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:
AB150,1967,214
220.08
(11) In case it is determined to continue the liquidation under the
5commissioner department, the
commissioner department shall complete the
6liquidation of the affairs of such bank or banking corporation, and after paying the
7expenses thereof, shall distribute the proceeds among the stockholders in proportion
8to the several holdings of stock in such manner and upon such notice as may be
9directed by the circuit court. In case it is determined to appoint an agent or agents
10to liquidate, the stockholders shall thereupon select such agent or agents by ballot,
11a majority of the stock present and voting, in person or by proxy, being necessary to
12a choice. Such agent or agents shall execute and file with the
commissioner 13department a bond to the people of the state in such amount, with such sureties and
14in such form as shall be approved by the
commissioner
department, conditioned for
15the faithful performance of all the duties of the agent's or the agents' trust, and
16thereupon the
commissioner department shall transfer and deliver to such agent or
17agents all the undivided or uncollected or other assets of such bank or banking
18corporation then remaining in the
commissioner's hands
department's possession;
19and upon such transfer and delivery, the
said commissioner department shall be
20discharged from any and all further liability to such bank or banking corporation and
21its or their creditors.
AB150, s. 6043
22Section
6043. 220.08 (12) of the statutes is amended to read:
AB150,1968,723
220.08
(12) Such agent or agents shall convert the assets coming into the
24agent's or agents' possession into cash, and shall account for and make distribution
25of the property of said bank or banking corporation, as is herein provided in the case
1of distribution by the
commissioner department, except that the expenses thereof
2shall be subject to the direction and control of the circuit court. In case of the death,
3removal, or refusal to act of any such agent or agents, the stockholders, on the same
4notice, to be given by the
commissioner department upon proof of such death,
5removal, or refusal to act being filed with it, and by the same vote hereinbefore
6provided, may elect a successor, who shall have the same powers and be subject to
7the same liabilities and duties as the agent originally elected.
AB150, s. 6044
8Section
6044. 220.08 (13) of the statutes is amended to read:
AB150,1968,189
220.08
(13) The
commissioner department shall deposit dividends and
10unclaimed deposits which have been provided for and which remain unpaid in the
11hands of the
commissioner department for 6 months after the order for final
12distribution in one or more state banks, to the credit of the
commissioner 13department, in trust for the several depositors with and creditors of the liquidated
14bank or banking corporations from which they were received. The
commissioner's 15department's annual report under s. 220.14 shall include the names of banks or
16banking corporations so taken possession of and liquidated and the sums of
17unclaimed and unpaid deposits or dividends with respect to each of them
18respectively.
AB150, s. 6045
19Section
6045. 220.08 (14) of the statutes is amended to read:
AB150,1969,1320
220.08
(14) The
commissioner department of financial institutions may pay
21the moneys held by
him or her the department of financial institutions to the persons
22entitled to them, upon being furnished satisfactory evidence of their right to the
23same. In cases of doubt or conflicting claims, the
commissioner department of
24financial institutions may require an order of the circuit court authorizing and
25directing the payment thereof. The
commissioner
department of financial
1institutions may apply the interest earned towards defraying the expenses in the
2payment and distribution of such unclaimed deposits or dividends to the depositors
3and creditors entitled to receive them, and if necessary may draw on the fund to
4defray such expenses. After one year from the time of the order for final distribution,
5the
commissioner department of financial institutions shall report and deliver all
6unclaimed funds to the state treasurer as provided in ch. 177. All claims
7subsequently arising shall be presented to the
commissioner department of financial
8institutions. If the
commissioner department of financial institutions determines
9that any claim should be allowed,
he or she the department of financial institutions 10shall certify to the department of administration the name and address of the person
11entitled to payment and the amount thereof and shall attach the claim to the
12certificate. The
department secretary of administration shall certify the claim to the
13state treasurer for payment.
