AB150, s. 5998 6Section 5998. 220.04 (5) of the statutes is amended to read:
AB150,1946,167 220.04 (5) The commissioner department, in connection with the liquidation
8of any bank or banking corporation or when called upon to approve any plan of
9reorganization and stabilization thereof or when the commissioner department is
10satisfied the interests of the depositors and creditors in assets held under any trust
11arrangement so require in connection with such reorganization and stabilization,
12may cause the bank or banking corporation or trust to be audited. The expense of
13the audit shall, upon the certificate of the commissioner department, be refunded
14forthwith to the office of the commissioner of banking department by the bank,
15banking corporation or the trustees out of the assets of the bank, banking corporation
16or trust. Such charges shall be a preferred claim against the assets.
AB150, s. 5999 17Section 5999. 220.04 (6) (a) of the statutes is amended to read:
AB150,1947,318 220.04 (6) (a) The commissioner department, with the approval of the banking
19review board, may establish uniform savings rules which shall be adopted by every
20bank and trust company bank. Such rules may provide the conditions under which
21banks or trust company banks may accept time deposits and the methods of figuring
22interest. Such rules may also provide the term of notice of withdrawal and the
23amounts which may be withdrawn by depositors, which conditions the bank may put
24in force in times of financial stress by action of its board of directors. The maximum
25rate of interest on deposits paid by banks whose deposits are not insured by the

1federal deposit insurance corporation, whether certificates of deposit or book savings
2deposits, shall be the same as the rate set by the federal deposit insurance
3corporation for banks whose deposits are insured by it.
AB150, s. 6000 4Section 6000. 220.04 (6) (d) of the statutes is amended to read:
AB150,1947,125 220.04 (6) (d) The commissioner of banking department, with the approval of
6the banking review board, may establish rules regulating the kind and amount of
7foreign bonds or bonds and securities offered for sale by the international bank for
8reconstruction and development, the inter-American development bank, the
9international finance corporation, the African development bank and the Asian
10development bank which state banks and trust company banks may purchase,
11except that such rules shall not apply to bonds and securities of the Canadian
12government and Canadian provinces, which are payable in American funds.
AB150, s. 6001 13Section 6001. 220.04 (7) (b) (intro.) of the statutes is amended to read:
AB150,1947,1614 220.04 (7) (b) (intro.) The commissioner of banking department may, with the
15approval of the banking review board, establish uniform rules regulating
16organizations engaging in fiduciary operations. Such rules may:
AB150, s. 6002 17Section 6002. 220.04 (7) (b) 1. of the statutes is amended to read:
AB150,1947,2218 220.04 (7) (b) 1. Authorize the office of the commissioner of banking
19department or any other state agency having jurisdiction over the organization to
20require the organization to submit periodic reports, in such form and containing such
21information as the commissioner of banking department may prescribe, regarding
22the organization's fiduciary operations.
AB150, s. 6003 23Section 6003. 220.04 (8) of the statutes is amended to read:
AB150,1948,924 220.04 (8) Unless the commissioner department is expressly restricted by
25statute from acting under this subsection with respect to a specific power, right or

1privilege, the commissioner of banking department by rule may, with the approval
2of the banking review board, authorize state banks to exercise any power under the
3notice, disclosure or procedural requirements governing national banks or to make
4any loan or investment or exercise any right, power or privilege permitted national
5banks under federal law, regulation or interpretation. Notice, disclosure and
6procedures prescribed by statute which may be modified by a rule adopted under this
7subsection include, but are not limited to, those provided under s. 138.056. A rule
8adopted under this subsection may not affect s. 138.041 or chs. 421 to 428 or restrict
9powers specifically granted state banks under this chapter or ch. 221 or 224.
AB150, s. 6004 10Section 6004. 220.04 (9) (a) 2. of the statutes is amended to read:
AB150,1948,1311 220.04 (9) (a) 2. "Regulated entity" means a bank, trust company bank and any
12other entity which is described in s. 220.02 (2) or 221.56 as under the supervision and
13control of the commissioner of banking department.
AB150, s. 6005 14Section 6005. 220.04 (9) (b) (intro.) of the statutes is amended to read:
AB150,1948,1815 220.04 (9) (b) Notice of hearing. (intro.) The commissioner department may
16serve a notice of a hearing which complies with s. 227.44 (1) and (2) on an official or
17regulated entity if, as a result of an examination or report made to the commissioner
18department, the commissioner department determines any of the following:
AB150, s. 6006 19Section 6006. 220.04 (9) (b) 1. of the statutes is amended to read:
AB150,1948,2220 220.04 (9) (b) 1. The official or regulated entity is violating or is about to violate
21the banking laws of this state or any rule or order issued by the commissioner
22department.
AB150, s. 6007 23Section 6007. 220.04 (9) (b) 3. of the statutes is amended to read:
AB150,1949,224 220.04 (9) (b) 3. An official is violating or is about to violate a written condition
25which the commissioner department imposed in connection with granting an

