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.
AB150, s. 6107 17Section 6107. 221.04 (4h) of the statutes is amended to read:
AB150,1992,2318 221.04 (4h) Stock in bank-owned banks. Any bank holding company, subject
19to the limitations in s. 221.58 (7), or any bank may, with the approval of the
20commissioner department, acquire and hold stock in an aggregate amount not
21exceeding 10% of its capital and surplus, in one or more banks chartered under s.
22221.57 or in one or more bank holding companies wholly owning a bank chartered
23under s. 221.57.
AB150, s. 6108 24Section 6108. 221.04 (4m) of the statutes is amended to read:
AB150,1993,5
1221.04 (4m) Stock in agricultural credit corporation. Any bank may invest,
2with the approval of the commissioner of banking department, in an agricultural
3credit corporation. Unless a bank owns at least 80% of the stock of the agricultural
4credit corporation, the amount which it invests in the corporation shall not exceed
520% of the bank's paid-in capital stock and surplus.
AB150, s. 6109 6Section 6109. 221.04 (5) of the statutes is amended to read:
AB150,1993,207 221.04 (5) (title) Information to commissioner department ; stock holdings.
8Every such bank investing in the capital stock of banks or corporations as provided
9herein shall be required to furnish information concerning the condition of such
10banks or corporations to the commissioner department upon demand. If at any time
11the commissioner department shall ascertain or believe that any regulations
12prescribed by the commissioner department with reference to such business are not
13being complied with, said commissioner the department is hereby authorized and
14empowered to institute an investigation of the matter in order to satisfy the
15commissioner department as to the actual nature of the transactions referred to.
16Should such investigation result in establishing the failure of the corporation in
17question, or of the bank or banks which may be stockholders therein, to comply with
18the regulations laid down by the said commissioner department, such bank or banks
19may be required to dispose of stock holdings in said corporation upon reasonable
20notice.
AB150, s. 6110 21Section 6110. 221.04 (6) of the statutes is amended to read:
AB150,1995,822 221.04 (6) Trust powers. When thereto authorized by the commissioner
23department, and if and after it shall have in good faith complied with all
24requirements of law and fulfilled all the conditions precedent to the exercise of such
25powers imposed by law upon trust company banks, any state bank may act as

1trustee, executor, administrator, registrar of stocks and bonds, guardian of estates,
2assignee, receiver, committee of estates of lunatics persons who are mentally ill or
3developmentally disabled
, and in any other fiduciary capacity in which trust
4company banks are permitted to act. Any state bank so authorized by the
5commissioner department shall comply with s. 223.02 before exercising such
6authority and shall be thereupon entitled to the same exemption as to making and
7filing any oath or giving any bond or security as is conferred on trust company banks
8by s. 223.03 (8). With its application for permission to exercise fiduciary powers
9under this subsection, a state bank shall submit to the commissioner department a
10fee of $1,000. In passing upon application for permission to exercise such fiduciary
11powers, the commissioner department may take into consideration the amount of
12capital and surplus of the applying bank, whether or not such capital and surplus is
13sufficient under the circumstances, the needs of the community to be served, and any
14other facts and circumstances that seem to him may be material, and may grant or
15refuse the application accordingly; provided, that no special authorization shall be
16issued to any such bank having a capital less than the capital from time to time
17required by law of a national bank exercising fiduciary power in the same place. If
18satisfied that such bank has in good faith complied with all the requirements of law
19and fulfilled all the conditions precedent to the exercise of such powers imposed by
20law, the commissioner department may, within 6 months after the date on which the
21application of such bank was filed, issue under his or her hand and official seal, in
22triplicate, a special authorization certificate to such bank. Such certificate shall
23state that the bank named therein has complied with the provisions of law applicable
24to banks exercising fiduciary powers, and is authorized to exercise the same. One
25of the triplicate special authorization certificates shall be transmitted by the

