AB150-engrossed,2001,8
1221.14
(4s) Real estate used as an attended or unattended remote facility for
2paying and receiving only. Remote facilities may be established only with specific
3approval by the
commissioner division. The authority under this subsection is in
4addition to the authority to establish facilities that are attached to or a part of a bank
5or a branch bank. After July 31, 1989, and before February 1, 1990, a bank may
6inform the
commissioner division in writing that it is converting a remote facility
7existing on August 1, 1989, into a branch bank, specifying the effective date of the
8conversion. An application fee is not required for a conversion under this subsection.
AB150-engrossed,2001,1310
221.14
(5) Real estate purchased and held, subject to the approval of the
11commissioner of banking division, for the purpose of providing needed housing
12accommodations for its essential employes who are relocated by the bank, including
13purchasing the former residence of the relocated, essential employe.
AB150-engrossed,2001,2115
221.14
(6) No real estate acquired under sub. (2), (3) or (5) may be held for a
16longer time than 5 years, unless an extension is granted by the
commissioner 17division. If the extension is not granted, it must be sold at a private or public sale
18within one year thereafter. Nothing in this section may be construed to prevent a
19bank from lending moneys upon real estate security as provided by law. Real estate
20shall be conveyed under the corporate seal of the bank, and the hand of the president
21or vice president and cashier or assistant cashier.
AB150-engrossed,2002,223
221.15
(1) Every bank shall make to the
commissioner of banking division not
24less than 2 reports during each calendar year, at such times as the
said commissioner 25division shall require the same, according to the forms which the
commissioner
1division shall prescribe and furnish. Such forms shall conform as nearly as
2practicable to that now required of national banks, including the schedules.
AB150-engrossed,2002,84
221.15
(3) Such report shall exhibit in detail and under proper heads, the
5resources and liabilities of the bank at the close of the business of any past day
6specified by the
commissioner division, and shall be transmitted to the
commissioner 7division within 30 days after the receipt of request therefor from the
commissioner 8division.
AB150-engrossed,2002,1310
221.15
(4) The most recent report filed under sub. (1) as of the last business day
11of the 4th calendar quarter shall be published by the bank as a class 1 notice, under
12ch. 985, where the bank is located, in the condensed form as the
commissioner 13division prescribes. Each bank shall maintain proof of publication of the report.
AB150-engrossed,2002,1815
221.15
(6) When requested by the
commissioner division, any bank shall report
16to the
commissioner on call by the commissioner,
division a list of its stockholders,
17their residences, and the amount of stock held by each, which report shall be signed
18and verified by the oath or affirmation of one of the officers of said bank.
AB150-engrossed,2002,2320
221.15
(7) The
commissioner division shall also have the power to call for
21special reports from any bank whenever in the
commissioner's division's judgment
22the same is necessary to inform the
commissioner
division fully of the condition of
23such bank.
AB150-engrossed,2003,8
1221.16 One hundred dollars per day forfeiture. Every bank failing to
2make and transmit to the
commissioner of banking
division any of the reports or
3proofs of publication as required by this chapter shall be subject, at the discretion of
4the
commissioner division, to a forfeiture of $100 for each day after the time required
5for making such reports. Whenever any bank fails or refuses to pay the forfeiture
6herein imposed for a failure to make and transmit such report, the
commissioner 7division is hereby authorized to institute proceedings for the recovery of such
8forfeiture.
AB150-engrossed,2003,19
10221.18 Inspection; refusal to permit; action to dissolve; prosecutions.
11Whenever any officer in charge of a bank refuses to submit the books, papers and
12concerns of such bank to the inspection of the
commissioner of banking, the
13commissioner's deputy, or examiner appointed hereunder, division or refuses to be
14examined on oath touching the concerns of the bank, the
commissioner division may
15inform the attorney general. The department of justice shall then institute an action
16to procure a judgment dissolving such corporation. In order to carry out this section
17the
commissioner division may commence and maintain in the
commissioner's 18division's name
as commissioner of banking any and all actions necessary or proper
19to enforce this section.
AB150-engrossed,2003,24
21221.19 Prosecutions. In order to carry out ss. 220.07, 220.08 and 221.18, the
22commissioner of banking division may commence and maintain in the
23commissioner's division's name any and all actions necessary or proper to enforce
24any of said sections.
AB150-engrossed,2004,23
1221.205 Banks; disciplinary provisions. Whenever the
commissioner of
2banking division shall have or receive information causing the
commissioner 3division to believe that any bank, trust company bank, or any other corporation,
4limited liability company or association in respect to whose affairs or any part thereof
5the
commissioner division has any supervision or control under the law, or any
6officer, employe, member or manager thereof has been guilty of a violation of any of
7the provisions of law or regulations or orders in execution thereof which subjects any
8such corporation, limited liability company or association or person to prosecution
9for a criminal offense or for recovery of penalty under the law, the
commissioner 10division shall bring such facts and information to the attention of the banking review
11board with the
commissioner's division's recommendation in writing as to action to
12be taken. Said banking review board shall, if in its judgment probable cause exists
13for believing that a criminal offense has been committed, or a penalty incurred, call
14the facts and information to the attention of the attorney general whose duty it shall
15be to cause prosecution or other action to be instituted if in the attorney general's
16judgment the facts warrant. Nothing herein contained shall be deemed to prevent
17the institution of any prosecution by any district attorney of this state with or
18without any advice or act on the part of the attorney general. Nothing herein
19contained shall preclude the
commissioner of banking
division, in any case where the
20commissioner division deems it important to act immediately, from causing any
21arrest and prosecution where the
commissioner division is satisfied that there is
22reason to believe the offense has been committed and that prosecution should be
23immediately commenced.
AB150-engrossed,2005,9
1221.21 When organized as national bank. Any bank organized under this
2chapter may reorganize under the laws of the United States as a national bank. As
3soon as such bank shall have obtained the certificate from the comptroller of the
4currency, authorizing it to commence business under the United States banking law,
5such reorganized bank shall take and hold all of the assets, real and personal, of such
6bank organized under this chapter, subject to all liabilities existing against said bank
7organized under this chapter at the time of such reorganization, and shall
8immediately notify the
commissioner of banking division of such reorganization and
9transfer.
AB150-engrossed,2005,25
11221.22 National banks may reorganize as state banks. Any national bank
12authorized to dissolve, and which shall have taken the necessary steps to effect
13dissolution, may reorganize under this chapter, upon the consent in writing of the
14owners of two-thirds of the capital stock of such bank, and with the approval of the
15commissioner of banking division. Such stockholders shall make, execute and
16acknowledge articles of organization as required by this chapter, and shall set forth
17the said written consent of such stockholders. A national bank seeking to reorganize
18under this section shall pay to the
commissioner
division a fee of $1,000 plus the
19actual costs incurred by the
commissioner division in investigating the proposed
20reorganization. Upon the filing of the articles as provided by this chapter, and upon
21the approval of the
commissioner division, such bank shall be deemed to be
22reorganized under this chapter, and thereupon all assets, real and personal, of such
23dissolved national bank shall be vested in and be and become the property of such
24reorganized bank, subject to all liabilities of such national bank not liquidated before
25such reorganization.
AB150-engrossed,2006,7
2221.23 Consolidation of banks. A bank, which is in good faith winding up
3its business, for the purpose of consolidating with some other bank, may transfer its
4resources and liabilities to the bank with which it is in process of consolidation; but
5no consolidation shall be made without the consent of the
commissioner of banking 6division, and not then to defeat or defraud any of the creditors in the collection of their
7debts against such banks, or either of them.
AB150-engrossed,2006,159
221.24
(1) Any bank organized or doing business under this chapter may go
10into liquidation by a vote of its stockholders owning two-thirds of the capital stock.
11Whenever a vote is taken to go into liquidation, the board of directors shall give notice
12of this fact to the
commissioner of banking division, and the notice shall be certified
13by the president or cashier under the seal of the bank. No liquidating bank may
14transfer assets or liabilities to another bank until the transfer is approved by the
15commissioner division.
AB150-engrossed,2006,23
17221.245 Cancellation of charter of merged bank. Whenever any bank has
18merged or consolidated with or been absorbed by another bank, the
commissioner of
19banking division may cancel the charter of the first mentioned bank after notice of
20proposed cancellation has been published as a class 3 notice, under ch. 985, in the
21county wherein the bank is located, unless written objections are filed with the
22commissioner division within a time specified in the notice stating grounds which the
23commissioner division deems sufficient.
AB150-engrossed,2008,9
1221.25
(1) Any 2 or more banks may, with the approval of the
commissioner of
2banking division, consolidate into one bank under the charter of either existing bank
3on such terms and conditions as may be lawfully agreed upon by a majority of the
4board of directors of each bank proposing to consolidate and be ratified and confirmed
5by the affirmative vote of the stockholders of each such bank owning at least
6two-thirds of its capital stock outstanding and at least two-thirds of any outstanding
7preferred stock having voting rights, at a meeting to be held on call of the directors,
8after sending notice of the time, place and object of the meeting to each shareholder
9of record by registered mail at least 30 days prior to said meeting; provided that the
10capital stock of such consolidated bank shall not be less than that required under
11existing law for the organization of a state bank in the place in which it is located.
12When such consolidation is approved by the
commissioner division, any shareholder
13of either of the banks so consolidated who has not voted for such consolidation shall
14be given notice of the approval by the bank in which the shareholder holds an interest
15and of the shareholder's right to receive the appraised value for the shareholder's
16shares. If within 20 days after the date that notice of approval is mailed or delivered
17to a shareholder the shareholder notifies the directors of the bank in which the
18shareholder is interested that the shareholder dissents from the plan of
19consolidation as adopted and approved and desires to withdraw from such bank, the
20shareholder shall be entitled to receive in cash the value of the shares so held by the
21shareholder, to be ascertained by an appraisal made by a committee of 3 persons, one
22to be selected by the shareholders, one by the directors, and the 3rd by the 2 so
23chosen; the expense of such appraisal shall be borne by the bank; and in case the
24value so fixed shall not be satisfactory to the shareholder he or she may within 5 days
25after being notified of the appraisal appeal to the
commissioner, who division, which
1shall cause a reappraisal to be made by an appraiser or appraisers to be named by
2said commissioner the division, which appraisal shall be final and binding, and if
3said reappraisal shall exceed the value fixed by said committee the bank shall pay
4the expense of reappraisal, otherwise the shareholder shall pay said expense, and
5the value so ascertained and determined shall be deemed to be a debt due and be
6forthwith paid to said shareholder from said bank, and the share or shares so paid
7shall be surrendered and after such notice as the board of directors may provide, be
8sold at public auction within 30 days after the final appraisement provided for by this
9section.
AB150-engrossed,2008,2311
221.25
(3) The
commissioner division may after consultation with the banking
12review board make recommendations to any bank or trust company within this state
13as to advisability of consolidation with other banks and may make recommendations
14as to terms for consolidation or merger of banks in order to avoid a condition of
15oversupply of banks in any community or area of the state. The
commissioner 16division may also, if requested so to do, act as mediator or arbitrator to fix any of the
17terms of any such consolidation or merger. It shall be within the power of the board
18of directors of any bank or trust company organized under the laws of this state to
19appropriate a reasonable amount from the assets of the bank toward assisting in
20bringing about a consolidation or merger of banks or to aid in reorganization or in
21avoiding the closing of a bank where such action is deemed to be in the interests of
22safe banking and the maintenance of credit and banking facilities in the county in
23which such bank is located.
AB150-engrossed,2009,4
1221.25
(4) Application for approval of a consolidation under sub. (1) shall be
2made on a form prescribed by the
commissioner division. The application shall be
3accompanied by a fee of $5,000, except that if more than 3 banks are to be
4consolidated the fee is $5,000 plus $1,000 for each bank after the 3rd bank.
AB150-engrossed,2009,20
6221.26 (title)
Banks may be placed in hands of commissioner under
7division control. Any bank doing business under this chapter may place its affairs
8and assets under the control of the
commissioner of banking division by posting a
9notice on its front door, as follows: "This bank is in the hands of the
commissioner
10division of banking". Immediately upon posting such notice, the bank shall notify
11the
commissioner division of such action. The posting of such notice, or the taking
12possession of any bank by the
commissioner division, shall be sufficient to place all
13its assets and property of whatever nature in the possession of the
commissioner 14division, and shall operate as a bar to any attachment proceedings. For each day the
15commissioner division is so placed in possession of the bank, and until such time as
16a special deputy
commissioner of banking is appointed under s. 220.08 (4), the bank
17shall pay to the
commissioner division the actual cost of such liquidation
18proceedings. All such fees shall be paid by the
commissioner division to the state
19treasurer to be placed to the credit of s.
20.124
20.144 (1) (g) in the percentage
20specified in that paragraph.
AB150-engrossed,2010,222
221.27
(2) Every bank shall maintain sufficient reserves to meet anticipated
23withdrawals, commitments and loan demand. Every bank shall maintain at least
24the level of reserves required for it by the federal reserve system. The
commissioner
25of banking division may prescribe additional reserve requirements for an individual
1bank based on examination findings or other reports available to the
commissioner 2division.
AB150-engrossed,2010,54
221.27
(3) (g) Short-term obligations approved by rule of the
commissioner of
5banking division.
AB150-engrossed,2010,18
7221.28 Reserve to be kept up. Whenever the reserve of any bank falls below
8the amount required to be kept, such bank shall not increase its loans or discounts
9otherwise than by discounting or purchasing bills of exchange payable at sight or on
10demand, and the
commissioner division shall notify any bank whose reserve is below
11the amount required, to make good such reserve, and in case the bank fails, for 30
12days thereafter to make good such reserve, the
commissioner division may assess
13such bank $100 for each 2-week period which the bank has been in default or may
14notify the attorney general and the department of justice shall institute proceedings
15for the appointment of a receiver and to wind up the business of the bank. Such
16assessment shall be paid to the
commissioner division and if any such bank fails or
17refuses to pay such assessment the
commissioner division may maintain an action
18for the recovery of the assessment.
AB150-engrossed,2010,2320
221.29
(1) (f) The limitations in this section shall not apply to that portion of
21any loan which is guaranteed by a federal or Wisconsin state guaranty program
22approved by the
commissioner division. The
commissioner division shall designate
23federal and Wisconsin state guaranty programs which qualify under this paragraph.
AB150-engrossed,2011,13
1221.295
(1) Except as provided in sub. (3), a bank may lend under this
2subsection, through the bank or a subsidiary of the bank, to all borrowers from the
3bank and all of its subsidiaries, an aggregate amount not to exceed the percentage
4of its capital and surplus established by the
commissioner division under sub. (3).
5Neither a bank nor any subsidiary of the bank may lend to any borrower, under this
6subsection and any other law or rule, an amount that would result in an aggregate
7amount for all loans to that borrower that exceeds the percentage of the bank's
8capital and surplus established under sub. (3). A bank or its subsidiary may take an
9equity position or other form of interest as security in a project funded through such
10loans. Every transaction by a bank or its subsidiary under this subsection shall
11require prior approval by the board of directors of the bank or its subsidiary,
12respectively. Such loans are not subject to s. 221.36 or to classification as losses for
13a period of 2 years from the date of each loan except as provided in sub. (3).
AB150-engrossed,2012,215
221.295
(2) Except as provided in sub. (3), a bank may invest under this
16subsection amounts not to exceed, in the aggregate, that percentage of its capital and
17surplus established by the
commissioner of banking
division under sub. (3) in equity
18positions, such as profit-participation projects. A bank may take an investment
19position in a project with respect to which it is also a lender. The bank shall limit its
20liability as an investor in a specific project under this subsection to an amount not
21exceeding the amount of its investment in that project. For purposes of calculating
22the bank's aggregate investment under this subsection, the amount of each
23investment shall be established as of the date that the investment is made. Every
24transaction by a bank under this subsection shall require prior approval by the board
1of directors of the bank and shall be disclosed to the shareholders of the bank prior
2to each annual meeting of the shareholders.
AB150-engrossed,2012,114
221.295
(3) The
commissioner of banking division shall establish for each bank
5the applicable percentage, not to exceed 20%, under sub. (1) and the applicable
6percentage, not to exceed 10%, under sub. (2). The
commissioner division may
7withdraw or suspend a percentage established under this subsection and, in such
8case, may specify how outstanding loans or investments shall be treated by the bank
9or subsidiary. Among the factors that the
commissioner division may consider in
10establishing, withdrawing or suspending a percentage under this subsection are the
11bank's capital, assets, management and liquidity ratio and its capital ratio.
AB150-engrossed,2012,1613
221.295
(4) At the time of making a loan or investment, the bank or subsidiary
14shall note in its records whether it is made under sub. (1) or (2). The forms of security
15for loans under sub. (1) and the forms of investment under sub. (2) shall be as
16approved by the
commissioner of banking division by rule.
AB150-engrossed,2013,218
221.295
(6) A bank may make loans secured by assignment or transfer of stock
19certificates or other evidence of the borrower's ownership interest in a corporation
20formed for the cooperative ownership of real estate. Sections 846.10 and 846.101, as
21they apply to a foreclosure of a mortgage involving a one-family residence, apply to
22a proceeding to enforce the lender's rights in security given for a loan under this
23subsection. The
commissioner division shall promulgate joint rules with the
24commissioners office of credit unions and
the division of savings and loan that
1establish procedures for enforcing a lender's rights in security given for a loan under
2this subsection.
AB150-engrossed,2013,134
221.296
(1) A bank may invest amounts not to exceed, in the aggregate, that
5percentage of its capital and surplus established by the
commissioner of banking 6division under sub. (2) in partnership interests in farm operations. A bank may
7acquire a partnership interest in a farm operation with respect to which it is also a
8lender. The bank may only acquire a partnership interest in a farm operation as a
9limited partner. For purposes of calculating the bank's aggregate investment, the
10amount of each investment shall be established as of the date that the investment
11is made. Every transaction by a bank under this subsection shall require prior
12approval by the board of directors of the bank and shall be disclosed to the
13shareholders of the bank prior to each annual meeting of the shareholder.
AB150-engrossed,2013,2115
221.296
(2) The
commissioner of banking division shall establish for each bank
16the applicable percentage, not to exceed 10%, under sub. (1). The
commissioner 17division may withdraw or suspend a percentage established under this subsection
18and, in such case, may specify how outstanding investments shall be treated by the
19bank. Among the factors the
commissioner division may consider in establishing,
20withdrawing or suspending a percentage established under this subsection are the
21bank's capital, assets, management and liquidity ratio and its capital ratio.
AB150-engrossed,2014,223
221.297
(1) Subject to any regulatory approval required by law and subject to
24sub. (2), a bank, directly or through a subsidiary, may undertake any activity,
25exercise any power or offer any financially related product or service in this state that
1any other provider of financial products or services may undertake, exercise or
2provide or that the
commissioner division finds to be financially related.
AB150-engrossed,2014,124
221.297
(2) The activities, powers, products and services that may be
5undertaken, exercised or offered by banks under sub. (1) are limited to those
6specified by rule of the
commissioner of banking
division and, with respect to loans
7under s. 221.295 (1) and investments under s. 221.295 (2), are subject to the
8limitations set forth in s. 221.295. The
commissioner
division may direct any bank
9to cease any activity, the exercise of any power or the offering of any product or service
10authorized by rule under this subsection. Among the factors that the
commissioner 11division may consider in so directing a bank are the bank's capital, assets,
12management and liquidity ratio and its capital ratio.
AB150-engrossed,2015,2114
221.33
(1) Except as provided in s. 34.07, no bank or bank officer shall give
15preference to any depositor or creditor by pledging the assets of the bank as collateral
16security. A state bank may deposit with the treasurer of the United States, or in the
17custody of federal reserve banks or branches thereof designated by the judges of the
18several courts of bankruptcy, so much of its assets not exceeding its capital and
19surplus as may be necessary under the act of congress approved June 25, 1910, and
20all amendments thereof, to qualify as a depository for postal savings funds, other
21government deposits and as depository for bankrupt estates, debtors, corporations
22and railroads under reorganization under U.S. bankruptcy laws, and amendments
23thereto, and receivers, trustees and other officers thereof appointed by any U.S.
24district court or by any bankruptcy court of the United States and that in acting as
25such depository a state bank shall have all the rights and privileges granted to
1banking institutions under section 61 of the U.S. bankruptcy act, and amendments
2thereto; and any bank may borrow money for temporary purposes, and may pledge
3assets of the bank not exceeding 50% in excess of the amount borrowed as collateral
4security therefor. Any state bank so authorized by the
commissioner of banking, who 5division, that complies with s. 223.02, shall be exempt from furnishing the bond
6specified in s. 221.04 (6), and shall be entitled to the same exemption as to making
7and filing any oath or giving any bond or security as is conferred on trust company
8banks by s. 223.03 (8), but it is unlawful for any bank to borrow money unless the
9board of directors has adopted a resolution designating the bank from which the
10money may be borrowed, the maximum amount for which the bank may become
11indebted at any one time, and the names of the officers who may sign the promissory
12note evidencing the indebtedness. A bank may pledge assets in an amount not to
13exceed 4 times the amount of its capital and surplus to the federal reserve bank (as
14fiscal agent of the United States) of the federal reserve district in which it is located,
15except that no such pledge shall be made in excess of the amount of its capital and
16surplus without the consent of the
commissioner of banking division. Whenever it
17appears that a bank is borrowing habitually for the purpose of reloaning, the
18commissioner division may require the bank to repay money so borrowed. Nothing
19herein contained shall prevent any bank from rediscounting in good faith and
20endorsing any of its negotiable notes if the same has been authorized by a recorded
21resolution of the board of directors.
AB150-engrossed,2016,623
221.37
(1) Before the board of directors of a bank may declare and pay a cash
24dividend, a sum equivalent to not less than one-fifth of the net profits of the bank
25for the preceding half year, or for such period as is covered by the dividend, shall be
1carried to a surplus fund, until such surplus fund shall amount to 100 per cent of the
2capital stock, except that the bank, with the approval of the
commissioner division,
3may be exempted from the requirements of this section whenever its daily average
4of deposits for a period of one year shall be less than 10 times the unimpaired capital
5and surplus; such surplus shall not include items classified by the
commissioner of
6banking division as doubtful or loss.
AB150-engrossed,2016,138
221.38
(1) (b) Compliance has been made with s. 221.37; except that, if a bank
9has had, during the immediate preceding 2 years, insufficient net profits to declare
10and pay a dividend out of current earnings and has paid a dividend out of undivided
11profits accrued during prior years, such bank shall not declare and pay a second
12dividend either in part or in full out of undivided profits accrued during prior years
13except with the written consent of the
commissioner of banking division.
AB150-engrossed,2017,315
221.38
(2) No dividend shall be declared by the directors of a bank to the
16stockholders except out of net profits applicable thereto, and which shall not in any
17way impair or diminish the capital; and if any such shall be paid, every stockholder
18receiving the same shall be liable to restore the full amount thereof unless the capital
19be subsequently made good; and if the directors of any bank shall pay such dividend
20when the corporation is insolvent or in danger of insolvency, or not having reason to
21believe that there were sufficient net profits properly applicable thereto, to pay the
22same without impairing or diminishing the capital, they shall be jointly and
23severally liable to the creditors of the corporation at the time of declaring such
24dividends to double the amount thereof. Interest unpaid, although due or accrued,
25on debts owing to any bank, shall not be included in calculation of its profits previous
1to a dividend; nor shall any bank, except with the previous written consent of the
2commissioner division, enter or at any time, carry on its books any of its assets at a
3valuation exceeding its actual cost to such bank.
AB150-engrossed,2017,14
5221.41 Charter, how forfeited. If the board of directors or a quorum thereof
6or any committee of such board of any bank shall knowingly violate or knowingly
7permit any of the officers, agents or employes of the bank to violate any of the
8provisions of this chapter, such directors shall jointly and severally be liable for the
9amount of the loss sustained by the bank; and if after a warning from the
10commissioner of banking division it shall fail to make good any loss or damage
11resulting from such acts, or continue such conduct, it shall constitute a ground for
12the forfeiture of the charter of such bank, and it shall thereupon be the duty of the
13commissioner division to institute proceedings to enforce such forfeiture and to
14secure a dissolution and a winding up of the affairs of such bank.
AB150-engrossed,2017,25
16221.43 Shares of stock, when not transferable. The shares of stock of an
17incorporated bank shall be deemed personal property, and shall be transferred on the
18books of the bank in such manner as the bylaws thereof may direct, and no transfer
19of capital stock shall be valid while the bank is under notice to make good the
20impairment of its capital, as provided in s. 220.07, nor until such impairment shall
21have been made good. A transfer of stock shall be certified by the bank cashier to the
22commissioner of banking division within 3 days after the transfer, if the transfer is
23of at least 5% of the outstanding shares or affects the holdings of the owner of record
24or beneficial owner of at least 5% of the outstanding shares. Failure to comply with
25this requirement shall be punishable by a fine of not to exceed $100.
AB150-engrossed,2018,9
2221.47 Circulating notes, when issuable. If the congress of the United
3States hereafter removes the tax on bank circulation or provides for the
4establishment of circulation of banks organized under state laws, any bank
5organized or doing business under this chapter may issue circulating notes or
6currency in accordance with any such act of congress, or under such regulations as
7the
office of the commissioner of banking division prescribes. This section shall not
8be construed to permit any loan and trust company or any other than a banking
9corporation to issue circulating notes.
AB150-engrossed,2018,2211
221.49
(1) Except as provided in sub. (2), no person engaged in business in this
12state, not subject to supervision and examination by the
commissioner of banking 13division, and not required to make reports to the
commissioner of banking division 14by this chapter, may use the term "bank", in any form upon any office sign at the place
15where the business is transacted, nor may the person make use of or circulate any
16letterheads, billheads, blank notes, blank receipts, certificates, circulars, or any
17written or printed or partly written and partly printed paper having thereon any
18artificial or corporate name, or other words, indicating that the business is the
19business of a bank, but mortgage bankers registered under s.
440.72 224.72 may use
20the designation "mortgage banker" and a savings bank organized under ch. 214 may
21use the designation "savings bank". Violations of this section are subject to s. 220.02
22(2).
AB150-engrossed,2019,6
24221.50 Declaration of unlimited individual responsibility. The
25stockholders of any bank organized under the provisions of this chapter may file with
1the
commissioner of banking division a declaration in writing, signed by each and all
2of them and by them acknowledged, consenting and agreeing to hold themselves
3individually responsible for all the debts, demands and liabilities of said bank. Upon
4application therefor the
commissioner division shall make and certify a copy of said
5declaration which shall be received in evidence and have the same effect as the
6original declaration would have if produced in evidence and duly proved.
AB150-engrossed,2020,3
8221.51 Liability under the stockholders' declaration. On and from the
9filing of such declaration the persons who have executed the same shall be
10individually liable for all the debts, demands and liabilities of said bank, as well
11those then existing and unpaid as those thereafter to be made, created or incurred.
12And in any action brought against any such bank for any debt, demand or liability
13thereof it shall be competent for the party plaintiff to join as defendant therewith any
14one, or more, or all of the stockholders, whose names are attached to such
15declaration, and in such action to recover and have judgment and execution against
16the defendants or either or any of them; provided, that nothing herein shall be
17construed to prevent any action from being maintained for any debt, demand or
18liability of such bank against said bank alone, or against the said stockholders, or
19either or any of them. In case of the bona fide sale and transfer of any stock or interest
20of any stockholder, in any such bank, as provided in s. 221.43, a written
21memorandum of such transfer, signed and acknowledged in manner aforesaid by the
22vendor of said stock or interest, may be filed with the
commissioner of banking 23division, and thereupon the individual liability of such vendor for the debts, demands
24and liabilities of said bank, which may be created or incurred after the expiration of
256 months from and after the filing of said memorandum shall cease; and in such case
1the purchaser of said stock shall not become or be responsible or liable in any manner
2for the debts, demands and liabilities of such bank unless the purchaser shall execute
3and file the declaration mentioned in s. 221.50.
AB150-engrossed,2020,9
5221.52 (title)
Commissioner Division may disregard such declaration. 6The
commissioner of banking, the commissioner's deputy or any examiner appointed
7by the commissioner division shall not be required to take into consideration such
8certificate of unlimited individual responsibility in determining the impairment of
9capital of any bank, or in determining the solvency of any such bank.