AB150, s. 6046
14Section
6046. 220.08 (15) of the statutes is amended to read:
AB150,1970,715
220.08
(15) Whenever the
commissioner
department, with a view of restoring
16the solvency of any bank of which the
commissioner
department has taken charge
17pursuant to law, shall approve a reorganization plan entered into between the
18depositors and unsecured creditors of such bank and the bank or reorganizers
19thereof, which represent 80 per cent of the amount of deposits and unsecured claims
20of such banks, then and in such case all other depositors and unsecured creditors
21shall be held to be subject to such agreement to the same extent and with the same
22effect as if they had joined in the execution thereof, and their claims shall be treated
23in all respects as if they had joined in the execution of such articles or reorganization
24plan in the event of restoration of such bank to solvency, and the reopening of the
25same for business. The investment board and the governing board of any county, city,
1village, town, drainage district, power district, school district, sewer district, or other
2governmental subdivision, or any commission, committee, board or officer thereof,
3having any funds on deposit at the time of the closing of the bank are authorized to
4join in any reorganization plan, if, in the judgment of such investment board or other
5governing board, the reorganization plan is in the best interests of all persons
6concerned. All deposits made in any state bank subsequent to June 3, 1927 shall be
7subject to the conditions hereof.
AB150, s. 6047
8Section
6047. 220.08 (16) of the statutes is amended to read:
AB150,1970,189
220.08
(16) Whenever the
commissioner
department is informed, within 10
10days after the
commissioner department has taken charge of a bank pursuant to law,
11that a plan for the reorganization of such bank is being considered, the
commissioner 12department may refrain from complying with any or all of the provisions of this
13section for such time as the
commissioner department deems advisable, but for not
14more than 40 days after the
commissioner department has taken charge of said bank.
15The approval by the
commissioner department and the acceptance by the depositors
16and unsecured creditors of a reorganization plan within the time specified as
17provided in sub. (15), shall operate to relieve the
commissioner department of the
18duties and liabilities provided by this section in the case of liquidation of banks.
AB150, s. 6048
19Section
6048. 220.08 (17) of the statutes is amended to read:
AB150,1971,1120
220.08
(17) Whenever it shall appear to the
commissioner department that the
21books and records of any liquidated bank or banking corporation or segregated trust
22are no longer required by the
commissioner, he or she
department, the department 23may make application to the circuit court having jurisdiction of such liquidated bank
24or banking corporation or segregated trust for an order determining what books and
25records are to be kept and what destroyed, stating in such application
his or her the
1department's recommendations thereon. Said circuit court shall thereupon enter an
2order determining what books and records shall be kept and what shall be destroyed.
3The books and records ordered preserved shall be delivered to the clerk of such court
4to be kept by him or her until further order of the court. Following the expiration of
5the retention period provided in SCR chapter 72, the circuit court shall submit to the
6historical society copies of the
commissioner's department's application and the
7court order determining what books and records have been kept. On subsequent
8application of the historical society the court may order delivery to the society of such
9books and records as the society deems of permanent historical significance and the
10destruction of the balance, whether or not any such records have been photographed
11or microphotographed.
AB150, s. 6049
12Section
6049. 220.08 (18) of the statutes is amended to read:
AB150,1971,1513
220.08
(18) Whenever any bank or banking corporation has been completely
14liquidated, the
commissioner department shall and is hereby authorized to cancel
15the charter of such bank or banking corporation.
AB150, s. 6050
16Section
6050. 220.08 (19) (intro.) of the statutes is amended to read:
AB150,1971,2017
220.08
(19) (intro.) Segregated trusts heretofore or hereafter created in
18connection with the stabilization and readjustment or reorganization of a bank shall
19be administered and liquidated under the supervision of the
commissioner 20department and the circuit court of the county in which the bank is located.
AB150, s. 6051
21Section
6051. 220.08 (19) (b) of the statutes is amended to read:
AB150,1972,222
220.08
(19) (b) The administration and liquidation of such trust shall be subject
23to the supervision of the
commissioner department and as far as practicable shall be
24subject to the approval of the circuit court of the county wherein such bank is located
1in the same manner and to the same extent as is the administration of banks in
2liquidation under the provisions of this section.
AB150, s. 6052
3Section
6052. 220.08 (19) (c) of the statutes is amended to read:
AB150,1972,104
220.08
(19) (c) The
commissioner
department shall make such examinations
5of the books, records and assets of such trust as the
commissioner department deems
6necessary and shall submit copies of such examinations to the trustees and to the
7circuit court. The cost of such examinations and the cost of the supervision rendered
8by the
commissioner department, which cost shall be determined by
said
9commissioner the department, shall be a charge against the trust and shall be paid
10as an expense of administration.
