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:
AB150,1986,1716 221.04 (1) (jm) 3. A bank may transfer a branch bank to any other bank located
17in this state with the approval of the commissioner department.
AB150, s. 6090 18Section 6090. 221.04 (1) (jm) 4. of the statutes is amended to read:
AB150,1986,2119 221.04 (1) (jm) 4. A bank may establish a branch bank in another state with
20the approval of the commissioner department and the appropriate regulator of the
21other state.
AB150, s. 6091 22Section 6091. 221.04 (1) (jm) 5. of the statutes is amended to read:
AB150,1987,223 221.04 (1) (jm) 5. The establishment of a branch bank under subd. 1. or the
24conversion of a bank to a branch bank under subd. 2. shall be approved if the financial
25and managerial resources and future prospects of the bank establishing a branch

1bank or the surviving bank of a merger or consolidation are satisfactory to the
2commissioner department.
AB150, s. 6092 3Section 6092. 221.04 (1) (jm) 6. of the statutes is amended to read:
AB150,1987,74 221.04 (1) (jm) 6. A bank shall apply for the establishment or transfer of a
5branch bank under this paragraph to the commissioner department on a form
6furnished by the commissioner department. The application shall be accompanied
7by a fee of $1,000.
AB150, s. 6093 8Section 6093. 221.04 (1) (jm) 8. of the statutes is amended to read:
AB150,1987,119 221.04 (1) (jm) 8. At least 30 days before closing a branch bank, a bank shall
10notify the commissioner department in writing and post a notice of the closing in the
11lobby of the bank and the lobby of the branch bank to be closed.
AB150, s. 6094 12Section 6094. 221.04 (1) (jm) 9. of the statutes is amended to read:
AB150,1987,1513 221.04 (1) (jm) 9. Every branch bank, branch office or bank station existing on
14August 1, 1989, shall be considered a branch bank approved by the commissioner
15department under this paragraph.
AB150, s. 6095 16Section 6095. 221.04 (1) (k) 1. of the statutes is amended to read:
AB150,1988,1517 221.04 (1) (k) 1. Directly or indirectly, to acquire, place and operate, or
18participate in the acquisition, placement and operation of, at locations other than its
19main or branch offices, customer bank communications terminals, in accordance
20with rules established by the commissioner department. The rules of the
21commissioner department shall provide that any such customer bank
22communications terminal shall be available for use, on a nondiscriminatory basis,
23by any state or national bank which has its principal place of business in this state,
24by any other bank obtaining the consent of a state or national bank which has its
25principal place of business in this state and is using the terminal and by all customers

1designated by a bank using the terminal. This paragraph does not authorize a bank
2which has its principal place of business outside this state to conduct banking
3business in this state. The customer bank communications terminals also shall be
4available for use, on a nondiscriminatory basis, by any credit union, savings and loan
5association or savings bank, whose home office is located in this state, if the credit
6union, savings and loan association or savings bank requests to share its use, subject
7to rules jointly established by the commissioner of banking, department and the
8commissioner office of credit unions and the commissioner of savings and loan. The
9rules of the commissioner department and the joint rules shall each prohibit any
10advertising with regard to a shared terminal which suggests or implies exclusive
11ownership or control of the shared terminal by any financial institution or group of
12financial institutions operating or participating in the operation of the terminal. The
13commissioner department by order may authorize the installation and operation of
14a customer bank communications terminal in a mobile facility, after notice and
15hearing upon the proposed service stops of the mobile facility.
AB150, s. 6096 16Section 6096. 221.04 (1) (k) 3. of the statutes is amended to read:
AB150,1988,2517 221.04 (1) (k) 3. If any person primarily engaged in the retail sale of goods or
18services owns or operates a customer bank communications terminal on such
19person's premises and allows access to such terminal by any financial institution,
20group of financial institutions, or their customers for any purpose or function nothing
21in this paragraph or in rules established by the commissioner department shall, or
22shall be construed or interpreted to, require such person to accept any connection to
23or use of the customer bank communications terminal on its premises for any other
24purpose or function or to accept any connection to the terminal on its premises by any
25other financial institution.
AB150, s. 6097
1Section 6097. 221.04 (1) (k) 4. of the statutes is amended to read:
AB150,1989,92 221.04 (1) (k) 4. If a person primarily engaged in the retail sale of goods or
3services owns or operates a customer bank communications terminal on such
4person's premises and allows access to the terminal by any financial institution,
5group of financial institutions or their customers for any purpose or function, no laws
6governing such institutions or rules established by the commissioner department
7shall apply to such person other than those laws or rules directly related to the
8particular function performed by the terminal on such person's premises for a
9financial institution.
AB150, s. 6098 10Section 6098. 221.04 (1) (n) 1. (intro.) of the statutes is amended to read:
AB150,1989,2211 221.04 (1) (n) 1. (intro.) Upon amendment of the articles of incorporation under
12s. 221.12 and obtaining, prior to the date which is 2 years after May 7, 1982, approval
13of the commissioner department and the banking review board, to relocate the
14principal office of the bank to another place in the municipality in which the principal
15office is located on the date of the amendment, and to continue to operate the former
16principal office, or an office located within 1,500 feet of the boundary of the parcel of
17real estate occupied by the former principal office measured on a straight line
18connecting the 2 nearest points on the respective parcels of real estate, as a branch,
19notwithstanding par. (f), if all the services provided by the principal office are also
20provided by the branch, the branch is operated for at least 5 years after the date of
21relocation and the commissioner department and the banking review board find
22that:
AB150, s. 6099 23Section 6099. 221.04 (1) (n) 3m. (intro.) of the statutes is amended to read:
AB150,1990,424 221.04 (1) (n) 3m. (intro.) A branch office approved under this paragraph may
25not cease operations unless it has operated for at least 5 years and the commissioner

