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:
AB150,1977,87 220.14 (7) Give such other information as the commissioner department deems
8necessary.
AB150, s. 6066 9Section 6066. 220.28 of the statutes is amended to read:
AB150,1977,12 10220.28 Destruction of obsolete records by state banks. Any state bank
11may destroy or dispose of such of its records as may have become obsolete after first
12obtaining the written consent of the commissioner of banking department.
AB150, s. 6067 13Section 6067. 220.285 (1) of the statutes is amended to read:
AB150,1977,2514 220.285 (1) Any state bank, trust company bank, licensee under s. 138.09,
15138.12, 218.01, 218.02, 218.04 or 218.05 or ch. 217 or credit union may cause any or
16all records kept by such bank, licensee or credit union to be recorded, copied or
17reproduced by any photostatic, photographic or miniature photographic process or
18by optical imaging if the process employed correctly, accurately and permanently
19copies, reproduces or forms a medium for copying, reproducing or recording the
20original record on a film or other durable material. A bank, licensee or credit union
21may thereafter dispose of the original record after first obtaining the written consent
22of the commissioner of banking department. This section, excepting that part of it
23which requires written consent of the commissioner of banking department, is
24applicable to national banking associations insofar as it does not contravene federal
25law.
AB150, s. 6068
1Section 6068. 221.01 (1) of the statutes is amended to read:
AB150,1978,62 221.01 (1) Application. Any number of adult persons, citizens of Wisconsin,
3not less than 7 nor more than 20, desiring to associate for the purpose of organizing
4a banking corporation under this chapter, shall make application to the
5commissioner of banking department in such manner as may be prescribed on a form
6furnished by the commissioner department.
AB150, s. 6069 7Section 6069. 221.01 (2) (e) of the statutes is amended to read:
AB150,1978,98 221.01 (2) (e) Such other information as the commissioner department may
9require.
AB150, s. 6070 10Section 6070. 221.01 (3) of the statutes is amended to read:
AB150,1978,2211 221.01 (3) Notice. Upon receipt by the commissioner department of such
12application properly executed, the commissioner department shall, within 5 days,
13forward to the applicants a copy of an official notice of application for authority to
14organize a bank, containing such information as shall make known to the public the
15facts specifically required by statute to be given in the application, and assigning a
16date and place for hearing on the application. The notice shall be published as a class
173 notice, under ch. 985, by the applicants, at their own expense, in the city, village
18or town where the bank is to be located. Proof of publication shall be filed with the
19commissioner department in such form as the commissioner department requires.
20The commissioner department may waive the requirement of publication herein
21contained where the bank to be organized is to replace, absorb or consolidate one or
22more existing banks.
AB150, s. 6071 23Section 6071. 221.01 (4) of the statutes is amended to read:
AB150,1979,224 221.01 (4) Fee. The applicants shall pay to the commissioner of banking
25department a fee of $2,500 together with the actual costs incurred by the

1commissioner department in making an investigation of the application, which sum
2shall be paid into the state treasury.
AB150, s. 6072 3Section 6072. 221.01 (5) of the statutes is amended to read:
AB150,1979,244 221.01 (5) Investigation. The commissioner department shall thereupon
5ascertain at the hearing and from the best sources of information at the
6commissioner's department's command, and by such investigation as the
7commissioner department may deem necessary, whether the character,
8responsibility and general fitness of the persons named in such application are such
9as to command confidence and to warrant the belief that the business of the proposed
10corporation will be honestly and efficiently conducted in accordance with the intent
11and purpose of this chapter; and whether public convenience and advantage will be
12promoted by allowing such bank to organize; and the commissioner department also
13shall investigate the character and experience of the proposed officers, the adequacy
14of existing banking facilities, and the need of further banking capital; the outlook for
15the growth and development of the city, town or village in which such bank is to be
16located, and the surrounding territory from which patronage would be drawn; the
17methods and banking practices of the existing bank or banks; the interest rate which
18they charge to borrowers; the character of the service which they render the
19community, and the prospects for the success of the proposed bank if efficiently
20managed. Such investigation shall be completed within 90 days from the filing in
21the office of the commissioner
with the department of proof of publication and the
22making of the deposit herein required, but in the event a majority of the applicants
23and the commissioner department mutually agree to it, the time may be extended
24an additional period of 60 days.
AB150, s. 6073 25Section 6073. 221.01 (6) of the statutes is amended to read:
AB150,1980,12
1221.01 (6) Decision. After completing such investigation the commissioner
2department shall make a written report to the banking review board stating the
3results of the investigation and the commissioner's department's recommendation.
4The board shall consider the matter, conducting any necessary hearing, and
5promptly make its decision approving or disapproving the organization of the
6proposed bank. Such decision shall be final except pursuant to s. 220.035 (1) and (3).
7If approval is given, the commissioner department shall indorse on each of the
8original applications the word "Approved" over the commissioner's official signature.
9If disapproved, the commissioner department shall indorse the word "Disapproved"
10over the commissioner's official signature. One of the duplicate originals shall be
11filed in the commissioner's office with the department and one returned by mail to
12the applicants.
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