1commissioner department to the bank thereby authorized to exercise fiduciary
2powers; another shall be filed and recorded in the office of the commissioner with the
3department
, and the 3rd shall be recorded at the expense of such bank in the office
4of the register of deeds of the county in which such bank is located. In the conduct
5of its business under or in connection with such authorization to exercise fiduciary
6powers every bank so authorized shall comply with and be governed by all the
7provisions of law from time to time applicable to individuals acting in a similar
8capacity.
AB150, s. 6111 9Section 6111. 221.04 (6m) of the statutes is amended to read:
AB150,1995,1710 221.04 (6m) Trust service offices. Any state bank exercising trust powers
11may, with the approval of the commissioner of banking department, establish and
12maintain a trust service office at any office in this state of any other state or national
13bank. Any state bank may, with the approval of the commissioner department,
14permit any other state or national bank exercising trust powers or any trust company
15bank organized under ch. 223 to establish and maintain a trust service office at any
16of its banking offices. The establishment and operation of such trust service offices
17shall be subject to s. 223.07. This subsection does not authorize branch banking.
AB150, s. 6112 18Section 6112. 221.04 (7) of the statutes is amended to read:
AB150,1996,819 221.04 (7) Sale of U.S. bonds. Any state bank or trust company bank may, by
20resolution of its board of directors authorizing such action, act whenever designated
21by the secretary of the treasury of the United States or by any other instrumentality
22of the United States, as agent for said secretary of the treasury or other
23instrumentality of the United States in the sale of bonds or other obligations of the
24United States or in such other matters as said secretary of the treasury or other
25instrumentality of the United States may designate. Any of said institutions may

1enter into such contracts, incur such obligations or make such investment or pledge
2of its assets and generally do and perform all such acts and things whatsoever as may
3be necessary or appropriate in order to exercise the powers hereby granted.
4Provided, however, that any state bank or trust company bank may exercise such
5powers only upon express approval previously granted by the commissioner of
6banking
department, and in such manner and to such extent as the commissioner
7department may approve, and with such limitations upon the exercise of those
8powers as the commissioner department may impose.
AB150, s. 6113 9Section 6113. 221.041 (5) of the statutes is amended to read:
AB150,1996,1610 221.041 (5) Any bank may cause to be performed, by contract or otherwise, any
11bank services for itself, whether on or off its premises, provided assurances
12satisfactory to the commissioner of banking department are furnished to the
13commissioner department by both the bank and the party performing the services
14that the performance thereof will be subject to regulation and examination by the
15commissioner department to the same extent as if such services were being
16performed by the bank itself on its own premises.
AB150, s. 6114 17Section 6114. 221.045 (1) of the statutes is amended to read:
AB150,1997,218 221.045 (1) Whenever the term "capital" as distinguished from the term
19"capital stock" is used in any law of this state relating to banking, it shall mean and
20include the capital stock and preferred stock of a bank and the outstanding capital
21notes and debentures legally issued and sold by such bank exclusive of Class "B"
22capital notes and debentures as classified by the commissioner of banking
23department. The "capital" of any such bank may be deemed to be unimpaired when
24the amount of such capital notes and debentures as represented by cash or sound
25assets or the amount of such preferred stock, or both such notes and debentures and

1such preferred stock, equals or exceeds the impairment of the "capital stock" as found
2by the commissioner department.
AB150, s. 6115 3Section 6115. 221.046 (1) of the statutes is amended to read:
AB150,1997,84 221.046 (1) Any state bank or trust company bank may by the action of its
5board of directors issue and sell its capital notes or debentures of one or more classes
6in the amount, in the form, with the maturity and conferring the rights and
7privileges upon the holders of them as the board determines, except that no issuance
8or sale may be made unless approved by the commissioner of banking department.
AB150, s. 6116 9Section 6116. 221.046 (2) of the statutes is amended to read:
AB150,1997,1410 221.046 (2) Before any such capital notes or debentures are retired or paid by
11the bank, any existing deficiency of its capital, disregarding the notes and
12debentures to be retired, must be paid in cash or in assets acceptable to the
13commissioner of banking department, so that the sound capital assets shall at least
14equal the capital stock of the bank.
AB150, s. 6117 15Section 6117. 221.047 (title) of the statutes is amended to read:
AB150,1997,17 16221.047 (title) Banks may issue preferred stock; approval of
17commissioner
; restrictions.
AB150, s. 6118 18Section 6118. 221.047 (1) of the statutes is amended to read:
AB150,1998,619 221.047 (1) Except as provided in sub. (2), any bank organized under the laws
20of this state may by provision in its original articles, or by amendment thereto,
21adopted by a two-thirds vote of the stock having voting power, upon not less than 10
22days' notice given by registered mail pursuant to action taken by the board of
23directors, and subject to the approval of the commissioner department, issue
24preferred stock of one or more classes, in such amount and with such par value as
25may be approved by said commissioner the department; provide subject to the

