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.
AB150, s. 6074 13Section 6074. 221.01 (10) of the statutes is amended to read:
AB150,1981,214 221.01 (10) Certificate of authority. In the event of approval of the
15application for authority to organize a banking corporation, the commissioner
16department shall issue to the applicants, who shall thereafter be known as the
17corporators, a certificate of authority conferring upon them such powers as are
18incidentally or necessarily preliminary to the organization of a banking corporation.
19 These powers shall include the effecting of a temporary organization, consisting of
20a chairperson, a secretary, and a treasurer; the execution and filing of articles of
21incorporation; the making of rules for the procedure of the corporators and the
22conduct of the first meeting of the stockholders; the opening of subscription books for
23stock; the securing of an option on real estate to be used as a banking house; the fixing
24of an amount at which the stock shall be sold; the collection of subscriptions to the
25stock; the selection of a depository for such funds as may be collected; the

1appointment of and acting by any agent or agents, and the compilation of a set of
2bylaws for submission to the stockholders.
AB150, s. 6075 3Section 6075. 221.01 (11) of the statutes is amended to read:
AB150,1981,204 221.01 (11) Temporary organization. The chairperson of the corporators shall
5preside at all meetings and shall exercise such other duties as ordinarily pertain to
6the position. The secretary shall attend to the correspondence of the corporators,
7shall record fully all proceedings of meetings of the corporators, shall file and
8preserve all documents and papers of the organization, and shall attend to the filing
9of the necessary papers with the commissioner department. The treasurer shall
10receive all moneys paid in on subscriptions to stock or for other purposes, keep a true
11account thereof, shall deposit such funds in the designated depository, and shall pay
12such valid orders as may be drawn on the treasurer. The corporators shall require
13a bond in a suitable amount from the treasurer, and other officers and agents who
14may handle the funds of the proposed bank. Claims against the organization shall
15be audited by the corporators, and record of action thereon noted in the minutes. If
16ordered paid, an order shall be drawn upon the treasurer and signed by the
17chairperson and secretary. The corporators shall until the completion of the
18organization exercise such other powers as are conferred upon the corporators by the
19statutes relating to other corporations, so far as such powers are not in conflict with
20the limitations of this chapter and are applicable.
AB150, s. 6076 21Section 6076. 221.01 (12) (b) of the statutes is amended to read:
AB150,1982,622 221.01 (12) (b) After February 1, 1967, any state bank which does not have fully
23paid-in capital stock in the amount prescribed in par. (a) shall be ordered by the
24commissioner department to increase its capital stock to such amount. The
25commissioner department may, in addition to the commissioner's department's other

1powers to act against delinquent banks, require any bank failing to comply with such
2order to pay a forfeiture to the commissioner department of $10 for each day of
3noncompliance. If any bank fails or refuses to pay such forfeiture, the commissioner
4department may maintain an action for the recovery thereof. This paragraph shall
5not apply to any state bank in which the capital surplus and undivided profits equal
6or exceed 10% of its deposits.
AB150, s. 6077 7Section 6077. 221.01 (12) (c) of the statutes is amended to read:
AB150,1982,178 221.01 (12) (c) Any state bank, with the approval of the commissioner
9department and by vote of stockholders owning two-thirds of the stock of the bank
10entitled to vote, may authorize an increase in the common stock of the bank in the
11category of authorized but unissued stock. Such authorized but unissued stock may
12be issued to employes of the bank pursuant to a stock option or stock purchase plan
13adopted in accordance with par. (d), or in exchange for convertible preferred stock
14and convertible capital debentures in accordance with the terms and provisions of
15such securities. Authorized but unissued stock may also be issued for such other
16purposes and considerations as may be approved by the board of directors of the bank
17and by the commissioner department.
AB150, s. 6078 18Section 6078. 221.01 (12) (d) 1. of the statutes is amended to read:
AB150,1983,319 221.01 (12) (d) 1. Any state bank may grant options to purchase, sell or enter
20into agreements to sell shares of its capital stock to its employes, for a consideration
21of not less than 100% of the fair market value of the shares on the date the option is
22granted or, if pursuant to a stock purchase plan, 85% of the fair market value on the
23date the purchase price is fixed, pursuant to the terms of an employe restricted stock
24option plan or an employe stock purchase plan which has been adopted by the board
25of directors of the bank and approved by the holders of at least two-thirds of the

1outstanding shares of the bank entitled to vote and by the commissioner department.
2Stock options issued hereunder shall not extend beyond a period of 10 years from
3date of issuance and shall otherwise qualify as restricted stock options.
AB150, s. 6079 4Section 6079. 221.01 (12) (d) 2. of the statutes is amended to read:
AB150,1983,145 221.01 (12) (d) 2. Employe stock options and stock purchase agreements may
6provide that options may be exercisable or that shares may be purchased on any
7business day. A notarized notice specifying the number of shares issued pursuant
8to option and stock purchase plans and the amount paid in therefor shall be executed
9by the president, vice president or cashier of the bank and filed with the
10commissioner department not later than the 10th day of the month following
11issuance and no stock shall be deemed validly issued until the commissioner
12department has issued a certificate specifying the amount of stock so purchased, the
13purchase price thereof having been duly paid into the capital of the bank, and the
14commissioner's department's approval thereof.
AB150, s. 6080 15Section 6080. 221.01 (13) of the statutes is amended to read:
AB150,1984,1316 221.01 (13) Trust company bank; reorganization. Any trust company bank
17may, by amendment to its articles of incorporation, duly adopted by its stockholders
18and approved by the commissioner department, in the manner prescribed for by s.
19221.25, convert its corporate organization into that of a state bank with all the
20powers of a state banking corporation under the statutes under such name as shall
21be declared by such amendment and approved by the commissioner department,
22which name may include the word "trust". Such converted corporation shall continue
23to have all the powers previously held by it as a trust company bank and shall be a
24continuation for all purposes whatsoever of the trust company bank so converted into
25a state bank, including holding and performing any and all trusts and fiduciary

1relations of whatsoever nature of which said trust company bank was fiduciary at
2the time of such conversion, and also including its appointment in any fiduciary
3capacity by any court or otherwise, and the holding, accepting and performing of any
4and all trusts and fiduciary relations whatsoever as to or for which said trust
5company bank may have been appointed, nominated or designated by any will or
6conveyance or otherwise, whether or not such trust or fiduciary relation shall have
7come into being and taken effect at such conversion. Whenever and if any such
8converted corporation shall have been fully discharged of and from any and all trusts
9committed to it, it may, by amendment to its articles of incorporation, duly adopted
10by its stockholders and approved by the commissioner department, surrender its
11powers to act in a fiduciary capacity and eliminate from its corporate name and style
12the word "trust;" and may thereupon withdraw from the state treasurer all securities
13by it deposited with the state treasurer pursuant to s. 223.02.
AB150, s. 6081 14Section 6081. 221.03 (1) of the statutes is amended to read:
AB150,1984,1915 221.03 (1) The articles of incorporation shall be filed with the commissioner of
16banking
department within a reasonable time as determined by the commissioner
17of banking
department from the date of the certificate of authority to organize has
18been approved, and if not filed within that period all rights of the corporators shall
19cease and the certificate of authority to organize is void.
AB150, s. 6082 20Section 6082. 221.03 (2) (a) 2. of the statutes is amended to read:
AB150,1984,2521 221.03 (2) (a) 2. The name of such bank, which name shall be subject to the
22approval of the commissioner department, shall not be in any material respect
23similar to the name of any bank existing or which may have heretofore existed in the
24same county or in any adjoining county within the radius of 50 miles, and which
25name may not contain the word "savings".
AB150, s. 6083
1Section 6083. 221.03 (3) of the statutes is amended to read:
AB150,1985,132 221.03 (3) The commissioner department shall, within the commissioner's
3department's discretion, approve or disapprove such articles of incorporation. If
4approved, the commissioner department shall indorse on each of the 3 triplicate
5originals the word "approved". One of such originals the commissioner department
6shall file in the commissioner's office, and to the 2 remaining originals the
7commissioner department shall attach a certificate showing the date of filing, the
8approval and date of approval, and return the same to the corporators. One of such
9originals shall be filed with the records of the bank, and the other shall be recorded
10in the office of the register of deeds of the county in which such banking corporation
11is located. No bank shall until its articles be left for record with the register of deeds
12have legal existence, nor be authorized to exercise any other powers than those
13incidentally or necessarily preliminary to its organization.
AB150, s. 6084 14Section 6084. 221.03 (4) of the statutes is amended to read:
AB150,1985,1715 221.03 (4) A fee of $100 shall be paid to the commissioner department when
16the articles of incorporation are filed, and the commissioner department shall pay
17such fee into the state treasury.
AB150, s. 6085 18Section 6085. 221.03 (5) of the statutes is amended to read:
AB150,1985,2119 221.03 (5) A certificate signed by the register of deeds, showing the articles
20have been recorded in the office of the register of deeds, shall be returned to the
21commissioner department.
AB150, s. 6086 22Section 6086. 221.03 (6) of the statutes is amended to read:
AB150,1986,323 221.03 (6) Within 90 days from the filing of the articles of incorporation, the
24corporators shall file with the commissioner department, in duplicate, the proposed
25bylaws and a complete list of the stockholders of the proposed bank, showing the

1number of shares held by each, the post-office address, and the approximate worth
2of each. On approval by the commissioner department, the bylaws shall be
3submitted for consideration by the shareholders.
AB150, s. 6087 4Section 6087. 221.04 (1) (intro.) of the statutes is amended to read:
AB150,1986,115 221.04 (1) General. (intro.) Upon the execution and filing of the articles of
6incorporation with the commissioner of banking department and the approval by the
7commissioner department, and upon the recording of the articles with the register
8of deeds of the county in which the bank is to be located, the bank shall become a body
9corporate, and in addition to the powers conferred by the general corporations law,
10subject to the restrictions and limitations contained in this section, having the
11following powers:
AB150, s. 6088 12Section 6088. 221.04 (1) (jm) 1. of the statutes is amended to read:
AB150,1986,1413 221.04 (1) (jm) 1. To establish and maintain a branch bank with the approval
14of the commissioner department.
AB150, s. 6089 15Section 6089. 221.04 (1) (jm) 3. of the statutes is amended to read:
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