1application or request by the regulated entity, or a written agreement entered into
2with the commissioner department.
AB150, s. 6008 3Section 6008. 220.04 (9) (d) of the statutes is amended to read:
AB150,1949,114 220.04 (9) (d) Cease and desist order. If the recipient of a notice of hearing fails
5to appear or if upon the record made at the hearing the commissioner department
6finds that a violation or unsafe or unsound practice has been established, the
7commissioner department may issue and serve on the official or regulated entity an
8order to cease and desist from the violation or practice. The order may require the
9official or regulated entity to correct the conditions resulting from the violation or
10practice. An order issued under this paragraph is effective upon service on the
11official or regulated entity named in the order and may be appealed under s. 220.035.
AB150, s. 6009 12Section 6009. 220.04 (9) (e) 1. of the statutes is amended to read:
AB150,1949,2313 220.04 (9) (e) 1. If the commissioner department finds that a violation or
14practice described in par. (b) is likely to cause insolvency or substantial dissipation
15of assets or earnings of the regulated entity or seriously prejudice the interests of its
16depositors, the commissioner department may issue a temporary order requiring the
17official or regulated entity named in the notice of hearing to cease and desist from
18the violation or practice and to take affirmative action to prevent insolvency,
19dissipation of assets or earnings or prejudice to depositors pending completion of the
20proceedings. The temporary order is effective upon service on the official or
21regulated entity named in the notice of hearing and remains effective and
22enforceable pending completion of the administrative proceedings unless
23suspended, set aside or limited by a court as provided in subd. 2.
AB150, s. 6010 24Section 6010. 220.04 (9) (f) 1. of the statutes is amended to read:
AB150,1950,3
1220.04 (9) (f) 1. As part of an order issued under par. (d), the commissioner
2department may impose a forfeiture of up to $10,000 for each violation or practice
3under par. (b).
AB150, s. 6011 4Section 6011. 220.04 (9) (g) (intro.) of the statutes is amended to read:
AB150,1950,135 220.04 (9) (g) Enforcement. (intro.) The commissioner department may
6institute proceedings to recover a forfeiture under par. (f) or to enjoin the violation
7of an order issued under par. (d) and, after notice and opportunity for a hearing as
8provided in sub. (4), may order the removal of an official who commits a violation or
9engages in a practice under par. (b) or who violates an order issued under par. (d),
10if the commissioner department finds that the practice or violation involves personal
11dishonesty resulting in financial gain to the official or demonstrates a wilful or
12continuing disregard for the safety or soundness of the regulated entity, and the
13commissioner department finds any of the following:
AB150, s. 6012 14Section 6012. 220.04 (10) of the statutes is amended to read:
AB150,1951,315 220.04 (10) If it appears to the commissioner of banking department that a
16person has engaged or is about to engage in an act or practice constituting a violation
17of the laws of this state relating to banks and banking, including this chapter, chs.
18217, 218 and 221 to 224 and s. 138.09, or a rule promulgated or order issued under
19those laws, the commissioner department may bring an action in the name of the
20state in the circuit court of the appropriate county to enjoin the acts or practices and
21to enforce compliance with the laws, rules or orders, or the commissioner department
22may refer the matter to the district attorney of the appropriate county or, if the
23alleged violation may be enforced by the attorney general under s. 220.12, 221.18,
24221.205, 221.28 or 224.06 (7) or is statewide in nature, to the attorney general. Upon
25a proper showing, the court may grant a permanent or temporary injunction or

1restraining order, appoint a receiver for the defendant or the defendant's assets or
2order rescission of any acts determined to be unlawful. The court may not require
3the commissioner department to post a bond.
AB150, s. 6013 4Section 6013. 220.05 (title) of the statutes is amended to read:
AB150,1951,6 5220.05 (title) Examination fees; assessment by commissioner and
6assessments
.
AB150, s. 6014 7Section 6014. 220.05 (1) of the statutes is amended to read:
AB150,1951,168 220.05 (1) The commissioner of banking department shall assess each state
9bank and trust company bank for the cost of each examination made, which cost shall
10be determined by the commissioner department and shall include the salaries and
11expenses of all examiners and other employes of the commissioner department
12actively engaged in such an examination, the salaries and expenses of the
13commissioner, review examiner or
any other person whose services are required in
14connection with such examination and any reports thereof, and any other expenses
15which may be directly apportioned. Any charge so made shall be paid within 30 days
16from the time the bank receives notice of the assessment.
AB150, s. 6015 17Section 6015. 220.05 (2) of the statutes is amended to read:
AB150,1951,2418 220.05 (2) On or before July 15 of each year, each state bank and trust company
19bank shall pay to the commissioner department an annual assessment for the
20maintenance of the functions of the office of the commissioner of banking department
21related to banking
in an amount to be determined by the banking review board, but
22which shall not exceed 8 cents per $1,000 of resources, or part thereof, for the first
23$5,000,000 and shall not exceed 6 cents per $1,000, or part thereof, for all resources
24over $5,000,000.
AB150, s. 6016 25Section 6016. 220.05 (5) of the statutes is amended to read:
AB150,1953,4
1220.05 (5) Whenever in the judgment of the commissioner department, the
2condition or conduct of any bank renders it necessary or expedient to make an extra
3examination or to devote any extraordinary attention to its affairs, the commissioner
4department shall have the authority to make any and all necessary extra
5examinations and audits or partial audits and to devote any necessary attention to
6the conduct of its affairs; and such bank shall pay for each additional examination,
7and for each audit or partial audit, the actual cost thereof. Where an audit or partial
8audit is ordered, the actual reasonable cost of auditors shall be charged. Before
9directing any examination in excess of 2 or any audit or partial audit, the
10commissioner department shall examine the audits and examinations of any
11clearing house association as to the bank in question which may be furnished to it
12and shall avoid duplication of examinations, audits or partial audits wherever
13reasonably possible. In case of audits or partial audits for which a charge may be
14made under the provisions of this section, the commissioner department shall
15promptly send a copy to the bank and the bank shall pay the reasonable cost thereof.
16When the commissioner department delivers to a bank a copy of any examination,
17audit or partial audit, the commissioner department may by letter accompanying
18same require the bank to have the receipt of same acknowledged in the record of the
19next meeting of directors of the bank and may require that there be sent to the
20commissioner department a certified copy of action by the directors showing that all
21the directors of the bank have read said copy and are familiar with its contents and
22have signed a statement to such effect on the copy received by the bank and may
23require that a duplicate of such signed statement signed by all directors to be sent
24to the commissioner department to be attached to and filed with the original of such
25examination, audit or partial audit on file in with the office department. Failure of

1the bank or its board of directors or any of them to comply with any such order or
2direction of the commissioner department within a reasonable time fixed by it shall
3be sufficient ground for the taking of possession of said bank by the commissioner
4department and liquidating said bank under s. 220.08.
AB150, s. 6017 5Section 6017. 220.05 (6) of the statutes is amended to read:
AB150,1953,186 220.05 (6) Any bank or trust company holding any property in trust or in any
7fiduciary capacity or as custodian or bailee shall pay in addition to said fees and
8assessments provided for in sub. (2) the actual reasonable cost of any and all
9examinations (whether or not they are in excess of 2 in any one year) conducted by
10the office of the commissioner of banking department of the books, records and
11business of said bank or trust company insofar as they relate to said property held
12in trust or other fiduciary capacity or as custodian or bailee, said cost to include a fair
13charge for time of assistants and office overhead and to be determined by the
14commissioner department within a reasonable time after each said examination has
15been completed. A statement of such charge shall be promptly sent to said bank or
16trust company. Each such bank or trust company shall pay such charge within 10
17days after receipt of such statement. Said cost shall include the cost of furnishing
18copy to the bank or trust company.
AB150, s. 6018 19Section 6018. 220.06 (1) of the statutes is amended to read:
AB150,1953,2120 220.06 (1) In this section, "licensee" means a person licensed by the
21commissioner of banking department under ch. 138, 217 or 218.
AB150, s. 6019 22Section 6019. 220.06 (1m) of the statutes is amended to read:
AB150,1954,2023 220.06 (1m) No commissioner of banking, deputy, assistant deputy or
24examiner
department employe may examine a bank or licensee in which such that
25person is interested as a stockholder, officer or employe. No commissioner, deputy,

1assistant deputy or examiner
department employe may examine a bank or licensee
2located in the same village, city or county with any bank or licensee in which such
3that person is so interested. The commissioner of banking, deputy, assistant
4deputies and every employe
Employes in the office of the commissioner department,
5and each member and employe of the banking review board, shall keep secret all facts
6and information obtained in the course of examinations or from reports not under s.
7221.15 (1) filed by a bank or licensee with the office of the commissioner of banking
8department, except so far as the public duty of the officer person requires reporting
9upon or taking special action regarding the affairs of any bank or licensee, and except
10when called as a witness in any criminal proceeding or trial in a court of justice. The
11commissioner department may furnish to the federal deposit insurance corporation
12or to any regulatory authority for state or federal financial institutions, insurance
13or securities a copy of any examination made of any such bank or licensee or of any
14report made by such bank or licensee and may give access to and disclose to the
15corporation or to any regulatory authority for state or federal financial institutions,
16insurance or securities any information possessed by the commissioner department
17with reference to the conditions or affairs of any such insured bank or licensee if the
18regulatory authority agrees to treat all information received with the same degree
19of confidentiality as applies to reports of examination that are in the custody of the
20commissioner department.
AB150, s. 6020 21Section 6020. 220.06 (2) of the statutes is amended to read:
AB150,1955,522 220.06 (2) If any commissioner, deputy, assistant deputy, examiner or other
23employe in such office the department or any member of the banking review board
24or any employe thereof discloses the name of any debtor of any bank or licensee, or
25anything relative to the private account or transactions of such bank or licensee, or

1any fact obtained in the course of any examination of any bank or licensee, except as
2herein provided, he or she that person shall be subject, upon conviction, to forfeiture
3of office, or position and to the payment of a fine of not less than $100 nor more than
4$1,000, or imprisonment in the Wisconsin state prisons not less than 6 months nor
5more than 2 years, or both.
AB150, s. 6021 6Section 6021. 220.06 (3) (a) of the statutes is amended to read:
AB150,1955,97 220.06 (3) (a) Examination reports possessed by a bank or licensee are
8confidential, remain the property of the office of the commissioner of banking
9department and are returnable immediately on request of the office department.
AB150, s. 6022 10Section 6022. 220.065 of the statutes is amended to read:
AB150,1955,16 11220.065 (title) Immunity of commissioner. The commissioner of banking
12Employes of the department shall not be subject to any civil liability or penalty, nor
13to any criminal prosecution, for any error in judgment or discretion made in good
14faith and upon reasonable grounds in any action taken or omitted by the
15commissioner department in the commissioner's department's official capacity
16under the provisions of chs. 220 to 224.
AB150, s. 6023 17Section 6023. 220.07 (1) of the statutes is amended to read:
AB150,1956,1318 220.07 (1) (title) Capital impaired; duty of commissioner; deficiency.
19Whenever the commissioner of banking department determines that the capital of
20any bank is impaired or reduced below the amount required by law or the articles of
21incorporation, or below the amount certified to the commissioner department as paid
22in, the commissioner department may require such bank under his or her hand and
23seal of office
to make good such impairment or deficiency within 60 days after the
24date of such requisition. In any case, where the capital of a bank becomes impaired
25or reduced below the amount required by law or the articles of incorporation, the

1board of directors of such bank may make a proportional assessment upon all of the
2stock of the bank to make good such deficiency, and may provide that the amount of
3such deficiency shall be due and payable at a time to be fixed by such board of
4directors, which time shall be not less than 10 days after notice of the assessment.
5Notice to stockholders residing in another state shall be given by registered mail and
6a return receipt demanded. If any stockholder fails or neglects to pay the amount
7of the assessment against his or her stock for 10 days after the assessment becomes
8due and payable, the directors of the bank may offer the stock for sale, and sell the
9stock at public sale upon 10 days' notice to be given by posting copies of the notice
10of sale in 5 public places in the town, village or city where the bank is located. Upon
11the sale, the purchaser shall forthwith pay the amount of the assessment against the
12stock. The amount received from the sale of the stock, less the cost and expenses of
13the sale, shall be paid to the original owner of the stock.
AB150, s. 6024 14Section 6024. 220.07 (2) of the statutes is amended to read:
AB150,1956,2415 220.07 (2) (title) Review of commissioner's order. In any case where the
16commissioner department has made an order requiring capital to be made good, the
17bank may within 10 days after the making of said order secure a review of same by
18the banking review board by filing in the office of the commissioner with the
19department
a statement requesting such review and stating the grounds of objection
20to the order of the commissioner department. Said board shall promptly conduct a
21hearing thereon after affording reasonable notice to the bank and shall affirm,
22modify or set aside the order of the commissioner department. No such review or
23hearing shall extend the time for compliance with the order of the commissioner
24department unless the banking review board shall so direct.
AB150, s. 6025 25Section 6025. 220.075 (1) of the statutes is amended to read:
AB150,1957,10
1220.075 (1) If the commissioner department finds that the average of deposits
2for a fiscal year, as computed under sub. (2), in a bank exceed an amount equal to 15
3times the unimpaired capital and the undistributed surplus of the bank, the
4commissioner department shall order the bank to increase its capital or surplus or
5both. The order shall provide that within one year the total unimpaired capital and
6undistributed surplus shall exceed one-fifteenth of the average deposits as reported
7in accordance with this section. For purposes of making calculations under this
8subsection, a bank shall subtract from undistributed surplus that amount of all
9items classified by the commissioner department as doubtful or loss which exceeds
10the bank's undivided profits and loan loss reserves.
AB150, s. 6026 11Section 6026. 220.075 (3) of the statutes is amended to read:
AB150,1957,1712 220.075 (3) On or before April 15 annually, each bank shall file with the
13commissioner department a report, in the form required by the commissioner
14department, which discloses the unimpaired capital, the undistributed surplus and
15the average of actual deposits, average of cash and cash equipment items and
16average of deposits for the fiscal year ending at the close of business on March 31 of
17the same year.
AB150, s. 6027 18Section 6027. 220.075 (4) of the statutes is amended to read:
AB150,1957,2319 220.075 (4) Any bank failing to file a report as required by this section shall be
20subject, at the discretion of the commissioner department, to a forfeiture of $100 for
21each day after the due date of the report until the report is filed. A bank's failure to
22comply with an order issued by the commissioner department under this section is
23cause for forfeiture of the bank's charter or for the removal of its officers or directors.
AB150, s. 6028 24Section 6028. 220.08 (title) of the statutes is amended to read:
AB150,1958,2
1220.08 (title) Delinquent banks; commissioner department may take
2possession.
AB150, s. 6029 3Section 6029. 220.08 (1) of the statutes is amended to read:
AB150,1959,174 220.08 (1) Whenever it shall appear to the commissioner of banking
5department that any bank or banking corporation to which this chapter is applicable
6has violated its charter or any law of the state, or is conducting its business in an
7unsafe or unauthorized manner, or if the capital of any such bank or banking
8corporation is impaired, or if any such bank or banking corporation shall refuse to
9submit its books, papers, and concerns to the inspection of any examiner, or if any
10officer thereof shall refuse to be examined upon oath touching the concerns of any
11such bank or banking corporation, or if any such bank or banking corporation shall
12suspend payment of its obligations, or if from any examination or report provided for
13by this chapter the commissioner department shall have reason to conclude that such
14bank or banking corporation is in an unsound or unsafe condition to transact the
15business for which it is organized, or that it is unsafe and inexpedient for it to
16continue business, or if any such bank or banking corporation shall neglect or refuse
17to observe an order of the commissioner department, specified in s. 220.07, or if the
18commissioner department shall find that the management of the bank or the manner
19in which the work of any of its officers or employes is done, if continued, is such as
20to endanger the safety or solvency of the bank and the commissioner department
21shall have made written recommendations for change in management or officers and
22employes and such recommendation shall not have been complied with after the
23expiration of a reasonable time therefor fixed by the commissioner department, the
24commissioner department may take possession of the property and business of such
25bank or banking corporation, and retain such possession until such bank or banking

1corporation shall resume business, or its affairs be finally liquidated as herein
2provided. Whenever facts have come to the attention of the commissioner
3department which cause the commissioner department to believe that it may be
4necessary or advisable to take possession of a bank, or if the commissioner
5department has reasonable cause to believe that any of the grounds for taking
6possession of a bank, specified in this section, exist, the commissioner department
7shall bring the matter to the attention of the banking review board, reporting to them
8in writing the situation and the commissioner's department's recommendation as to
9action to be taken. The banking review board shall promptly consider the matter and
10promptly decide whether or not the commissioner department should take
11possession of the bank. If the review board decides that the commissioner
12department should take possession, the commissioner department shall forthwith
13take possession as hereinbefore provided. If at any time the commissioner
14department is confronted with an emergency situation where in the commissioner's
15department's opinion it is imperative in order to protect the public or for other
16reasons that possession of the bank be at once taken, the commissioner department
17may do so forthwith without referring the matter to the banking review board.
AB150, s. 6030 18Section 6030. 220.08 (2) of the statutes is amended to read:
AB150,1960,919 220.08 (2) On taking possession of the property and business of any such bank
20or banking corporation, the commissioner department shall forthwith give notice of
21such fact to any and all banks or banking corporations holding or in possession of any
22assets of such bank or banking corporation. No bank or banking corporation knowing
23of such taking possession by the commissioner department, or notified as aforesaid,
24shall have a lien or charge for any payment, or advance, thereafter made, or liability
25thereafter incurred, against any of the assets of the bank or banking corporation of

1whose property and business the commissioner department shall have taken
2possession as aforesaid, except that all drafts issued and delivered against existing
3balances on deposit in any drawee banks or banking corporations shall be paid on
4presentation, if they correspond by number and amount to a list to be certified to
5them by the commissioner, the commissioner's deputies or representatives
6department, and if there be insufficient funds in deposit such drafts shall be
7preferred claims. Such bank or banking corporation may, with the consent of the
8commissioner department, resume business upon such conditions as may be
9approved by the commissioner department.
AB150, s. 6031 10Section 6031. 220.08 (2a) of the statutes is amended to read:
AB150,1960,2411 220.08 (2a) The commissioner department on taking possession of a bank for
12liquidation shall, with the approval of the circuit court, withdraw from the general
13fund of such bank an amount of money deemed adequate by the commissioner
14department and the circuit court for the payment of current monthly expenses and
15set up a working fund. Such working fund shall be deposited by the commissioner
16department in one or more state banks in an account known as "bank liquidation
17account" together with like funds from other banks in liquidation. Once each month
18the expenses so paid from the working fund shall be approved by the circuit court.
19Upon such approval, the working fund of each liquidating bank shall be reimbursed
20from the general fund of said liquidating bank so that the balance of each working
21account in said bank liquidation account shall always be the amount approved by the
22circuit court. When a liquidating bank is ready to pay the final dividend and final
23expenses, the working fund assigned to the bank liquidation account shall be
24reassigned back to the general account of such bank.
AB150, s. 6032 25Section 6032. 220.08 (3) of the statutes is amended to read:
AB150,1961,9
1220.08 (3) Upon taking possession of the property and business of such bank
2or banking corporation, the commissioner department is authorized to collect
3moneys due to such bank or banking corporation, and do such other acts as are
4necessary to conserve its assets and business, and shall proceed to liquidate the
5affairs thereof, as hereinafter provided. The commissioner department shall collect
6all debts due and claims belonging to it, and, upon the order of the circuit court, may
7sell or compound all bad or doubtful debts, and on like order may sell all the real and
8personal property of such bank or banking corporation on such terms as the court
9shall direct.
AB150, s. 6033 10Section 6033. 220.08 (3a) of the statutes is amended to read:
AB150,1961,1811 220.08 (3a) That in addition to the authority conferred by sub. (3), the
12commissioner department with the approval of the banking review board may, for
13purposes of collection or liquidation, sell, assign, convey and transfer or approve the
14sale, assignment, conveyance and transfer of the assets of a closed bank or bank
15operating under a stabilization and readjustment agreement to any other bank or
16trust company under such terms and conditions as the commissioner department
17may deem for the best interests of the depositors and unsecured creditors of such
18bank.
AB150, s. 6034 19Section 6034. 220.08 (3b) of the statutes is amended to read:
AB150,1961,2220 220.08 (3b) The acts of any special deputy commissioner under sub. (4) shall
21be binding on the commissioner of banking department to the same extent and with
22like effect as if such acts were done by said commissioner department.
AB150, s. 6035 23Section 6035. 220.08 (4) of the statutes is amended to read:
AB150,1962,1824 220.08 (4) The commissioner department may, under his or her hand and
25official seal,
appoint one or more special deputy commissioners deputies, as agent or