AB150, s. 6053
11Section
6053. 220.08 (19) (d) of the statutes is amended to read:
AB150,1972,1812
220.08
(19) (d) The trustees of such trust shall be known collectively as "the
13trustees of the segregated trust of (name of bank)" and in that name may sue and be
14sued and perform the duties imposed on them by law and the provisions of the
15agreement or court order creating such trust. A certificate issued by the
16commissioner department shall be sufficient proof of the creation of such trust, of the
17appointment and qualification of the persons named therein to act as trustees and
18of the powers of the trustees.
AB150, s. 6054
19Section
6054. 220.08 (20) of the statutes is amended to read:
AB150,1973,1720
220.08
(20) In the event the
commissioner department, as statutory receiver
21of closed state banks or in connection with the
commissioner's department's 22supervision of segregated trusts, shall have possession of any funds or property by
23reason of any recovery on an official bond or otherwise, and said funds shall not
24belong to or be attributable to any specific bank or banks in liquidation or to any
25specific segregated trust or trusts and it shall appear that all or a number of banks
1in liquidation or all or a number of the segregated trusts supervised by the
2commissioner department or the depositors or other creditors of such banks or trusts,
3may have an interest in such funds or property, the
commissioner department may
4petition the circuit court for Dane county for an order directing the disposition of such
5funds or property. The court, upon presentation of such a petition, shall direct the
6commissioner department to give such notice of hearing thereon, by publication of
7a class 3 notice, under ch. 985, or otherwise, as appears reasonable under the
8circumstances. The expenses of the
commissioner
department in any such
9proceeding shall be paid out of such funds or property. If it shall appear to the court
10that the persons to whom such funds or property may ultimately belong cannot be
11found or ascertained or that the expense of such ascertainment would in the
12judgment of the court be excessive or unreasonable under all the circumstances, the
13court shall enter an order directing the
commissioner
department to transmit such
14funds or property to the state treasurer to become the property of the state. Any
15person claiming an interest in any such funds or property so ordered to be
16transmitted to the state treasury may within 5 years after the entry of such order
17bring suit against the state for recovery thereof without interest.
AB150, s. 6055
18Section
6055. 220.08 (20a) of the statutes is amended to read:
AB150,1974,419
220.08
(20a) After liquidation of the assets of a delinquent bank, any
20remaining assets, including all unknown and undiscovered assets in the custody of
21the
commissioner department, shall, after approval of the circuit court having
22jurisdiction thereof, be retained by the
commissioner who department which is
23authorized and empowered to hold such assets, claims and demands with the full
24right and power to compound, compromise, settle and assign the same with full
25authority to execute and deliver any legal instruments incidental thereto without
1further court approval. Any moneys or proceeds received therefrom shall be paid into
2the general fund of the state of Wisconsin after the
commissioner department has
3first deducted therefrom the costs of the
commissioner's department's services and
4other expenses incidental thereto.
AB150, s. 6056
5Section
6056. 220.081 (1) of the statutes is amended to read:
AB150,1974,156
220.081
(1) The
commissioner of banking department may, in the event of the
7closing of any bank which is a member of the federal deposit insurance corporation
8or the deposits in which are to any extent insured by said corporation, tender to said
9corporation the appointment as statutory receiver of such bank and if the corporation
10accepts said appointment, the corporation shall have and possess all the powers and
11privileges given by the laws of this state to the
commissioner of banking department 12as statutory receiver of a closed bank and be subject to all the duties of the
13commissioner department as such statutory receiver, except insofar as such powers,
14privileges, or duties are in conflict with the provisions of subsection 1 of section 8 of
15said banking act of 1933, or any other applicable federal laws.
