AB150-engrossed,1977,215
221.01
(3) Notice. Upon receipt by the
commissioner division of such
16application properly executed, the
commissioner division shall, within 5 days,
17forward to the applicants a copy of an official notice of application for authority to
18organize a bank, containing such information as shall make known to the public the
19facts specifically required by statute to be given in the application, and assigning a
20date and place for hearing on the application. The notice shall be published as a class
213 notice, under ch. 985, by the applicants, at their own expense, in the city, village
22or town where the bank is to be located. Proof of publication shall be filed with the
23commissioner division in such form as the
commissioner division requires. The
24commissioner division may waive the requirement of publication herein contained
1where the bank to be organized is to replace, absorb or consolidate one or more
2existing banks.
AB150-engrossed,1977,74
221.01
(4) Fee. The applicants shall pay to the
commissioner of banking 5division a fee of $2,500 together with the actual costs incurred by the
commissioner 6division in making an investigation of the application, which sum shall be paid into
7the state treasury.
AB150-engrossed,1978,39
221.01
(5) Investigation. The
commissioner division shall thereupon ascertain
10at the hearing and from the best sources of information at the
commissioner's 11division's command, and by such investigation as the
commissioner division may
12deem necessary, whether the character, responsibility and general fitness of the
13persons named in such application are such as to command confidence and to
14warrant the belief that the business of the proposed corporation will be honestly and
15efficiently conducted in accordance with the intent and purpose of this chapter; and
16whether public convenience and advantage will be promoted by allowing such bank
17to organize; and the
commissioner division also shall investigate the character and
18experience of the proposed officers, the adequacy of existing banking facilities, and
19the need of further banking capital; the outlook for the growth and development of
20the city, town or village in which such bank is to be located, and the surrounding
21territory from which patronage would be drawn; the methods and banking practices
22of the existing bank or banks; the interest rate which they charge to borrowers; the
23character of the service which they render the community, and the prospects for the
24success of the proposed bank if efficiently managed. Such investigation shall be
25completed within 90 days from the filing
in the office of the commissioner with the
1division of proof of publication and the making of the deposit herein required, but in
2the event a majority of the applicants and the
commissioner division mutually agree
3to it, the time may be extended an additional period of 60 days.
AB150-engrossed,1978,155
221.01
(6) Decision. After completing such investigation the
commissioner 6division shall make a written report to the banking review board stating the results
7of the investigation and the
commissioner's division's recommendation. The board
8shall consider the matter, conducting any necessary hearing, and promptly make its
9decision approving or disapproving the organization of the proposed bank. Such
10decision shall be final except pursuant to s. 220.035 (1) and (3). If approval is given,
11the
commissioner division shall indorse on each of the original applications the word
12"Approved"
over the commissioner's official signature. If disapproved, the
13commissioner division shall indorse the word "Disapproved"
over the commissioner's
14official signature. One of the duplicate originals shall be filed
in the commissioner's
15office with the division and one returned by mail to the applicants.
AB150-engrossed,1979,517
221.01
(10) Certificate of authority. In the event of approval of the
18application for authority to organize a banking corporation, the
commissioner 19division shall issue to the applicants, who shall thereafter be known as the
20corporators, a certificate of authority conferring upon them such powers as are
21incidentally or necessarily preliminary to the organization of a banking corporation.
22These powers shall include the effecting of a temporary organization, consisting of
23a chairperson, a secretary, and a treasurer; the execution and filing of articles of
24incorporation; the making of rules for the procedure of the corporators and the
25conduct of the first meeting of the stockholders; the opening of subscription books for
1stock; the securing of an option on real estate to be used as a banking house; the fixing
2of an amount at which the stock shall be sold; the collection of subscriptions to the
3stock; the selection of a depository for such funds as may be collected; the
4appointment of and acting by any agent or agents, and the compilation of a set of
5bylaws for submission to the stockholders.
AB150-engrossed,1979,237
221.01
(11) Temporary organization. The chairperson of the corporators shall
8preside at all meetings and shall exercise such other duties as ordinarily pertain to
9the position. The secretary shall attend to the correspondence of the corporators,
10shall record fully all proceedings of meetings of the corporators, shall file and
11preserve all documents and papers of the organization, and shall attend to the filing
12of the necessary papers with the
commissioner division. The treasurer shall receive
13all moneys paid in on subscriptions to stock or for other purposes, keep a true account
14thereof, shall deposit such funds in the designated depository, and shall pay such
15valid orders as may be drawn on the treasurer. The corporators shall require a bond
16in a suitable amount from the treasurer, and other officers and agents who may
17handle the funds of the proposed bank. Claims against the organization shall be
18audited by the corporators, and record of action thereon noted in the minutes. If
19ordered paid, an order shall be drawn upon the treasurer and signed by the
20chairperson and secretary. The corporators shall until the completion of the
21organization exercise such other powers as are conferred upon the corporators by the
22statutes relating to other corporations, so far as such powers are not in conflict with
23the limitations of this chapter and are applicable.
AB150-engrossed,1980,10
1221.01
(12) (b) After February 1, 1967, any state bank which does not have fully
2paid-in capital stock in the amount prescribed in par. (a) shall be ordered by the
3commissioner division to increase its capital stock to such amount. The
4commissioner division may, in addition to the
commissioner's division's other powers
5to act against delinquent banks, require any bank failing to comply with such order
6to pay a forfeiture to the
commissioner division of $10 for each day of noncompliance.
7If any bank fails or refuses to pay such forfeiture, the
commissioner division may
8maintain an action for the recovery thereof. This paragraph shall not apply to any
9state bank in which the capital surplus and undivided profits equal or exceed 10%
10of its deposits.
AB150-engrossed,1980,2112
221.01
(12) (c) Any state bank, with the approval of the
commissioner division 13and by vote of stockholders owning two-thirds of the stock of the bank entitled to
14vote, may authorize an increase in the common stock of the bank in the category of
15authorized but unissued stock. Such authorized but unissued stock may be issued
16to employes of the bank pursuant to a stock option or stock purchase plan adopted
17in accordance with par. (d), or in exchange for convertible preferred stock and
18convertible capital debentures in accordance with the terms and provisions of such
19securities. Authorized but unissued stock may also be issued for such other purposes
20and considerations as may be approved by the board of directors of the bank and by
21the
commissioner division.
AB150-engrossed,1981,723
221.01
(12) (d) 1. Any state bank may grant options to purchase, sell or enter
24into agreements to sell shares of its capital stock to its employes, for a consideration
25of not less than 100% of the fair market value of the shares on the date the option is
1granted or, if pursuant to a stock purchase plan, 85% of the fair market value on the
2date the purchase price is fixed, pursuant to the terms of an employe restricted stock
3option plan or an employe stock purchase plan which has been adopted by the board
4of directors of the bank and approved by the holders of at least two-thirds of the
5outstanding shares of the bank entitled to vote and by the
commissioner division.
6Stock options issued hereunder shall not extend beyond a period of 10 years from
7date of issuance and shall otherwise qualify as restricted stock options.
AB150-engrossed,1981,189
221.01
(12) (d) 2. Employe stock options and stock purchase agreements may
10provide that options may be exercisable or that shares may be purchased on any
11business day. A notarized notice specifying the number of shares issued pursuant
12to option and stock purchase plans and the amount paid in therefor shall be executed
13by the president, vice president or cashier of the bank and filed with the
14commissioner division not later than the 10th day of the month following issuance
15and no stock shall be deemed validly issued until the
commissioner division has
16issued a certificate specifying the amount of stock so purchased, the purchase price
17thereof having been duly paid into the capital of the bank, and the
commissioner's 18division's approval thereof.
AB150-engrossed,1982,1720
221.01
(13) Trust company bank; reorganization. Any trust company bank
21may, by amendment to its articles of incorporation, duly adopted by its stockholders
22and approved by the
commissioner division, in the manner prescribed for by s.
23221.25, convert its corporate organization into that of a state bank with all the
24powers of a state banking corporation under the statutes under such name as shall
25be declared by such amendment and approved by the
commissioner division, which
1name may include the word "trust". Such converted corporation shall continue to
2have all the powers previously held by it as a trust company bank and shall be a
3continuation for all purposes whatsoever of the trust company bank so converted into
4a state bank, including holding and performing any and all trusts and fiduciary
5relations of whatsoever nature of which said trust company bank was fiduciary at
6the time of such conversion, and also including its appointment in any fiduciary
7capacity by any court or otherwise, and the holding, accepting and performing of any
8and all trusts and fiduciary relations whatsoever as to or for which said trust
9company bank may have been appointed, nominated or designated by any will or
10conveyance or otherwise, whether or not such trust or fiduciary relation shall have
11come into being and taken effect at such conversion. Whenever and if any such
12converted corporation shall have been fully discharged of and from any and all trusts
13committed to it, it may, by amendment to its articles of incorporation, duly adopted
14by its stockholders and approved by the
commissioner
division, surrender its powers
15to act in a fiduciary capacity and eliminate from its corporate name and style the
16word "trust;" and may thereupon withdraw from the state treasurer all securities by
17it deposited with the state treasurer pursuant to s. 223.02.
AB150-engrossed,1982,2319
221.03
(1) The articles of incorporation shall be filed with the
commissioner of
20banking division within a reasonable time as determined by the
commissioner of
21banking division from the date of the certificate of authority to organize has been
22approved, and if not filed within that period all rights of the corporators shall cease
23and the certificate of authority to organize is void.
AB150-engrossed,1983,5
1221.03
(2) (a) 2. The name of such bank, which name shall be subject to the
2approval of the
commissioner division, shall not be in any material respect similar
3to the name of any bank existing or which may have heretofore existed in the same
4county or in any adjoining county within the radius of 50 miles, and which name may
5not contain the word "savings".
AB150-engrossed,1983,187
221.03
(3) The
commissioner division shall, within the
commissioner's 8division's discretion, approve or disapprove such articles of incorporation. If
9approved, the
commissioner division shall indorse on each of the 3 triplicate originals
10the word "approved". One of such originals the
commissioner division shall file
in
11the commissioner's office, and to the 2 remaining originals the
commissioner division 12shall attach a certificate showing the date of filing, the approval and date of approval,
13and return the same to the corporators. One of such originals shall be filed with the
14records of the bank, and the other shall be recorded in the office of the register of
15deeds of the county in which such banking corporation is located. No bank shall until
16its articles be left for record with the register of deeds have legal existence, nor be
17authorized to exercise any other powers than those incidentally or necessarily
18preliminary to its organization.
AB150-engrossed,1983,2220
221.03
(4) A fee of $100 shall be paid to the
commissioner division when the
21articles of incorporation are filed, and the
commissioner division shall pay such fee
22into the state treasury.
AB150-engrossed,1984,3
1221.03
(5) A certificate signed by the register of deeds, showing the articles
2have been recorded in the office of the register of deeds, shall be returned to the
3commissioner division.
AB150-engrossed,1984,105
221.03
(6) Within 90 days from the filing of the articles of incorporation, the
6corporators shall file with the
commissioner division, in duplicate, the proposed
7bylaws and a complete list of the stockholders of the proposed bank, showing the
8number of shares held by each, the post-office address, and the approximate worth
9of each. On approval by the
commissioner division, the bylaws shall be submitted
10for consideration by the shareholders.
AB150-engrossed,1984,1812
221.04
(1) General. (intro.) Upon the execution and filing of the articles of
13incorporation with the
commissioner of banking division and the approval by the
14commissioner division, and upon the recording of the articles with the register of
15deeds of the county in which the bank is to be located, the bank shall become a body
16corporate, and in addition to the powers conferred by the general corporations law,
17subject to the restrictions and limitations contained in this section, having the
18following powers:
AB150-engrossed,1984,2120
221.04
(1) (jm) 1. To establish and maintain a branch bank with the approval
21of the
commissioner division.
AB150-engrossed,1984,2423
221.04
(1) (jm) 3. A bank may transfer a branch bank to any other bank located
24in this state with the approval of the
commissioner
division.
AB150-engrossed,1985,3
1221.04
(1) (jm) 4. A bank may establish a branch bank in another state with
2the approval of the
commissioner division and the appropriate regulator of the other
3state.
AB150-engrossed,1985,95
221.04
(1) (jm) 5. The establishment of a branch bank under subd. 1. or the
6conversion of a bank to a branch bank under subd. 2. shall be approved if the financial
7and managerial resources and future prospects of the bank establishing a branch
8bank or the surviving bank of a merger or consolidation are satisfactory to the
9commissioner division.
AB150-engrossed,1985,1411
221.04
(1) (jm) 6. A bank shall apply for the establishment or transfer of a
12branch bank under this paragraph to the
commissioner
division on a form furnished
13by the
commissioner division. The application shall be accompanied by a fee of
14$1,000.
AB150-engrossed,1985,1816
221.04
(1) (jm) 8. At least 30 days before closing a branch bank, a bank shall
17notify the
commissioner division in writing and post a notice of the closing in the
18lobby of the bank and the lobby of the branch bank to be closed.
AB150-engrossed,1985,2220
221.04
(1) (jm) 9. Every branch bank, branch office or bank station existing on
21August 1, 1989, shall be considered a branch bank approved by the
commissioner 22division under this paragraph.
AB150-engrossed,1986,2224
221.04
(1) (k) 1. Directly or indirectly, to acquire, place and operate, or
25participate in the acquisition, placement and operation of, at locations other than its
1main or branch offices, customer bank communications terminals, in accordance
2with rules established by the
commissioner division. The rules of the
commissioner 3division shall provide that any such customer bank communications terminal shall
4be available for use, on a nondiscriminatory basis, by any state or national bank
5which has its principal place of business in this state, by any other bank obtaining
6the consent of a state or national bank which has its principal place of business in
7this state and is using the terminal and by all customers designated by a bank using
8the terminal. This paragraph does not authorize a bank which has its principal place
9of business outside this state to conduct banking business in this state. The customer
10bank communications terminals also shall be available for use, on a
11nondiscriminatory basis, by any credit union, savings and loan association or savings
12bank, whose home office is located in this state, if the credit union, savings and loan
13association or savings bank requests to share its use, subject to rules jointly
14established by the
commissioner division of banking, the
commissioner office of
15credit unions and the
commissioner division of savings and loan. The rules of the
16commissioner division and the joint rules shall each prohibit any advertising with
17regard to a shared terminal which suggests or implies exclusive ownership or control
18of the shared terminal by any financial institution or group of financial institutions
19operating or participating in the operation of the terminal. The
commissioner 20division by order may authorize the installation and operation of a customer bank
21communications terminal in a mobile facility, after notice and hearing upon the
22proposed service stops of the mobile facility.
AB150-engrossed,1987,724
221.04
(1) (k) 3. If any person primarily engaged in the retail sale of goods or
25services owns or operates a customer bank communications terminal on such
1person's premises and allows access to such terminal by any financial institution,
2group of financial institutions, or their customers for any purpose or function nothing
3in this paragraph or in rules established by the
commissioner division shall, or shall
4be construed or interpreted to, require such person to accept any connection to or use
5of the customer bank communications terminal on its premises for any other purpose
6or function or to accept any connection to the terminal on its premises by any other
7financial institution.
AB150-engrossed,1987,169
221.04
(1) (k) 4. If a person primarily engaged in the retail sale of goods or
10services owns or operates a customer bank communications terminal on such
11person's premises and allows access to the terminal by any financial institution,
12group of financial institutions or their customers for any purpose or function, no laws
13governing such institutions or rules established by the
commissioner division shall
14apply to such person other than those laws or rules directly related to the particular
15function performed by the terminal on such person's premises for a financial
16institution.
AB150-engrossed,1988,318
221.04
(1) (n) 1. (intro.) Upon amendment of the articles of incorporation under
19s. 221.12 and obtaining, prior to the date which is 2 years after May 7, 1982, approval
20of the
commissioner division and the banking review board, to relocate the principal
21office of the bank to another place in the municipality in which the principal office
22is located on the date of the amendment, and to continue to operate the former
23principal office, or an office located within 1,500 feet of the boundary of the parcel of
24real estate occupied by the former principal office measured on a straight line
25connecting the 2 nearest points on the respective parcels of real estate, as a branch,
1notwithstanding par. (f), if all the services provided by the principal office are also
2provided by the branch, the branch is operated for at least 5 years after the date of
3relocation and the
commissioner division and the banking review board find that:
AB150-engrossed,1988,95
221.04
(1) (n) 3m. (intro.) A branch office approved under this paragraph may
6not cease operations unless it has operated for at least 5 years and the
commissioner 7division and the banking review board have approved cessation. The
commissioner 8division may approve cessation only after holding a public hearing in the area served
9by the branch or principal office and considering all of the following:
AB150-engrossed,1988,1311
221.04
(1) (n) 4. Any finding by the comptroller of currency which permits a
12national bank to operate a branch at a location which the
commissioner division finds
13does not meet the requirements of subds. 1. to 3. renders this paragraph void.
AB150-engrossed,1988,2015
221.04
(1) (p) To contract with one or more banks to provide banking and
16financially related products or services on its behalf to its customers or to establish
17a joint branch bank of the contracting banks. The contracting banks shall inform the
18commissioner division in writing of any contract entered into under this paragraph.
19The establishment of a joint branch bank is subject to the provisions for the
20establishment of a branch bank in par. (jm).
AB150-engrossed,1989,322
221.04
(1) (pm) To contract with a savings and loan association that is owned
23by a bank holding company which also owns the contracting bank, to provide banking
24and financially related products or services on its behalf to its customers. The
25savings and loan association shall be subject to regulation and examination by the
1commissioner division with regard to services performed under the contract to the
2same extent as if the services were being performed by the bank itself on its own
3premises.
AB150-engrossed,1989,135
221.04
(3e) (a) Subject to review by the
commissioner of banking division under
6par. (b), a bank may, with the approval of its board of directors, purchase and hold
7capital stock of the federal home loan bank for the purpose of becoming a member
8of the federal home loan bank as provided in the federal home loan bank act,
12 USC
91421 to
1449. A bank that becomes a member may exercise borrowing privileges or
10use any other service offered to a member by the federal home loan bank if the
11privileges or service is not in conflict with the laws of this state. Without becoming
12a member, a bank may exercise deposit privileges and use other services offered to
13nonmembers by the federal home loan bank.
AB150-engrossed,1989,2515
221.04
(3e) (b) A bank that intends to become a member of the federal home
16loan bank shall give the
commissioner of banking
division written notice of its
17intention to apply for membership. The
commissioner
division may prohibit a bank
18from becoming a member if the bank's capital and undistributed surplus is less than
19the amount required for that bank or if the
commissioner division finds that the bank
20is in an unsafe or unsound condition. The
commissioner division shall have 30 days
21after the date on which the notice is received to issue a prohibition under this
22paragraph. The
commissioner division may extend the time for issuing a prohibition
23up to 30 additional days if the
commissioner division notifies the bank before the
24initial 30-day period expires that the
commissioner
division is extending the time
25limit.
AB150-engrossed,1990,122
221.04
(4) (a) Any bank may, with the approval of the
commissioner of banking 3division, invest an amount not exceeding in the aggregate 15% of its paid-in capital
4stock and surplus in one or more corporations principally engaged in international
5or foreign banking, or banking in dependencies or insular possessions of the United
6States organized pursuant to ss. 611-631 of Title 12 of the United States Code, and
7any bank may also invest with the approval of the
commissioner of banking division 8an amount not exceeding in the aggregate 10% of its paid-in capital stock and
9surplus in the stock of one or more corporations principally engaged in international
10or foreign financial operations other than banking as well as such financial
11operations in dependencies or insular possessions of the United States organized
12pursuant to said ss. 611-631 of Title 12 of the United States Code.
AB150-engrossed,1990,2014
221.04
(4) (b) Any bank having loans secured by real estate mortgage may with
15the approval of the
commissioner of banking division sell all or any portion of them
16to the federal national mortgage association, or any successor thereof, and in
17connection therewith make payments of any capital contributions, required
18pursuant to law, in the nature of subscriptions for stock of the federal national
19mortgage association or any successor thereof, receive stock evidencing such capital
20contributions and hold or dispose of such stock.
AB150-engrossed,1991,222
221.04
(4h) Stock in bank-owned banks. Any bank holding company, subject
23to the limitations in s. 221.58 (7), or any bank may, with the approval of the
24commissioner division, acquire and hold stock in an aggregate amount not exceeding
2510% of its capital and surplus, in one or more banks chartered under s. 221.57 or in
1one or more bank holding companies wholly owning a bank chartered under s.
2221.57.
AB150-engrossed,1991,84
221.04
(4m) Stock in agricultural credit corporation. Any bank may invest,
5with the approval of the
commissioner of banking
division, in an agricultural credit
6corporation. Unless a bank owns at least 80% of the stock of the agricultural credit
7corporation, the amount which it invests in the corporation shall not exceed 20% of
8the bank's paid-in capital stock and surplus.
AB150-engrossed,1991,2210
221.04
(5) (title)
Information to commissioner division
; stock holdings.
11Every such bank investing in the capital stock of banks or corporations as provided
12herein shall be required to furnish information concerning the condition of such
13banks or corporations to the
commissioner division upon demand. If at any time the
14commissioner division shall ascertain or believe that any regulations prescribed by
15the
commissioner division with reference to such business are not being complied
16with,
said commissioner the division is hereby authorized and empowered to
17institute an investigation of the matter in order to satisfy the
commissioner division 18as to the actual nature of the transactions referred to. Should such investigation
19result in establishing the failure of the corporation in question, or of the bank or
20banks which may be stockholders therein, to comply with the regulations laid down
21by the
said commissioner division, such bank or banks may be required to dispose
22of stock holdings in said corporation upon reasonable notice.
AB150-engrossed,1993,924
221.04
(6) Trust powers. When thereto authorized by the
commissioner 25division, and if and after it shall have in good faith complied with all requirements
1of law and fulfilled all the conditions precedent to the exercise of such powers
2imposed by law upon trust company banks, any state bank may act as trustee,
3executor, administrator, registrar of stocks and bonds, guardian of estates, assignee,
4receiver, committee of estates of
lunatics persons who are mentally ill or
5developmentally disabled, and in any other fiduciary capacity in which trust
6company banks are permitted to act. Any state bank so authorized by the
7commissioner division shall comply with s. 223.02 before exercising such authority
8and shall be thereupon entitled to the same exemption as to making and filing any
9oath or giving any bond or security as is conferred on trust company banks by s.
10223.03 (8). With its application for permission to exercise fiduciary powers under
11this subsection, a state bank shall submit to the
commissioner division a fee of
12$1,000. In passing upon application for permission to exercise such fiduciary powers,
13the
commissioner division may take into consideration the amount of capital and
14surplus of the applying bank, whether or not such capital and surplus is sufficient
15under the circumstances, the needs of the community to be served, and any other
16facts and circumstances that
seem to him may be material, and may grant or refuse
17the application accordingly; provided, that no special authorization shall be issued
18to any such bank having a capital less than the capital from time to time required
19by law of a national bank exercising fiduciary power in the same place. If satisfied
20that such bank has in good faith complied with all the requirements of law and
21fulfilled all the conditions precedent to the exercise of such powers imposed by law,
22the
commissioner division may, within 6 months after the date on which the
23application of such bank was filed, issue
under his or her hand and official seal, in
24triplicate, a special authorization certificate to such bank. Such certificate shall
25state that the bank named therein has complied with the provisions of law applicable
1to banks exercising fiduciary powers, and is authorized to exercise the same. One
2of the triplicate special authorization certificates shall be transmitted by the
3commissioner division to the bank thereby authorized to exercise fiduciary powers;
4another shall be filed
and recorded in the office of the commissioner with the division,
5and the 3rd shall be recorded at the expense of such bank in the office of the register
6of deeds of the county in which such bank is located. In the conduct of its business
7under or in connection with such authorization to exercise fiduciary powers every
8bank so authorized shall comply with and be governed by all the provisions of law
9from time to time applicable to individuals acting in a similar capacity.
AB150-engrossed,1993,1811
221.04
(6m) Trust service offices. Any state bank exercising trust powers
12may, with the approval of the
commissioner of banking
division, establish and
13maintain a trust service office at any office in this state of any other state or national
14bank. Any state bank may, with the approval of the
commissioner division, permit
15any other state or national bank exercising trust powers or any trust company bank
16organized under ch. 223 to establish and maintain a trust service office at any of its
17banking offices. The establishment and operation of such trust service offices shall
18be subject to s. 223.07. This subsection does not authorize branch banking.
AB150-engrossed,1994,920
221.04
(7) Sale of U.S. bonds. Any state bank or trust company bank may, by
21resolution of its board of directors authorizing such action, act whenever designated
22by the secretary of the treasury of the United States or by any other instrumentality
23of the United States, as agent for said secretary of the treasury or other
24instrumentality of the United States in the sale of bonds or other obligations of the
25United States or in such other matters as said secretary of the treasury or other
1instrumentality of the United States may designate. Any of said institutions may
2enter into such contracts, incur such obligations or make such investment or pledge
3of its assets and generally do and perform all such acts and things whatsoever as may
4be necessary or appropriate in order to exercise the powers hereby granted.
5Provided, however, that any state bank or trust company bank may exercise such
6powers only upon express approval previously granted by the
commissioner of
7banking division, and in such manner and to such extent as the
commissioner 8division may approve, and with such limitations upon the exercise of those powers
9as the
commissioner division may impose.
AB150-engrossed,1994,1711
221.041
(5) Any bank may cause to be performed, by contract or otherwise, any
12bank services for itself, whether on or off its premises, provided assurances
13satisfactory to the
commissioner of banking division are furnished to the
14commissioner division by both the bank and the party performing the services that
15the performance thereof will be subject to regulation and examination by the
16commissioner division to the same extent as if such services were being performed
17by the bank itself on its own premises.