1approval of the commissioner department, for payment of dividends on such
2preferred stock at a specified rate before dividends are paid upon the capital stock;
3for the cumulation of such dividends; for a preference of such preferred stock over the
4capital stock in the distribution of the corporate assets; for the conversion of such
5preferred stock into capital stock; for the redemption of such preferred stock and for
6denying or restricting the voting power of such preferred stock.
AB150, s. 6119 7Section 6119. 221.047 (4) of the statutes is amended to read:
AB150,1998,118 221.047 (4) No change in relation to such preferred stock shall be made except
9by amendment to the articles adopted by a vote of two-thirds of the preferred stock
10and two-thirds of the capital stock, and subject to the approval of the commissioner
11department.
AB150, s. 6120 12Section 6120. 221.05 of the statutes is amended to read:
AB150,1998,16 13221.05 Prohibition to transact business. No bank shall transact any
14business, except such as is incidental or necessarily preliminary to its organization
15until it has been regularly authorized by the commissioner of banking department
16to commence the business of banking.
AB150, s. 6121 17Section 6121. 221.06 (intro.) of the statutes is amended to read:
AB150,1999,2 18221.06 Authority to commence business. (intro.) Whenever, within a
19reasonable time as determined by the commissioner of banking department from the
20date of the filing of the articles of incorporation, a bank organizing under this chapter
21has complied with all provisions of the law, and has adopted bylaws approved by the
22commissioner of banking department, and has provided itself with suitable banking
23quarters, and has supplied the necessary books, forms, stationery, furniture and
24equipment for the proper and orderly transaction of the business of banking, it shall

1give notice in writing to the commissioner department that it is so prepared, and the
2commissioner department shall make or cause to be made an examination.
AB150, s. 6122 3Section 6122. 221.06 (1) of the statutes is amended to read:
AB150,1999,114 221.06 (1) If such examination satisfies the commissioner department that
5such bank has complied with all provisions of the law, that the stock subscriptions
6have been fully paid in lawful money, and it appears that such bank is lawfully
7entitled to commence business, the commissioner department shall forthwith give
8such bank a certificate of authority under the commissioner's hand and official seal
9that such bank is authorized to commence business. The certificate of authority to
10commence business shall constitute the charter of the bank and shall be given a
11charter number by the commissioner department.
AB150, s. 6123 12Section 6123. 221.06 (2) of the statutes is amended to read:
AB150,1999,1813 221.06 (2) If the commissioner department has reason to believe that the
14stockholders have formed the corporation for any other than the legitimate business
15contemplated by this chapter, or that any of the facts stated in the declaration are
16untrue, or that other reasons exist, which would make the opening of the bank
17injurious to the public interest, the commissioner department may, with the advice
18and consent of the attorney general, withhold the certificate herein mentioned.
AB150, s. 6124 19Section 6124. 221.07 of the statutes is amended to read:
AB150,2000,4 20221.07 Publication of certificate. The bank shall cause the certificate
21issued hereunder to be published as a class 1 notice, under ch. 985, in the city, village
22or town where the bank is located. Such notice shall be published within 15 days of
23the issuing of the certificate. Proof of publication shall be filed with the commissioner
24of banking
department. In the event of any bank failing to comply with the
25provisions of this section the commissioner department shall cause the notice to be

1published and the bank shall be liable for the expense thereof, and in addition thereto
2such bank shall be subject to a penalty of $100, which amount shall be collected by
3the commissioner department, and when recovered shall be paid into the state
4treasury.
AB150, s. 6125 5Section 6125. 221.08 (3) of the statutes is amended to read:
AB150,2000,156 221.08 (3) In the first instance, the directors shall be elected at the meeting
7held before the bank is authorized to commence business by the commissioner of
8banking
department, and afterwards at the annual meeting of the stockholders
9which shall be held at a time established in the bylaws. Beginning with the annual
10meeting held in 1990, the bank shall include with each notice of an annual meeting
11delivered to shareholders copies for the 2 preceding fiscal years of the bank's balance
12sheets, statements of profit and loss and reconcilements of the bank's loan loss
13reserve. If for any reason an election is not had at that meeting, it may be held at
14a subsequent meeting called for that purpose, of which due notice shall be given as
15provided in the bylaws.
AB150, s. 6126 16Section 6126. 221.08 (9) of the statutes is amended to read:
AB150,2001,217 221.08 (9) The board of directors shall meet at least once each month. At the
18monthly meeting they shall generally investigate the affairs of the bank and
19determine whether the assets are of the value at which they are carried on the books
20of the bank. The directors shall name a loan committee of 3 or more of its members,
21a majority of whom shall be other than active executives, except in 1st or 2nd class
22cities, or except when a majority of the directors are actively engaged in the bank's
23management. The committee shall meet at least once each month and shall
24determine policies as to renewals and applications for new loans. Any director who
25is found to be lax in attendance may be removed by the commissioner department

