad or doubtful claims, do any act or execute any
8necessary instruments, or sell the property of the association.
AB150-engrossed,1842,1310
215.32
(6) (e)
Depositing of moneys in one or more financial institutions. The
11moneys collected by the special deputy
commissioner under this section shall be
12deposited in financial institutions, and in case of the suspension or insolvency of the
13depository the deposits shall be preferred before all other deposits.
AB150-engrossed,1842,1715
215.32
(6) (em) 1. All costs, expenses and debts of the association incurred on
16or after the date on which the
commissioner division takes possession of the
17association.
AB150-engrossed,1842,2519
215.32
(6) (f)
Liquidating dividends. After the date fixed for filing proof of
20claims under s. 215.32 (6) (a), the special deputy
commissioner may, with the prior
21approval of the
commissioner division and the circuit court, out of the funds
22remaining after the payment of costs, expenses, debts and claims under par. (em),
23declare liquidating dividends, and may declare a final liquidating dividend. The
24liquidating dividends shall be paid to those persons, in those amounts directed by the
25circuit court.
AB150-engrossed,1843,132
215.32
(6) (g)
Notice prior to order for final distribution. Prior to the order for
3final distribution under par. (f), the special deputy
commissioner shall publish a class
43 notice, under ch. 985, and give such further notice as the circuit court directs,
5requiring all persons who have claims against the association arising during the
6liquidation proceedings to file proof of their claims at a place and by a date not earlier
7than 30 days after the last insertion of the notice. Proof of publication of the notice
8shall be filed with the clerk of circuit court. A claim for which no proof of claim is filed
9by the date fixed in the notice is barred. Any interested party may file written
10objection to any claim with the special deputy
commissioner. The special deputy
11commissioner may reject any claim. After notice by registered mail of rejection, the
12claim is barred unless the claimant commences an action within 90 days after the
13date of mailing of the rejection.
AB150-engrossed,1843,2415
215.32
(6) (h)
Transfer of residual assets to commissioner. After the order for
16final distribution has been made under par. (f), the special deputy
commissioner 17shall, with the approval of the
commissioner division and the circuit court, assign all
18assets, claims and demands that have been written off and considered worthless, and
19all unknown assets, to the
commissioner division. The
commissioner division may
20accept and hold the assets, claims and demands, with the power to compound,
21compromise, settle and assign them and execute and deliver any legal instrument
22incidental thereto without court approval. Any moneys received shall be paid into
23the general fund of the state after the
commissioner
division has deducted the cost
24of
his or her division services, attorney fees and other incidental expenses.
AB150-engrossed,1844,2
1215.32
(7) (a) 1. (intro.) The special deputy
commissioner shall deliver to the
2commissioner division:
AB150-engrossed,1844,64
215.32
(7) (a) 1. a. Any unclaimed liquidating dividends and all funds
5remaining in the hands of the special deputy
commissioner at the date of the order
6for final distribution.
AB150-engrossed,1844,108
215.32
(7) (a) 2. The
commissioner
division shall deposit moneys delivered
9under subd. 1. in a financial institution, to the credit of the
commissioner division 10in trust for the persons entitled to the moneys.
AB150-engrossed,1844,1312
215.32
(7) (a) 3. (intro.) The
commissioner division shall include in the annual
13report under s. 215.02 (11):
AB150-engrossed,1844,1515
215.32
(7) (c) (intro.) The
commissioner division may:
AB150-engrossed,1844,2317
215.32
(7) (d) The
commissioner division may make application to the circuit
18court for an order determining what books or records of an association subject to this
19section are to be kept or destroyed. All books or records ordered kept shall be kept
20in a manner and place ordered, subject to the further order of the circuit court. The
21expense of keeping books or records shall be paid before final distribution. All books
22or records ordered destroyed shall be delivered to the
commissioner division to be
23destroyed.
AB150-engrossed,1845,5
1215.32
(8) (title)
Title passes to commissioner division
. The possession of and
2title to all property of the association is transferred from the association to the
3commissioner division on the date the notice required by sub. (2) is filed. The filing
4of the notice bars any attachment, garnishment, execution or other legal proceedings
5against the association or its property.
AB150-engrossed,1845,97
215.32
(9) Effect of possession. No association shall have a lien or charge for
8any payment, advance or clearance made or liability incurred, against any of the
9assets of the association after the
commissioner
division has possession.