1agents, to assist the commissioner department in the duty of reorganization,
2consolidation, liquidation and distribution, the certificate of appointment to be filed
3in the office of the commissioner with the department and a certified copy in the office
4of the clerk of the circuit court for the county in which such bank or banking
5corporation is located. Such special deputy commissioners deputies may execute,
6acknowledge and deliver any and all deeds, assignments, releases or other
7instruments necessary and proper to effect any sale and transfer or encumbrance of
8real estate or personal property after the same has been approved by the
9commissioner department, and an order obtained from the circuit court of the county
10in which the bank concerned is located. The commissioner department may from
11time to time authorize a special deputy commissioner to perform such duties
12connected with such reorganization, consolidation, liquidation and distribution as
13the commissioner department deems proper. The commissioner department may
14employ such counsel and procure such expert assistance and advice as may be
15necessary in the reorganization, consolidation, liquidation and distribution of the
16assets of such banks or banking corporations. The commissioner department may
17retain such of the officers or employes of such banks or banking corporations as he
18or she deems
necessary.
AB150, s. 6036 19Section 6036. 220.08 (5) of the statutes is amended to read:
AB150,1963,1620 220.08 (5) The commissioner department shall give notice, in such newspapers
21as the commissioner department may direct, by publication of a class 3 notice, under
22ch. 985, calling on all persons who may have claims against such bank or banking
23corporation, to present the same to the commissioner department, within 3 months
24after the date of first insertion. Such notice shall also fix a place and time (not less
25than 3 months after the date of first insertion) to make legal proof thereof. The

1commissioner department shall mail a similar notice to all persons whose names
2appear as creditors upon the books of the bank or banking corporation. Any creditor
3of such bank or banking corporation holding security of any nature, shall file a claim
4as a general creditor only for the amount by which the debt exceeds the value of such
5security. The value of said security and the amount to be allowed on the claim so filed
6shall, upon application of such creditor or the commissioner department and upon
7at least 20 days' notice to the opposing party, be determined by the circuit court of
8the county wherein such bank or banking corporation is located. If the commissioner
9department doubts the justice and validity of any claim, the commissioner
10department may reject the same, and serve notice of such rejection upon the claimant
11either by mail or personally. An affidavit of the service of such notice, which shall
12be prima facie evidence thereof, shall be filed with the commissioner department.
13An action upon a claim so rejected must be brought within 6 months after such
14service. Claims presented after the expiration of the time fixed in the notice to
15creditors shall be entitled to receive only liquidating dividends declared after
16presentation, unless otherwise ordered by the court.
AB150, s. 6037 17Section 6037. 220.08 (6) of the statutes is amended to read:
AB150,1964,318 220.08 (6) Upon taking possession of the property and assets of such bank or
19banking corporation, the commissioner department shall make an inventory of the
20assets of such bank or banking corporation, in duplicate, one to be filed in the office
21of the commissioner
with the department, and one in the office of the clerk of circuit
22court for the county in which such bank or banking corporation is located; upon the
23expiration of the time fixed for the presentation of claims, the commissioner
24department shall make in duplicate a full and complete list of the claims presented,
25including and specifying such claims as have been rejected by it, one to be filed in the