1and the vacancy shall be filled within a reasonable time as the commissioner
2department may direct.
AB150, s. 6127 3Section 6127. 221.09 (1) (intro.) of the statutes is amended to read:
AB150,2001,84 221.09 (1) (intro.) After receipt by the board of directors of a bank of each report
5of examination of the bank by the office of the commissioner department, the board
6or an examining committee appointed under sub. (2), unless the commissioner
7department requires response by the board as provided in s. 220.05 (5), shall do all
8of the following:
AB150, s. 6128 9Section 6128. 221.09 (5) of the statutes is amended to read:
AB150,2001,1310 221.09 (5) The board of directors shall transmit the report prepared under sub.
11(1) (b) and the acknowledgments prepared under sub. (3) to the office of the
12commissioner
department within 45 days after receipt by the board of each report
13of examination under sub. (1) (intro.).
AB150, s. 6129 14Section 6129. 221.12 of the statutes is amended to read:
AB150,2002,13 15221.12 Articles may be amended. A bank may amend its articles of
16incorporation in any manner not inconsistent with law, at any time, by a vote of its
17stockholders representing two-thirds of the capital stock taken at a meeting called
18for that purpose. The bank shall submit the amendment to the commissioner of
19banking
department. The amendment is not effective unless approved by the
20commissioner department. The amendment may provide for a change of location of
21the bank. The amendment may provide for a change of the location of a parent bank
22to the location of a branch of the parent bank and a change of the location of a branch
23of the parent bank to the location of the parent bank if the change is first approved
24by the commissioner department upon application. The amendment, certified by the
25president or cashier, and setting forth the volume and page of recording in the office

1of the register of deeds of the original articles of incorporation, shall be recorded as
2required for articles of incorporation. No increase of the capital shall be valid until
3the amount of the increase has been subscribed and actually paid in. The entire
4surplus fund of a bank, or as much as may be required, may be declared and paid out
5as a stock dividend to apply on, and be converted into, an increase of capital. No
6reduction of capital shall be made to a less amount than is required under this
7chapter for capital, nor be valid or warrant the cancellation of stock certificates or
8diminish the personal liability of stockholders, until the reduction has been approved
9by the commissioner department. No reduction may be effected in any other way
10than by a proportional reduction of all outstanding shares unless approved by the
11commissioner department. The approval may be given only when the commissioner
12department is satisfied that the reduction of the capital is in the best interests of the
13depositors.
AB150, s. 6130 14Section 6130. 221.14 (1) of the statutes is amended to read:
AB150,2002,2315 221.14 (1) Real estate necessary for the convenient transaction of its business,
16including with its banking offices other facilities to rent as source of income. No bank
17may invest in a banking office, including facilities connected with the office, together
18with furniture, equipment and fixtures, or become liable for it in a sum exceeding
1960% of its capital and surplus; but in lieu of this it may invest, with the approval of
20the commissioner of banking department, an amount not to exceed 40% of its capital
21and surplus in the stocks, bonds or obligations of a bank building corporation. Any
22bank not owning its banking offices may not invest in furniture, equipment and
23fixtures a sum exceeding 20% of its capital and surplus.
AB150, s. 6131 24Section 6131. 221.14 (4s) of the statutes is amended to read:
AB150,2003,8
1221.14 (4s) Real estate used as an attended or unattended remote facility for
2paying and receiving only. Remote facilities may be established only with specific
3approval by the commissioner department. The authority under this subsection is
4in addition to the authority to establish facilities that are attached to or a part of a
5bank or a branch bank. After July 31, 1989, and before February 1, 1990, a bank may
6inform the commissioner department in writing that it is converting a remote facility
7existing on August 1, 1989, into a branch bank, specifying the effective date of the
8conversion. An application fee is not required for a conversion under this subsection.
AB150, s. 6132 9Section 6132. 221.14 (5) of the statutes is amended to read:
AB150,2003,1310 221.14 (5) Real estate purchased and held, subject to the approval of the
11commissioner of banking department, for the purpose of providing needed housing
12accommodations for its essential employes who are relocated by the bank, including
13purchasing the former residence of the relocated, essential employe.
AB150, s. 6133 14Section 6133. 221.14 (6) of the statutes is amended to read:
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