1department and the banking review board have approved cessation. The
2commissioner department may approve cessation only after holding a public hearing
3in the area served by the branch or principal office and considering all of the
4following:
AB150, s. 6100 5Section 6100. 221.04 (1) (n) 4. of the statutes is amended to read:
AB150,1990,86 221.04 (1) (n) 4. Any finding by the comptroller of currency which permits a
7national bank to operate a branch at a location which the commissioner department
8finds does not meet the requirements of subds. 1. to 3. renders this paragraph void.
AB150, s. 6101 9Section 6101. 221.04 (1) (p) of the statutes is amended to read:
AB150,1990,1510 221.04 (1) (p) To contract with one or more banks to provide banking and
11financially related products or services on its behalf to its customers or to establish
12a joint branch bank of the contracting banks. The contracting banks shall inform the
13commissioner department in writing of any contract entered into under this
14paragraph. The establishment of a joint branch bank is subject to the provisions for
15the establishment of a branch bank in par. (jm).
AB150, s. 6102 16Section 6102. 221.04 (1) (pm) of the statutes is amended to read:
AB150,1990,2317 221.04 (1) (pm) To contract with a savings and loan association that is owned
18by a bank holding company which also owns the contracting bank, to provide banking
19and financially related products or services on its behalf to its customers. The
20savings and loan association shall be subject to regulation and examination by the
21commissioner department with regard to services performed under the contract to
22the same extent as if the services were being performed by the bank itself on its own
23premises.
AB150, s. 6103 24Section 6103. 221.04 (3e) (a) of the statutes is amended to read:
AB150,1991,9
1221.04 (3e) (a) Subject to review by the commissioner of banking department
2under par. (b), a bank may, with the approval of its board of directors, purchase and
3hold capital stock of the federal home loan bank for the purpose of becoming a
4member of the federal home loan bank as provided in the federal home loan bank act,
512 USC 1421 to 1449. A bank that becomes a member may exercise borrowing
6privileges or use any other service offered to a member by the federal home loan bank
7if the privileges or service is not in conflict with the laws of this state. Without
8becoming a member, a bank may exercise deposit privileges and use other services
9offered to nonmembers by the federal home loan bank.
AB150, s. 6104 10Section 6104. 221.04 (3e) (b) of the statutes is amended to read:
AB150,1991,2111 221.04 (3e) (b) A bank that intends to become a member of the federal home
12loan bank shall give the commissioner of banking department written notice of its
13intention to apply for membership. The commissioner department may prohibit a
14bank from becoming a member if the bank's capital and undistributed surplus is less
15than the amount required for that bank or if the commissioner department finds that
16the bank is in an unsafe or unsound condition. The commissioner department shall
17have 30 days after the date on which the notice is received to issue a prohibition
18under this paragraph. The commissioner department may extend the time for
19issuing a prohibition up to 30 additional days if the commissioner department
20notifies the bank before the initial 30-day period expires that the commissioner
21department is extending the time limit.
AB150, s. 6105 22Section 6105. 221.04 (4) (a) of the statutes is amended to read:
AB150,1992,823 221.04 (4) (a) Any bank may, with the approval of the commissioner of banking
24department, invest an amount not exceeding in the aggregate 15% of its paid-in
25capital stock and surplus in one or more corporations principally engaged in

1international or foreign banking, or banking in dependencies or insular possessions
2of the United States organized pursuant to ss. 611-631 of Title 12 of the United
3States Code, and any bank may also invest with the approval of the commissioner
4of banking
department an amount not exceeding in the aggregate 10% of its paid-in
5capital stock and surplus in the stock of one or more corporations principally engaged
6in international or foreign financial operations other than banking as well as such
7financial operations in dependencies or insular possessions of the United States
8organized pursuant to said ss. 611-631 of Title 12 of the United States Code.
AB150, s. 6106 9Section 6106. 221.04 (4) (b) of the statutes is amended to read:
AB150,1992,1610 221.04 (4) (b) Any bank having loans secured by real estate mortgage may with
11the approval of the commissioner of banking department sell all or any portion of
12them to the federal national mortgage association, or any successor thereof, and in
13connection therewith make payments of any capital contributions, required
14pursuant to law, in the nature of subscriptions for stock of the federal national
15mortgage association or any successor thereof, receive stock evidencing such capital
16contributions and hold or dispose of such stock.
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