AB150-engrossed,1845,1711
215.32
(10) Action to enjoin proceedings. An association subject to this
12section may, within 10 days after the notice required under sub. (2) is filed, apply to
13the circuit court to enjoin further proceedings. The circuit court, after citing the
14commissioner division to show cause why further proceedings should not be enjoined
15and hearing the matter, may enjoin the
commissioner
division from further
16proceedings, and direct the
commissioner division to surrender the association's
17business and property to the association.
AB150-engrossed,1846,219
215.32
(11) Compensation and expenses in connection with liquidation. The
20compensation of the special
deputy commissioners
deputies, counsel and other
21employes and assistants and all expenses of supervision and liquidation shall be
22fixed by the
commissioner division, subject to the approval of the circuit court, and
23shall upon the certificate of the
commissioner division be paid out of the funds of the
24association. Such expenses include the cost of the service rendered by the
25commissioner division to the association and shall be determined from time to time
1by the
commissioner division and shall be paid to the
commissioner division from the
2assets of the association.
AB150-engrossed,1846,64
215.32
(13) Reinstatement. (intro.) Whenever the
commissioner division has
5taken possession of the business and property of any association, the association may
6resume business when:
AB150-engrossed,1846,128
215.32
(13) (a) In the case of a mutual association, the owners of at least
9two-thirds of such association's dollar value aggregate of outstanding savings
10accounts or, in the case of a capital stock association, the owners of at least
11two-thirds of the association's outstanding shares, execute a petition to such effect,
12in the form prescribed by the
commissioner division;
AB150-engrossed,1846,1614
215.32
(13) (b) Such members, savers or stockholders, or a committee selected
15by them, submit to the
commissioner division a plan for the reorganization and
16reinstatement of the association;
AB150-engrossed,1846,1918
215.32
(13) (c) The
commissioner
division recommends that control of the
19business and property of the association be returned to the directors; and
AB150-engrossed,1846,2321
215.32
(13) (d) The court in which such liquidation is pending, upon application
22of the
commissioner division, finds that the association will be in a safe and sound
23condition when control is resumed by the directors.
AB150-engrossed,1847,8
1215.32
(14) Reinstatement upon a restricted basis. Such association may
2resume business upon a restricted basis, and upon limitations and conditions
3prescribed by the
commissioner division when approved by the circuit court, upon
4application of the
commissioner division. Such restrictions and conditions may
5include a prohibition against the acceptance of payments on new savings accounts,
6reasonable restrictions upon withdrawals of savings accounts and the payment of
7other liabilities. Such associations shall thereupon be relieved from the control of the
8commissioner division.
AB150-engrossed,1847,2410
215.32
(15) (a) The
commissioner
division may, if the
commissioner division 11takes possession of any association, the savings accounts of which are to any extent
12insured by the federal savings and loan insurance corporation, tender to said
13corporation the appointment as statutory liquidator of such association. If the
14commissioner division does not make such tender, the
commissioner division shall
15tender to said corporation the appointment as statutory co-liquidator to act jointly
16with the
commissioner division, but such co-liquidatorship shall not be for more
17than one year from the date of such tender, at the expiration of which time the
18commissioner division shall become the sole liquidator except as herein otherwise
19provided. The
commissioner division shall tender to said corporation the
20appointment as sole statutory liquidator of such association whenever said
21corporation has become subrogated to the rights of 90 per cent of the liability of such
22association on savings accounts. If the corporation becomes subrogated as to all the
23savings accounts in such association, it may then exercise all the powers and
24privileges herein conferred upon it without court approval.
AB150-engrossed,1848,9
1215.32
(15) (b) If the corporation accepts the appointment as sole liquidator it
2shall possess all the powers and privileges of the
commissioner division as statutory
3liquidator of a possessed savings and loan association, and be subject to all the duties
4of the
commissioner division as sole liquidator, except insofar as such powers and
5privileges or duties are in conflict with federal laws, and except as herein otherwise
6provided, unless such association resumes business, pursuant to subs. (13) and (14).
7If the corporation accepts the appointment as co-liquidator, it shall possess such
8powers and privileges jointly with the
commissioner
division and shall be subject to
9such duties jointly with said
commissioner division.
