AB150-engrossed,1853,1311
215.36
(7) Standards for disapproval. (intro.) The
commissioner division may
12disapprove of any action under sub. (4) if the
commissioner division finds any of the
13following:
AB150-engrossed,1853,1815
215.36
(7) (ct) The applicant has failed to enter into an agreement prepared by
16the
commissioner division to comply with laws and rules of this state regulating
17consumer credit finance charges and other charges and related disclosure
18requirements, except to the extent preempted by federal law or regulation.
AB150-engrossed,1853,2120
215.36
(7) (e) The applicant fails to meet any other standards established by
21rule of the
commissioner division.
AB150-engrossed,1853,2523
215.36
(9) (a) Subsections (1) to (7) do not apply prior to January 1, 1987, except
24that the
commissioner division may promulgate rules under sub. (7) (e) to be
25applicable no earlier than the date that subs. (1) to (7) apply.
AB150-engrossed,1854,112
215.36
(11) Divestiture. Any savings and loan holding company that ceases
3to be an in-state savings and loan holding company or regional savings and loan
4holding company shall immediately notify the
commissioner division of the change
5in its status and shall, as soon as practical and, in any case, within 2 years after the
6event causing it to no longer be one of these entities, divest itself of control of all
7in-state savings and loans and in-state savings and loan holding companies. A
8savings and loan holding company that fails to immediately notify the
commissioner 9division is liable for a forfeiture of $500 for each day beginning with the day its status
10changes and ending with the day notification is received by the
commissioner 11division.
AB150-engrossed,1854,1613
215.40
(1) (c) An association shall include the word "savings" in its name if its
14name includes the word "bank". This paragraph does not apply to an association
15name if the association obtained approval for use of the name from the
commissioner 16division before February 12, 1992.
AB150-engrossed,1854,1918
215.40
(2) Minimum membership and savings accounts. (intro.) The
19commissioner division shall determine:
AB150-engrossed,1854,2221
215.40
(2) (d) Such other requirements as the
commissioner division deems
22necessary or desirable.
AB150-engrossed,1855,224
215.40
(3) Who may organize. Adult citizens of this state, hereinafter referred
25to as incorporators, desiring to organize a mutual association under this section shall
1make application to the
commissioner division as prescribed on forms furnished by
2the
commissioner division.
AB150-engrossed,1855,44
215.40
(4) (e) Such other information as the
commissioner division requires.
AB150-engrossed,1855,86
215.40
(5) Application fee. The applicants shall pay to the
commissioner 7division $200 to defray the cost of investigation, which sum shall be
paid by the
8commissioner deposited into the general fund to the credit of the
office division.
AB150-engrossed,1855,1510
215.40
(6) (a) Along with the application, the incorporators shall file an
11agreement with the
commissioner division that, in addition to their initial savings
12account subscriptions, they will create an expense fund in an amount not less than
13one-half of the total minimum required amount of savings accounts. The expense
14fund is for organization expenses, operating deficits, earnings distributions on
15savings accounts and losses.
AB150-engrossed,1855,1917
215.40
(6) (b) This expense fund shall become a part of the assets of the
18proposed association if the
commissioner division approves the application and will
19be reflected on the books as a liability under the caption "Subsidy by incorporators."
AB150-engrossed,1856,221
215.40
(6) (d) At the end of 3 years of corporate existence, the board of directors
22may petition the
commissioner division for authority to repay the incorporators on
23a proportional basis, any unused portion remaining in the subsidy by directors. If
24the
commissioner division determines that the operations of the association at that
25point are of such degree as to enable the association to operate as an independent
1institution, requiring no further subsidy, the
commissioner division may authorize
2such repayment.
AB150-engrossed,1856,114
215.40
(6) (e) At the end of the 4th year, and each subsequent year, the board
5of directors of the association may petition the
commissioner division for authority
6to pay out of current income of any period to the incorporators on a proportional basis
7the amount remaining after payment of expenses, provision for taxes, and the
8provision for distribution of earnings as a recovery of previous charges made to the
9expense fund account by incorporators. The
commissioner division may approve or
10deny the petition for recovery payments. In no event shall refunds of this type exceed
11the total of the charges made to the expense fund account by incorporators.
AB150-engrossed,1856,2413
215.40
(7) (a) Within 30 days after receiving a completed application the
14commissioner division shall furnish a notice of application to the applicant and to
15each association authorized to operate an office within 4 miles of the proposed office
16if the office is to be located in Milwaukee county, or 20 miles of the proposed office
17if located elsewhere. The notice shall describe the location and nature of the
18proposed office and shall solicit written comments on the application. If a hearing
19on the application has been scheduled the notice shall also indicate the time and
20place of the hearing. If not, the notice shall notify interested persons of their right
21to request a hearing under par. (b) 2. The applicant shall publish the notice of
22application as a class 3 notice under ch. 985 in the city, town or village where the
23office is to be located and shall provide the
commissioner division with proof of its
24publication.
AB150-engrossed,1857,2
1215.40
(7) (b) (intro.) The
commissioner division shall conduct a public hearing
2on the application if any of the following occur:
AB150-engrossed,1857,64
215.40
(7) (b) 2. Within 3 days after publication of the notice of application any
5person planning to participate in a hearing on the application files with the
6commissioner division a request for hearing; or
AB150-engrossed,1857,98
215.40
(7) (b) 3. The
commissioner
division determines that a hearing will be
9necessary or useful.
AB150-engrossed,1857,1411
215.40
(7) (c) If a hearing date was not indicated in the notice of application and
12a hearing is subsequently required, the
commissioner
division shall give written
13notice of the time and place of the hearing to the applicant and to anyone who has
14requested a hearing, not later than 10 days in advance of the scheduled hearing.
AB150-engrossed,1857,2116
215.40
(8) Certification of authority, when issued. If the application is
17approved, the
commissioner division shall issue to the incorporators a certificate of
18authority to effect a temporary organization, consisting of a chairperson, a secretary
19and a treasurer; to execute and file articles of incorporation; to adopt and file bylaws;
20to adopt rules for the procedure of the incorporators; to conduct the first meeting of
21members; and to open subscription books for savings accounts.
AB150-engrossed,1858,223
215.40
(11) Certificate of authority, when voided. The certificate of authority
24shall be void after 90 days from its date, but the
commissioner division may for cause,
1after a hearing, extend the life of such certificate for such time as the
commissioner 2division deems advisable.
AB150-engrossed,1858,54
215.40
(13) (a) (intro.) Within the time prescribed in sub. (11), the incorporators
5shall file with the
commissioner division a certificate stating:
AB150-engrossed,1858,87
215.40
(13) (a) 1. That articles of incorporation have been executed, filed with
8and approved by the
commissioner division, and recorded; and
AB150-engrossed,1858,1110
215.40
(13) (a) 3. That bylaws were adopted at the first meeting of members
11and filed with and approved by the
commissioner division; and
AB150-engrossed,1858,1613
215.40
(13) (a) 9. That necessary action has been taken to obtain membership
14in the federal home loan bank, and insurance of savings accounts from the federal
15savings and loan insurance corporation or other instrumentality approved by the
16commissioner division.
AB150-engrossed,1858,2018
215.40
(13) (b) No business, other than that of completing the organization of
19the proposed association, may be transacted until such time as the
commissioner 20division issues a certificate of incorporation to the association to commence business.
AB150-engrossed,1859,222
215.40
(14) Certificate of incorporation, when issued. Upon receipt of the
23certificate of compliance from the incorporators, the
commissioner division may
24within 30 days issue a certificate of incorporation to the association
under the
25commissioner's hand and seal authorizing
said
the association to commence
1business. The date appearing on the certificate of incorporation shall be the date of
2the corporate existence of the association.
AB150-engrossed,1859,74
215.40
(15) Fee for certificate of incorporation. The incorporators shall pay
5to the
commissioner division a fee of $50 for the certificate of incorporation, which
6sum shall be
paid by the commissioner deposited into the general fund to the credit
7of the
office division.
AB150-engrossed,1859,189
215.40
(17) Discretionary authority. The
commissioner division shall have
10discretionary power in the granting of certificates of authority to incorporators
11desiring to organize such associations. The
commissioner division may also refuse
12to issue certificates of incorporation to the incorporators to commence business
13when, in the
commissioner's division's opinion, the incorporators or any of them are
14not of such character and general fitness as to warrant belief that the association will
15be conducted for the best interest of its members; the location of the association is
16so close to an existing association that its business might be interfered with and the
17support of the new association would not be such as to assure its success; or when
18other good and sufficient reasons exist for such refusal.
AB150-engrossed,1859,2420
215.40
(18) Appeal by applicants after being denied certificate of authority.
21If the
commissioner division refuses to grant a certificate of authority to organize an
22association, and the applicants feel aggrieved thereby, they may appeal to the review
23board to review the
commissioner's division's determination under s. 215.04 (1) (d)
24and (4).
AB150-engrossed,1860,3
1215.41
(1) Form. The articles of incorporation of a mutual association shall be
2approved by the
commissioner division. The
commissioner division shall, with the
3approval of the review board, promulgate rules governing articles of incorporation.
AB150-engrossed,1860,85
215.41
(2) Filing and approval. Duplicate originals of the articles of
6incorporation executed by the incorporators, and any subsequent amendments
7thereto adopted by the members of the association, shall be filed with and approved
8by the
commissioner division.
AB150-engrossed,1860,1310
215.41
(3) Recording. Upon their approval by the
commissioner division,
11articles of incorporation and amendments thereto shall be recorded in the office of
12the register of deeds of the county in which the home office of the association is
13located.
AB150-engrossed,1860,1815
215.41
(5) Effective date. The effective date of articles of incorporation and
16amendments thereto shall be the date when left for record in the office of the register
17of deeds. The register of deeds shall forward a certificate of recording to the
18commissioner division.
AB150-engrossed,1860,2220
215.42
(1) Form. The bylaws of a mutual association shall be approved by the
21commissioner division. The
commissioner division shall, with the approval of the
22review board, promulgate rules governing bylaws.
AB150-engrossed,1861,3
1215.42
(2) Filings and approval. Duplicate originals of the bylaws and any
2subsequent amendments thereto shall be filed with and approved by the
3commissioner division.
AB150-engrossed,1861,65
215.42
(3) Effective date. The effective date of bylaws and amendments
6thereto shall be the date when approved by the
commissioner division.
AB150-engrossed,1861,138
215.50
(1) Management responsibility. The government and management of
9a mutual association shall be vested in a board of directors, who are charged with the
10responsibility of compliance with this chapter, orders of the
commissioner division,
11rules of the
commissioner division promulgated under ch. 227, the articles of
12incorporation and bylaws of the association, and other laws applicable to savings and
13loan operations.
AB150-engrossed,1861,2015
215.50
(6) Oath of directors. Upon election, every director shall take and
16subscribe an oath that the director will diligently and honestly perform the duties
17of such office and will not knowingly violate or willingly permit to be violated this
18chapter, any rule of the
commissioner division, the articles of incorporation or bylaws
19under which the association operates, or any other law applicable to savings and loan
20operations.
AB150-engrossed,1862,222
215.50
(7) Directors to fix compensation. The compensation of officers,
23directors, employes and committee members shall be fixed by a majority vote of the
24board of directors in accordance with the bylaws. In addition, the board of directors
25may, by resolution, create a fund or join a pension system or enter into deferred
1compensation agreements for the retirement of its officers and employes, subject to
2specific, prior approval of the
commissioner division and the review board.
AB150-engrossed,1862,74
215.50
(10) Promulgation of rules. The board of directors, may by resolution,
5adopt rules and regulations for the conduct of business, provided that they are
6consistent with this chapter, the rules of the
commissioner division, and the
7association's articles of incorporation and bylaws.
AB150-engrossed,1862,139
215.50
(11) (a) The board may remove a director who violates this chapter, the
10rules of the
commissioner division, the articles of incorporation, the bylaws, orders
11of the
commissioner division or any other law applicable to savings and loan
12operations. The board may remove a director only after affording the director a
13hearing.
AB150-engrossed,1862,1815
215.53
(1) (a) (intro.) With the consent of the
commissioner division and subject
16to any condition that the
commissioner division prescribes, a mutual association
17organized under this chapter may, by an affirmative vote of at least two-thirds of the
18board of each association, do any of the following:
AB150-engrossed,1863,220
215.53
(1) (a) 4. Absorb a mutual savings and loan holding company or mutual
21savings bank holding company under a plan, approved by the
commissioner division,
22that provides that the mutual savings and loan holding company or mutual savings
23bank holding company ceases to engage in activities that the absorbing association
24may not engage in and that provides that stock in a subsidiary association that is not
1held by the absorbed mutual savings and loan holding company or mutual savings
2bank holding company is redeemed.