AB150, s. 6057
16Section
6057. 220.081 (4) of the statutes is amended to read:
AB150,1974,2417
220.081
(4) The
commissioner department or the federal deposit insurance
18corporation being in possession of any delinquent bank may, as receiver of such bank
19and upon the order of the circuit court for the county in which such bank is located,
20borrow money from the federal deposit insurance corporation and secure the
21payment of such loan by the mortgage pledge, transfer in trust or hypothecation of
22any or all of the property and assets of such delinquent bank and upon like order may
23sell to said federal deposit insurance corporation any or all of the property and assets
24of such delinquent bank.
AB150, s. 6058
25Section
6058. 220.086 of the statutes is amended to read:
AB150,1975,9
1220.086 Receiver of delinquent bank may borrow from federal
2government agency; court order. The
commissioner of banking department,
3having taken possession of any delinquent bank, may, as receiver of such bank, and
4upon the order of the circuit court for the county in which such bank is located, borrow
5money from any agency of the federal government, upon such terms and conditions
6as may be satisfactory to such federal agency, and issue evidences of indebtedness
7therefor, and secure the payment of such loan by the mortgage, pledge, transfer in
8trust, or hypothecation of any or all of the property and assets of such delinquent
9bank.
AB150, s. 6059
10Section
6059. 220.09 of the statutes is amended to read:
AB150,1975,23
11220.09 Indemnity fund, national bank. Every national bank which has
12been granted a special permit by the federal reserve board to act in a fiduciary
13capacity under the provisions of subsection (k) of section 11, of the federal reserve act
14shall deposit with the state treasurer security, approved by the
commissioner of
15banking department, in the manner which is required of trust company banks
16organized under s. 223.02. Such securities shall be of the same nature as the security
17designated by the provisions of such section for the deposit by trust companies
18organized under the laws of this state. Such national bank, so long as it shall
19continue solvent and comply with the laws of this state applicable thereto, may be
20permitted by the
commissioner department to collect the interest on the security so
21deposited and from time to time withdraw the said securities or any part thereof
22provided that securities or cash of the amount and value required by this section
23shall at all times be maintained on deposit.
AB150, s. 6060
24Section
6060. 220.10 of the statutes is amended to read:
AB150,1976,10
1220.10 (title)
Books and accounts; commissioner's department's
2control. Whenever it appears to the
commissioner
department that any bank does
3not keep books and accounts in such manner as to enable the
commissioner 4department to readily ascertain the true condition of such bank, the
commissioner 5department may require the officers of such bank to open and keep such books or
6accounts as the
commissioner department prescribes for the purpose of keeping
7accurate and convenient records of the transactions and accounts of such bank. Any
8bank that refuses or neglects to open and keep such books or accounts as the
9commissioner department prescribes shall be subject to a penalty of $10 for each day
10it neglects and fails to open and keep such prescribed books and accounts.
AB150, s. 6061
11Section
6061. 220.12 of the statutes is amended to read:
AB150,1976,17
12220.12 Attorney general, duty of. All proceedings by any bank to enjoin the
13commissioner of banking department in the discharge of the
commissioner's 14department's duties shall be had in the county where said bank is located, or in the
15supreme court of this state. All suits and proceedings arising out of the provisions
16of the banking laws, in which the state, or any of its officers or agents shall be parties,
17shall be conducted under the direction and supervision of the attorney general.
AB150, s. 6062
18Section
6062. 220.13 of the statutes is amended to read:
AB150,1976,22
19220.13 Copies as evidence. Copies of all records and papers
held in the
office
20of the commissioner of banking, department and certified by the
commissioner and
21authenticated by the commissioner's seal of office, department shall be evidence in
22all cases equally and of like effect as the original.
AB150, s. 6063
23Section
6063. 220.14 (intro.) of the statutes is amended to read:
AB150,1977,2
24220.14 (title)
Commissioner's
Department's report. (intro.) The
25commissioner department shall publish an annual report and submit the report to
1the governor and the chief clerk of each house of the legislature for distribution to
2the legislature under s. 13.172 (2). The report shall:
AB150, s. 6064
3Section
6064. 220.14 (1) of the statutes is amended to read:
AB150,1977,54
220.14
(1) Exhibit the condition of the various banks of the state as of the day
5of the last report made to the
commissioner department by such banks.
AB150, s. 6065
6Section
6065. 220.14 (7) of the statutes is amended to read: