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.
AB150-engrossed,2020,16
11221.53 Fees for certified copies. Whenever any certified copy or copies of
12any records or papers filed in the
office of the commissioner of banking division shall
13be lawfully required to be furnished by the
commissioner division, the
commissioner 14division shall be entitled to a fee of 10 cents for each folio for making such copy or
15copies and 50 cents for each certificate. All such fees shall be paid by the
16commissioner division into the state treasury to the credit of the general fund.
AB150-engrossed,2021,1318
221.56
(1) Any domestic corporation, investment trust, or other form of trust
19or any regional state bank holding company which shall own, hold or in any manner
20control a majority of the stock in a state bank or trust company, or a bank or bank
21holding company which through a transaction under s. 701.108 acquires control of
22a majority of the stock in a state bank, shall be deemed to be engaged in the business
23of banking and shall be subject to the supervision of the
office of the commissioner
24of banking division. It shall file reports of its financial condition when called for by
25the
commissioner of banking division, and the
commissioner division may order an
1examination of its condition and solvency whenever in
his or her the division's 2opinion such examination is required, and the cost of such examination shall be paid
3by such corporation or association. Whenever in the opinion of the
commissioner 4division the condition of such corporation or association shall be such as to endanger
5the safety of the deposits in any bank or trust company which is owned or in any
6manner controlled by such corporation, or the operation of such corporation,
7association or trust shall be carried on in such manner as to endanger the safety of
8such bank or trust company or its depositors, the
commissioner division may order
9such corporation or trust to remedy such condition or policy within 90 days and if
10such order is not complied with, the
commissioner
division shall have power to fully
11direct the operation of such banks or trust companies until such order is complied
12with, and may withhold all dividends from such corporation or trust during the
13period in which the
commissioner division may exercise such authority.
AB150-engrossed,2022,2
15221.57 Bank-owned banks. The
commissioner division may authorize the
16establishment of, and issue a charter to, a bank, all of the stock of which is owned by
172 or more state or national banks whose home offices are situated in this state.
18Notwithstanding any other requirement of this section, the
commissioner division 19may authorize, by rule, up to 10% of the stock to be held by other persons to
20accommodate operational needs of the bank. The bank shall be deemed a state bank
21chartered under this chapter for all purposes, except that its functions shall be
22limited solely to providing banking and banking-related services to other banks,
23subsidiaries of banks, bank holding companies, subsidiaries of bank holding
24companies and directors, officers and employes of other banks, subsidiaries of banks,
1bank holding companies and subsidiaries of bank holding companies. Such bank
2shall be empowered to authorize and to hold authorized but not issued stock.
AB150-engrossed,2022,84
221.58
(2) (b) An in-state bank or in-state bank holding company proposing
5any action under par. (a) shall provide the
commissioner of banking division a copy
6of any original application seeking approval by a federal agency or by an agency of
7the regional state and of any supplemental material or amendments filed in
8connection with any application.
AB150-engrossed,2022,1410
221.58
(4) (a) The
commissioner of banking division finds that the statutes of
11the regional state in which the regional state bank holding company has its principal
12place of business permit in-state bank holding companies both to acquire one or more
13regional state banks and to acquire and merge with one or more regional state bank
14holding companies in the regional state.
AB150-engrossed,2022,1716
221.58
(4) (b) The
commissioner of banking division has not disapproved the
17acquisition of or merger with the in-state bank or in-state bank holding company.
AB150-engrossed,2023,219
221.58
(4) (c) The
commissioner of banking division gives a class 3 notice, under
20ch. 985, in the official state newspaper, of the application to take an action under sub.
21(3) and of the opportunity for a hearing and, if at least 25 residents of this state
22petition for a hearing within 30 days of the final notice or if the
commissioner division 23on
his or her the division's motion calls for a hearing within 30 days of the final notice,
24the
commissioner division holds a public hearing on the application, except that a
25hearing is not required if the
commissioner division finds that an emergency exists
1and that the proposed action under sub. (3) is necessary and appropriate to prevent
2the probable failure of an in-state bank that is closed or in danger of closing.
AB150-engrossed,2023,74
221.58
(4) (d) The
commissioner of banking division is provided a copy of any
5original application seeking approval by a federal agency of the acquisition of an
6in-state bank or acquisition of or merger with an in-state bank holding company and
7of any supplemental material or amendments filed with the application.
AB150-engrossed,2023,129
221.58
(4) (e) The applicant has paid the
commissioner of banking division a
10fee of $5,000, together with the actual costs incurred by the
commissioner division 11in making an investigation related to the application and in holding any hearing on
12the application.
AB150-engrossed,2023,1614
221.58
(6) Standards for disapproval. (intro.) The
commissioner division may
15disapprove any action under sub. (3) if the
commissioner division finds any of the
16following:
AB150-engrossed,2023,2118
221.58
(6) (em) The applicant has failed to enter into an agreement prepared
19by the
commissioner division to comply with laws and rules of this state regulating
20consumer credit finance charges and other charges and related disclosure
21requirements, except to the extent preempted by federal law or regulation.
AB150-engrossed,2023,2423
221.58
(6) (g) The applicant fails to meet any other standards established by
24rule of the
commissioner division.
AB150-engrossed,2024,3
1221.58
(8) (a) Subsections (1) to (6) do not apply prior to January 1, 1987, except
2that the
commissioner division may promulgate rules under sub. (6) (g) to be
3applicable no earlier than the date that subs. (1) to (6) apply.
AB150-engrossed,2024,145
221.58
(10) Divestiture. Any bank holding company that ceases to be either
6an in-state bank holding company or a regional state bank holding company shall
7immediately notify the
commissioner of banking division of the change in its status
8and shall, as soon as practical and within not more than 2 years after the event
9causing it to no longer be either an in-state bank holding company or a regional state
10bank holding company, divest itself of control of all in-state banks and in-state bank
11holding companies. A bank or bank holding company that fails to immediately notify
12the
commissioner division is liable for a forfeiture of $500 for each day beginning with
13the day its status changes and ending with the day notification is received by the
14commissioner division.
AB150-engrossed,2025,1016
223.02
(1) Before any such corporation shall commence business it shall
17deposit with the state treasurer not less than 50 per cent of the amount of its capital
18stock, but no such corporation shall be required to deposit more than $100,000, such
19deposit to be in cash, or securities eligible for trust investments under ch. 881 and
20approved by the
commissioner of banking division and shall be held by the state
21treasurer in trust as security for the faithful execution of any trust which may be
22lawfully imposed upon and accepted by it; such corporation may from time to time
23withdraw the said securities as well as the cash, or any part thereof; provided that
24securities or cash of the amount and value required by this section shall, at all times,
25during the existence of such corporation remain in the possession of the state
1treasurer for the purpose aforesaid and until otherwise ordered by a court of
2competent jurisdiction, unless released pursuant to sub. (2). The said treasurer shall
3pay over to such corporation the interest, dividends or other income which the
4treasurer collects upon such securities, or may authorize the said corporation to
5collect the same for its own benefit. Upon such deposit being made and approved,
6the state treasurer shall issue a certificate of such fact and an amount equal to the
7sum stated in such certificate shall remain with the treasurer in the manner
8provided above; in case the capital stock is increased or diminished the amount of
9such deposit shall be increased or diminished to comply herewith and a new
10certificate of such fact shall be issued accordingly.
AB150-engrossed,2025,1612
223.02
(2) The securities and cash deposited pursuant to sub. (1) by any bank
13shall be released by the state treasurer and returned to the bank, whenever the
14commissioner of banking division shall certify to the
state treasurer that the bank
15no longer exercises fiduciary powers and that
he or she the division is satisfied that
16there are no outstanding trust liabilities.
AB150-engrossed,2026,5
18223.025 Capital necessary to qualify as fiduciary. Notwithstanding any
19other provision of law, a corporation organized, continued or reorganized under this
20chapter, a majority of the outstanding voting stock of which is controlled directly or
21indirectly by a holding company organized under ch. 180, which has complied with
22s. 223.02 and which has combined unimpaired capital stock and surplus of $200,000
23or more or, if located in a city, town or village of less than 100,000 inhabitants,
24unimpaired capital stock of not less than $50,000, shall not be required to provide
25additional capital and surplus if the parent holding company of the corporation files
1with the
commissioner of banking division an undertaking, in a form approved by the
2commissioner division, to be fully responsible for the existing and future fiduciary
3acts and omissions of the corporation and the
commissioner division determines
4that, under the circumstances, the combined and unimpaired capital stock and
5surplus of the parent holding company of the corporation are adequate.
AB150-engrossed,2026,157
223.03
(10) Any such corporation may, with the approval of the court having
8jurisdiction, but without profit to itself, transfer to trust estates any mortgages or
9other securities owned by it which comply with the requirements of legal
10investments for trust funds under the statutes. The
commissioner of banking 11division shall at each examination of said corporation, examine all mortgages and
12other securities held by said corporation as assets of trust estates, excepting the trust
13estates where investment of trust funds is not required of the trustee, and for the
14purpose of such examination the
commissioner division shall possess all the power
15and authority conferred upon the
commissioner division by this chapter.
AB150-engrossed,2026,2017
223.03
(14) To establish and maintain a branch trust company bank with the
18approval of the
commissioner of banking division. Section 221.04 (1) (jm) 2
. to 8
., as
19it applies to bank branch offices under that paragraph, applies to trust company
20bank branch offices under this subsection.
AB150-engrossed,2027,222
223.07
(1) Any trust company bank may, with the approval of the
commissioner
23of banking division, establish and maintain a trust service office at any office in this
24state of a state or national bank if the establishment of the trust service office has
1been approved by the board of directors of the state or national bank at a meeting
2called for that purpose.
AB150-engrossed,2028,84
223.07
(3) If the state or national bank at which a trust service office is to be
5established has exercised trust powers, the trust company bank and the state or
6national bank shall enter into an agreement respecting those fiduciary powers to
7which the trust company bank shall succeed and shall file the agreement with the
8commissioner of banking division. The trust company bank shall cause a notice of
9the filing, in a form prescribed by the
commissioner
division, to be published as a
10class 1 notice, under ch. 985, in the city, village or town where the state or national
11bank is located. After filing and publication, the trust company bank establishing
12the office shall, as of the date the office first opens for business, without further
13authorization of any kind, succeed to and be substituted for the state or national
14bank as to all fiduciary powers, rights, duties, privileges and liabilities of the bank
15in its capacity as fiduciary for all estates, trusts, guardianships and other fiduciary
16relationships of which the bank is then serving as fiduciary, except as may be
17otherwise specified in the agreement between the trust company bank and the state
18or national bank. The trust company bank shall also be deemed named as fiduciary
19in all writings, including, but not limited to, wills, trusts, court orders and similar
20documents and instruments naming the state or national bank as fiduciary, signed
21before the date the trust office first opens for business, unless expressly negated by
22the writing or otherwise specified in the agreement between the trust company bank
23and the state or national bank. On the effective date of the substitution, the state
24or national bank shall be released and absolved from all fiduciary duties and
25obligations under such writings and shall discontinue its exercise of trust powers on
1all matters not specifically retained by the agreement. This subsection does not
2effect a discharge in the manner of s. 701.16 (6) or other applicable statutes and does
3not absolve a state or national bank exercising trust powers from liabilities arising
4out of any breach of fiduciary duty or obligation occurring prior to the date the trust
5service office first opens for business at the bank. This subsection does not affect the
6authority, duties or obligations of a bank with respect to relationships which may be
7established without trust powers, including escrow arrangements, whether the
8relationships arise before or after the establishment of the trust service office.
AB150-engrossed,2028,1110
223.105
(2) (a) Such rules as may be established by the
commissioner of
11banking division under s. 220.04 (7); and
AB150-engrossed,2028,2013
223.105
(3) (a) To assure compliance with such rules as may be established
14under s. 220.03 (7) the
office of the commissioner
division of banking,
commissioner,
15the office of credit unions and
commissioner
the division of savings and loan shall,
16at least once every 18 months, examine the fiduciary operations of each organization
17which is under its respective jurisdiction and is subject to examination under sub.
18(2). If a particular organization subject to examination under sub. (2) is not
19otherwise under the jurisdiction of one of the foregoing agencies, such examination
20shall be conducted by the
office of the commissioner
division of banking.
AB150-engrossed,2029,722
223.105
(4) Notice of fiduciary operation. Except for those organizations
23licensed under ch. 221 or this chapter, any organization engaged in fiduciary
24operations as defined in this section shall, as required by rule, notify the
25commissioner division of banking, the
commissioner office of credit unions or the
1commissioner of savings and loan of that fact, directing the notice to the
2commissioner agency then exercising regulatory authority over the organization or,
3if there is none, to the
commissioner division of banking. Any organization which
4intends to engage in fiduciary operations shall, prior to engaging in such operations,
5notify the appropriate
commissioner agency of this intention. The notifications
6required under this subsection shall be on forms and contain information required
7by the rules promulgated by the
commissioner division of banking.
AB150-engrossed,2029,169
223.105
(5) Enforcement remedy. The
commissioner division of banking or
10other appropriate commissioner under this section
the division of savings and loan
11or office of credit unions shall upon the failure of such organization to submit
12notifications or reports required under this section or otherwise to comply with the
13provisions of this section, or rules established by the
commissioner division of
14banking under s. 220.04 (7), upon due notice, order such defaulting organization to
15cease and desist from engaging in fiduciary activities and may apply to the
16appropriate court for enforcement of such order.
AB150-engrossed,2029,2418
223.105
(6) Sunset. Except for an organization regulated by the office
of the
19commissioner of credit unions or the
commissioner
division of savings and loan or an
20organization authorized by the
commissioner division of banking to operate as a
21bank or trust company bank under ch. 221 or this chapter, an organization may not
22begin activity as a fiduciary operation under this section after May 12, 1992. An
23organization engaged in fiduciary operations under this section on May 12, 1992,
24may continue to engage in fiduciary operations after that date.
AB150-engrossed,2030,19
1223.12
(1) Any trust company, incorporated under the laws of any other state,
2named by any resident of this state, as executor or trustee, or both, under that
3person's last will and testament or any codicil thereto, may be appointed and may
4accept appointment and may act as executor of, or trustee under, the last will and
5testament of any such person in this state, or both, provided trust companies of this
6state are permitted to act as such executor or trustee, or both, in the state where such
7foreign corporation has its domicile, and such foreign corporation shall have
8executed and filed
in the office of the commissioner
with the division of banking a
9written instrument appointing the
commissioner in the commissioner's name of
10office division its true and lawful attorney upon whom all process may be served in
11any action or proceeding against such executor or trustee, affecting or relating to the
12estate represented or held by such executor or trustee, or the acts or defaults of such
13corporation in reference to such estate, with the same effect as if it existed in this
14state and had been lawfully served with process therein, and shall also have filed
in
15the office of such commissioner with the division a copy of its charter, articles of
16organization and all amendments thereto certified to by the secretary of state or
17other proper officer of said foreign state under the seal of office together with the
18post-office address of its principal office and shall further have complied with s.
19223.02.
AB150-engrossed, s. 6203
20Section
6203. Subchapter I (title) of chapter 224 [precedes 224.02] of the
21statutes is created to read:
AB150-engrossed,2030,2423
Subchapter I
24
Banking provisions
AB150-engrossed,2031,10
1224.06
(1) As a condition precedent to qualification or entry upon the discharge
2of his or her duties, every person appointed or elected to any position requiring the
3receipt, payment or custody of money or other personal property owned by a bank or
4in its custody or control as collateral or otherwise, shall give a bond from an insurer
5qualified under s. 610.11 to do business in this state, in such adequate sum as the
6directors shall require and approve. In lieu of individual bonds the
commissioner 7division may accept a schedule or blanket bond which covers all of the officers and
8employes of any bank whose duties include the receipt, payment or custody of money
9or other personal property for or on behalf of the bank. All such bonds shall be in the
10form prescribed by the
commissioner of banking division.
AB150-engrossed,2031,1712
224.06
(3) Such bond shall be sufficient in amount to protect the bank from loss
13by reason of acts of fraud or dishonesty including forgery, theft, embezzlement,
14wrongful abstraction or misapplication on the part of the person, directly or through
15connivance with others. At any time the
commissioner
division may require
16additional bond or security, when in the
commissioner's division's opinion, the bonds
17then executed and approved are insufficient.