1office of the commissioner
with the department, and one in the office of the clerk of
2circuit court for the county in which such bank or banking corporation is located.
3Such inventory and list of claims shall be open at all reasonable times to inspection.
AB150, s. 6038 4Section 6038. 220.08 (7) of the statutes is amended to read:
AB150,1965,25 220.08 (7) The compensation of the special deputy commissioners deputies,
6counsel, and other employes and assistants, and all expenses of supervision and
7liquidation, shall be fixed by the commissioner department subject to the approval
8of the circuit court for the county in which such bank or banking corporation is
9located, on notice of such bank or banking corporation, and shall upon the certificate
10of the commissioner department be paid out of the funds of such bank or banking
11corporation in the hands of the commissioner department. Expenses of supervision
12and liquidation shall include the cost of services rendered by the office of the
13commissioner of banking
department to the bank or banking corporation being
14liquidated and the commissioner department shall the first of each month determine
15such cost in the manner hereinafter provided, which cost shall be charged to each
16bank in liquidation and the same shall be paid to the office of the commissioner of
17banking
department as other expenses of liquidation are paid. The amount of the
18aforesaid supervision cost to be paid by each bank in liquidation shall be determined
19by taking that portion of the total supervision cost of all banks in liquidation for the
20preceding month, which the total book value of the unliquidated book assets of each
21said bank bears to the total book value of all the unliquidated book assets of every
22bank in liquidation. In making computations for each month the total supervision
23cost and all book values of unliquidated assets shall be determined as of the last
24business day of the preceding month. The moneys collected by the commissioner
25department shall be from time to time deposited in one or more state banks, and, in

1case of the suspension or insolvency of the depository, such deposits shall be
2preferred before all other deposits.
AB150, s. 6039 3Section 6039. 220.08 (8) of the statutes is amended to read:
AB150,1965,164 220.08 (8) At any time after the expiration of the date fixed for the presentation
5of claims, the commissioner department may out of the funds remaining in the
6commissioner's hands department's possession after the payment of expenses
7declare one or more dividends, and after the expiration of one year from the first
8publication of notice to creditors, the commissioner department may declare a final
9dividend, such dividends to be paid to such persons, and in such amounts, and upon
10such notice, as may be directed by the circuit court for the county in which such bank
11or banking corporation is located. Objections to any claim not rejected by the
12commissioner department may be made by any party interested by filing a copy of
13such objections with the commissioner, who department, which shall present the
14same to the circuit court at the time of the next application to declare a dividend. The
15court may if deemed advisable provide for the setting aside of a sum sufficient to pay
16all or any part of the dividends due on any unproved or unclaimed deposits.
AB150, s. 6040 17Section 6040. 220.08 (9) of the statutes is amended to read:
AB150,1966,1118 220.08 (9) Whenever any such bank or banking corporation, of whose property
19and business the commissioner department has taken possession, as aforesaid,
20deems itself aggrieved thereby, it may, at any time within 10 days after such taking
21possession, apply to the circuit court for the county in which such bank or banking
22corporation is located to enjoin further proceedings; and said court, after citing the
23commissioner department to show cause why further proceedings should not be
24enjoined and hearing the allegations and proofs of the parties and determining the
25facts may, upon the merits dismiss such application or enjoin the commissioner

1department from further proceedings, and direct the commissioner department to
2surrender such business and property to such bank or banking corporation. Said
3bank or banking corporation may, if it desires so to do, within 10 days after taking
4possession apply to the banking review board to review the action of the
5commissioner department in taking possession. The banking review board shall act
6speedily on such application. Within 10 days after notice of the decision of the
7banking review board, said bank or banking corporation may apply to said circuit
8court of the county in which such bank or banking corporation is located to enjoin
9further proceedings. The proceedings on such application shall be on notice to the
10commissioner department and shall be the same as where the application to the
11court is made as above provided without application to the review board.
AB150, s. 6041 12Section 6041. 220.08 (10) of the statutes is amended to read:
AB150,1967,213 220.08 (10) Whenever the commissioner department has paid to every
14depositor and creditor of such bank or banking corporation (not including
15stockholders), whose claims as such creditor or depositor have been duly proved and
16allowed, the full amount of such claims, and has made proper provision for unclaimed
17and unpaid deposits or dividends, and has paid all the expenses of the liquidation,
18the commissioner department shall call a meeting of the stockholders of such bank
19or banking corporation by giving notice thereof by certified mail and by publication
20of a class 2 notice, under ch. 985, in the county where such bank or banking
21corporation is located. At such meeting the stockholders shall determine whether
22the commissioner department shall be continued as liquidator and shall wind up the
23affairs of such bank or banking corporation, or whether an agent or agents shall be
24elected for that purpose, and in so determining the said stockholders shall vote by

1ballot, in person or by proxy, each share of stock entitling the holder to one vote, and
2the majority of the stock shall be necessary to a determination.
AB150, s. 6042 3Section 6042. 220.08 (11) of the statutes is amended to read:
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