AB150-engrossed,1849,511
215.32
(15) (c) In the event the corporation accepts the appointment as
12co-liquidator or liquidator, it shall file such acceptance with the
commissioner 13division and the clerk of the circuit court and it may act without bond. Upon the filing
14by the corporation of its acceptance of the appointment as sole liquidator, the
15possession of and title to all the assets, business and property of the association shall
16vest in the corporation without the execution of any conveyance, assignments,
17transfer or indorsement. Upon the filing by the corporation of its acceptance of the
18appointment as co-liquidator, such possession and title shall be vested in the
19commissioner division and the corporation jointly. If the corporation does not qualify
20as sole liquidator at or before the time herein provided for the expiration of the
21co-liquidatorship, the corporation shall be wholly divested of and from such joint
22title and possession and the sole title and possession shall thereupon vest in the
23commissioner division. The vesting of title and possession of the property of the
24association, under sub. (8), shall not render such property subject to any claims or
25demands against the federal corporation, except such as may be incumbered by it
1with respect to such association and its property. Whether or not it serves as
2aforesaid, the corporation may make loans on the security of or may purchase with
3the approval of the court, except as herein otherwise provided, all or any part of the
4assets of any association, the savings accounts of which are to any extent insured by
5it, but in the event of such purchase, the corporation shall pay a reasonable price.
AB150-engrossed,1849,87
215.33
(3) (a) 5. Such other information as the
commissioner division may
8require.
AB150-engrossed,1849,1510
215.33
(3) (b)
Approval of applications. (intro.) Upon receipt of a completed
11application and the required fee, the
commissioner
division may issue a certificate
12of authority. The certificate of authority may be subject to specific conditions that
13the
commissioner division believes necessary to adequately safeguard the interests
14of the residents of this state. A certificate of authority to do business in this state
15shall not be issued unless:
AB150-engrossed,1849,1917
215.33
(3) (b) 1. The association is in sound financial condition and entitled to
18public confidence, and the
commissioner division is satisfied that the association will
19conduct its business in this state in accordance with the laws of this state.
AB150-engrossed,1849,2521
215.33
(3) (b) 2. The accounts of the association are insured by the federal
22savings and loan insurance corporation or any other insurer acceptable to the
23commissioner division, or that adequate and sufficient securities have been
24deposited with the state treasurer to assure that the association will meet its
25obligations to the residents of this state.
AB150-engrossed,1850,32
215.33
(3) (c)
Revocation. (intro.) The
commissioner division may revoke a
3certificate of authority issued under this section if:
AB150-engrossed,1850,75
215.33
(3) (c) 2. The association refuses to permit the
commissioner division 6to conduct a complete examination of the association, or fails to pay applicable costs
7or fees.
AB150-engrossed,1850,119
215.33
(3) (c) 3. The
commissioner
division determines that the association is
10in an unsafe condition or that its continued operation in this state is otherwise
11inconsistent with the best interests of the residents of this state.
AB150-engrossed,1850,2113
215.33
(4) Examination and audit of foreign associations. Each foreign
14association doing business in this state shall be examined by the
commissioner 15division as provided under s. 215.03, audited under s. 215.25 and assessed fees and
16costs as provided under s. 215.02 (16), together with any out-of-state travel
17expenses incurred in the course of the examination and audit. However, the
18commissioner division may accept as all or part of the examination or audit, all or
19any part of an examination or audit made on behalf of the agency responsible for the
20supervision of the foreign association in the jurisdiction in which the association is
21organized.
AB150-engrossed,1851,423
215.33
(5) Designation of registered agent. Each foreign association doing
24business in this state shall maintain on file with the
commissioner division the name
25and address of an individual in this state who is authorized to receive legal process
1on behalf of the association. The
commissioner division shall maintain a current
2record of each individual so designated. The record of the
commissioner division 3shall be conclusive evidence of the authority of the person whose name appears
4therein to receive process on behalf of the association.
AB150-engrossed,1851,156
215.33
(6) Reciprocity. If the laws of another jurisdiction prohibit an
7association chartered by this state and insured by the federal savings and loan
8insurance corporation from doing business in that jurisdiction, no association
9organized under the laws of that jurisdiction may be authorized to do business in this
10state. If the laws of another jurisdiction require the posting of securities or impose
11other additional requirements as a condition of permitting an association chartered
12by this state to do business in that jurisdiction, the
commissioner division may
13impose similar requirements on an association organized under the laws of that
14jurisdiction before issuing the association a certificate of authority to do business in
15this state.
AB150-engrossed,1851,1917
215.35
(1) (intro.) The
commissioner
division may waive any portion of s.
18215.53, 215.57, 215.58, 215.73 or 215.77 if the
commissioner division makes written
19findings of both of the following: