SB351, s. 183
17Section
183. 186.16 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
18and .... (this act), is repealed and recreated to read:
SB351,47,2119
186.16
(2) Maximum set by office of credit unions. The office of credit unions
20may establish the maximum dividend that a credit union and a corporate central
21credit union may pay in each classification of its savings.
SB351, s. 184
22Section
184. 186.17 (1) of the statutes is repealed and recreated to read:
SB351,47,2523
186.17
(1) Regular reserves. Semiannually, a credit union shall determine its
24gross income. From gross income, the credit union shall transfer to regular reserve
25amounts required under a schedule set by the national board.
SB351, s. 185
1Section
185. 186.17 (2) of the statutes is amended to read:
SB351,48,52
186.17
(2) (title)
Special reserves. Special reserves may be required by the
3commissioner on an individual credit union basis
for purchased accounts or when
4serious threat of impairment threatens regular reserve or for a corporate central
5credit union.
SB351, s. 186
6Section
186. 186.17 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
7and .... (this act), is repealed and recreated to read:
SB351,48,108
186.17
(2) Special reserves. Special reserves may be required by the office of
9credit unions on an individual credit union basis or for a corporate central credit
10union.
SB351, s. 187
11Section
187. 186.17 (3) of the statutes is repealed.
SB351, s. 188
12Section
188. 186.18 of the statutes is amended to read:
SB351,49,7
13186.18 Dissolution. Upon
the unanimous a two-thirds recommendation of
14the board of directors, the members may vote to dissolve the credit union. If a
15majority of the total membership vote by ballot
, in person or by letter or other written
16communication in favor of dissolution, and if not more than
the greater of 15
17members or 10% of the total membership,
whichever is greater, by written notice
, 18vote against dissolution, the credit union shall be dissolved. If both the number of
19votes in favor of dissolution and the number of votes against dissolution are each less
20than
50% 25% of the total number of members
, the board of directors may, with the
21permission of the commissioner,
cause written notice to be mailed mail to each
22member at the member's last-known address
a written notice which
expressly states
23that the board's proposal to dissolve the credit union will be approved or disapproved
24at a special or annual meeting to be held at the time and place specified in the notice.
25The credit union shall be dissolved only if a majority of the members present at the
1meeting vote in favor of the board's proposal to dissolve the credit union. If the
2members vote to dissolve the credit union, a committee of 3 shall be elected by the
3members to liquidate the assets of the credit union. After assets are liquidated and
4debts paid
, members shall be paid a liquidating dividend in proportion to their
5savings from remaining assets. The committee in charge of liquidation may sell or
6dispose of the assets in whole or in part at a public or private sale subject to
7confirmation by the board of directors and the commissioner.
SB351, s. 189
8Section
189. 186.18 of the statutes, as affected by 1995 Wisconsin Acts 27 and
9.... (this act), is repealed and recreated to read:
SB351,50,3
10186.18 Dissolution. Upon a two-thirds recommendation of the board of
11directors, the members may vote to dissolve the credit union. If a majority of the total
12membership vote by ballot, in person or by letter or other written communication in
13favor of dissolution, and if not more than the greater of 15 members or 10% of the total
14membership, by written notice, vote against dissolution, the credit union shall be
15dissolved. If both the number of votes in favor of dissolution and the number of votes
16against dissolution are each less than 25% of the total number of members, the board
17of directors may, with the permission of the office of credit unions, mail to each
18member at the member's last-known address a written notice which states that the
19board's proposal to dissolve the credit union will be approved or disapproved at a
20special or annual meeting to be held at the time and place specified in the notice. The
21credit union shall be dissolved only if a majority of the members present at the
22meeting vote in favor of the board's proposal to dissolve the credit union. If the
23members vote to dissolve the credit union, a committee of 3 shall be elected by the
24members to liquidate the assets of the credit union. After assets are liquidated and
25debts paid, members shall be paid a liquidating dividend in proportion to their
1savings from remaining assets. The committee in charge of liquidation may sell or
2dispose of the assets in whole or in part at a public or private sale subject to
3confirmation by the board of directors and the office of credit unions.
SB351, s. 190
4Section
190. 186.19 of the statutes is repealed and recreated to read:
SB351,50,7
5186.19 Bonding requirement. (1) Officer bonds. A credit union shall
6maintain the necessary bonds for officers according to standards prescribed by the
7national board.
SB351,50,9
8(2) Director bonds. A credit union shall maintain the necessary bonds for
9directors according to standards prescribed in the bylaws.
SB351, s. 191
10Section
191. 186.21 (1) of the statutes is amended to read:
SB351,50,1611
186.21
(1) (title)
Office to cooperate. It shall be the duty of the office of the
12commissioner
of credit unions to
promote the extension of credit at the lowest
13possible rates and cooperate with every group of people
who may be or may become 14that is interested in the formation
and development of
, or in an affiliation with, a
15credit union in this state
for that purpose, and it. The commissioner's office may do
16all things reasonably necessary for the discharge of this duty.
SB351, s. 192
17Section
192. 186.21 (1) of the statutes, as affected by 1995 Wisconsin Acts 27
18and .... (this act), is repealed and recreated to read:
SB351,50,2219
186.21
(1) Office to cooperate. It shall be the duty of the office of credit unions
20to cooperate with every group of people that is interested in the formation of, or in
21an affiliation with, a credit union in this state. The office of credit unions may do all
22things reasonably necessary for the discharge of this duty.
SB351, s. 193
23Section
193. 186.21 (2) of the statutes is amended to read:
SB351,51,424
186.21
(2) (title)
Advertising. The office of the commissioner
of credit unions 25shall
carry on use advertising
of whatever character that is
most suitable and
1effective to acquaint the people of this state with the agencies and organizations
2dealing
in consumer credit, and of the rates of interest, the condition of loans, the
3benefits and safeguards and the savings features of each such type, agency and
4organization with credit unions.
SB351, s. 194
5Section
194. 186.21 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
6and .... (this act), is repealed and recreated to read:
SB351,51,97
186.21
(2) Advertising. The office of credit unions shall use advertising that
8is suitable and effective to acquaint the people of this state with the agencies and
9organizations dealing with credit unions.
SB351, s. 195
10Section
195. 186.21 (3) of the statutes is amended to read:
SB351,51,1411
186.21
(3) (title)
Consultations. The office of the commissioner
of credit unions 12shall
further offer without charge to any group, either joined in a credit union or
13considering such an organization,
whatever advice and direction on accounting
14practice practices and managerial problems
that may be needful.
SB351, s. 196
15Section
196. 186.21 (3) of the statutes, as affected by 1995 Wisconsin Acts 27
16and .... (this act), is repealed and recreated to read:
SB351,51,1917
186.21
(3) Consultations. The office of credit unions shall offer without charge
18to any group, either joined in a credit union or considering such an organization,
19advice and direction on accounting practices and managerial problems.
SB351, s. 197
20Section
197. 186.21 (4) of the statutes is amended to read:
SB351,51,2421
186.21
(4) (title)
Materials. The office of the commissioner
of credit unions 22shall provide application blanks, model bylaws
, and
whatever other
material may be
23needful or helpful materials to help in the organization, efficient functioning and
24expansion of credit unions.
SB351, s. 198
1Section
198. 186.21 (4) of the statutes, as affected by 1995 Wisconsin Acts 27
2and .... (this act), is repealed and recreated to read:
SB351,52,53
186.21
(4) Materials. The office of credit unions shall provide application
4blanks, model bylaws and other materials to help in the organization, efficient
5functioning and expansion of credit unions.
SB351, s. 199
6Section
199. 186.22 (11) of the statutes is amended to read:
SB351,52,207
186.22
(11) Oath of directors. Each director, when appointed or elected, shall
8take an oath that the director will, so far as
the duty
devolves upon the director 9requires, diligently and honestly administer the affairs of the credit union finance
10corporation, and will not knowingly violate, or willingly permit to be violated, any
11of the provisions of law applicable to
such the corporation, and that the director is
12the owner
, in good faith and
in the director's own right on the books of the
nominating 13credit union
which nominated the director, of shares in value of not less than $100,
14or other shares of the withdrawal value of $100, and that the
same is shares are not
15hypothecated, or in any way pledged as security for any loan or debt and, in case of
16reelection that
such share was the shares were not hypothecated or in any way
17pledged as security for any loan or debt during the director's previous term.
Such 18The oath shall be subscribed by the directors and officers making it, and certified by
19an officer authorized by law to administer oaths, and immediately transmitted to the
20commissioner.
SB351, s. 200
21Section
200. 186.22 (11) of the statutes, as affected by 1995 Wisconsin Acts 27
22and .... (this act), is repealed and recreated to read:
SB351,53,923
186.22
(11) Oath of directors. Each director, when appointed or elected, shall
24take an oath that the director will, so far as duty requires, diligently and honestly
25administer the affairs of the credit union finance corporation, and will not knowingly
1violate, or willingly permit to be violated, any of the provisions of law applicable to
2the corporation, and that the director is the owner, in good faith and on the books of
3the nominating credit union, of shares in value of not less than $100, or other shares
4of the withdrawal value of $100, and that the shares are not hypothecated, or in any
5way pledged as security for any loan or debt and, in case of reelection that the shares
6were not hypothecated or in any way pledged as security for any loan or debt during
7the director's previous term. The oath shall be subscribed by the directors and
8officers making it, and certified by an officer authorized by law to administer oaths,
9and immediately transmitted to the office of credit unions.
SB351, s. 201
10Section
201. 186.23 of the statutes is renumbered 186.235 (8) and amended
11to read:
SB351,53,1812
186.235
(8) (title)
Rules and regulations. The commissioner shall, with the
13approval of the credit union review board,
issue orders prescribing reasonable 14promulgate rules
and regulations in conducting relating to the business of credit
15unions
or corporations operating as provided in this chapter and it may in like
16manner issue orders amending, modifying, repealing or supplementing rules or
17orders. The violation of any such rule may be cause for the removal of any officer,
18director or employe of any credit union or corporation.
SB351, s. 202
19Section
202. 186.235 (title) of the statutes, as affected by 1995 Wisconsin Acts
2027 and .... (this act), is repealed and recreated to read:
SB351,53,21
21186.235 (title)
Office of credit unions.
SB351, s. 203
22Section
203. 186.235 (1) of the statutes is created to read:
SB351,53,2423
186.235
(1) Supervision. A credit union shall be under the control and
24supervision of the commissioner.
SB351, s. 204
1Section
204. 186.235 (1) of the statutes, as created by 1995 Wisconsin Act ....
2(this act), is amended to read:
SB351,54,43
186.235
(1) Supervision. A credit union shall be under the control and
4supervision of the
commissioner office of credit unions.
SB351, s. 205
5Section
205. 186.235 (1m) of the statutes, as affected by 1995 Wisconsin Acts
627 and .... (this act), is repealed.
SB351, s. 206
7Section
206. 186.235 (2) of the statutes, as affected by 1995 Wisconsin Acts
827 and .... (this act), is repealed and recreated to read:
SB351,54,109
186.235
(2) Enforcement. The office of credit unions shall enforce this chapter
10and other laws relating to credit unions.
SB351, s. 207
11Section
207. 186.235 (3) of the statutes is created to read:
SB351,54,1312
186.235
(3) Full-time duties. The commissioner and deputy commissioner
13shall devote full time to their respective positions.
SB351, s. 208
14Section
208. 186.235 (3) of the statutes, as created by 1995 Wisconsin Act ....
15(this act), is amended to read:
SB351,54,1816
186.235
(3) Full-time duties. The
commissioner and deputy commissioner 17administrator of the office of credit unions shall devote full time to
their respective
18positions his or her position.
SB351, s. 209
19Section
209. 186.235 (3m) of the statutes is created to read:
SB351,54,2220
186.235
(3m) Conflicts of interest. The commissioner, or any employe of the
21office of the commissioner, may not serve as a director or officer of a credit union or
22any other organization that is under the supervision of the office of the commissioner.
SB351, s. 210
23Section
210. 186.235 (3m) of the statutes, as created by 1995 Wisconsin Act
24.... (this act), is amended to read:
SB351,55,4
1186.235
(3m) Conflicts of interest. The commissioner, or any No employe of
2the office of
the commissioner, credit unions may
not serve as a director or officer of
3a credit union or any other organization that is under the supervision of the office
4of
the commissioner credit unions.
SB351, s. 211
5Section
211. 186.235 (4) of the statutes is created to read:
SB351,55,86
186.235
(4) Bond required. A person who is appointed to or employed by the
7office of the commissioner shall furnish a surety bond in an amount authorized by
8the commissioner.
SB351, s. 212
9Section
212. 186.235 (4) of the statutes, as created by 1995 Wisconsin Act ....
10(this act), is amended to read:
SB351,55,1311
186.235
(4) Bond required. A person who is appointed to or employed by the
12office of
the commissioner credit unions shall furnish a surety bond in an amount
13authorized by the
commissioner office.
SB351, s. 213
14Section
213. 186.235 (5) of the statutes, as affected by 1995 Wisconsin Act ....
15(this act), is amended to read:
SB351,55,2016
186.235
(5) (title)
Immunity of commissioner office of credit unions. The
17commissioner office of credit unions shall not be subject to any civil liability or
18penalty, or to any criminal prosecution, for any error in judgment or discretion made
19in good faith and upon reasonable grounds in any action taken or omitted by the
20commissioner office of credit unions in an official capacity.
SB351, s. 214
21Section
214. 186.235 (7) (a) (intro.) of the statutes, as affected by 1995
22Wisconsin Act .... (this act), is amended to read:
SB351,56,223
186.235
(7) (a) (intro.)
The commissioner, all other officers and employes 24Employes of the office of
the commissioner, credit unions and members of the review
1board shall keep secret all the facts and information obtained in the course of
2examinations, except in any of the following situations:
SB351, s. 215
3Section
215. 186.235 (7) (b) of the statutes, as affected by 1995 Wisconsin Act
4.... (this act), is amended to read:
SB351,56,65
186.235
(7) (b) Notwithstanding par. (a) and unless otherwise provided by rule,
6the
commissioner office of credit unions may do any of the following:
SB351,56,97
1. Furnish to the national board a copy of any examination made by the
8commissioner's office of
credit unions of any credit union or of any report made by
9the credit union.
SB351,56,1210
2. Give access to and disclose to the national board any information possessed
11by the
commissioner office of credit unions about the conditions or affairs of any
12credit union whose savings are insured by federal share insurance.
SB351, s. 216
13Section
216. 186.235 (8) of the statutes, as affected by 1995 Wisconsin Act ....
14(this act), is repealed and recreated to read:
SB351,56,1615
186.235
(8) Rules. The office of credit unions shall, with the approval of the
16credit union review board, promulgate rules relating to the business of credit unions.
SB351, s. 217
17Section
217. 186.235 (9) of the statutes is created to read:
SB351,56,2118
186.235
(9) Charter revocation. The commissioner shall report to the
19department of justice any credit union that conducts its business in violation of this
20chapter. The department of justice may bring an action to revoke the credit union's
21articles of incorporation.
SB351, s. 218
22Section
218. 186.235 (9) of the statutes, as created by 1995 Wisconsin Act ....
23(this act), is amended to read:
SB351,57,224
186.235
(9) Charter revocation. The
commissioner office of credit unions shall
25report to the department of justice any credit union that conducts its business in
1violation of this chapter. The department of justice may bring an action to revoke the
2credit union's articles of incorporation.
SB351, s. 219
3Section
219. 186.235 (10) of the statutes is created to read:
SB351,57,54
186.235
(10) Removal. (a) The commissioner may remove an officer, director,
5committee member or employe of a credit union if any of the following applies:
SB351,57,96
1. The policies or practices of the officer, director, committee member or
7employe are prejudicial to the best interest of the credit union, endanger or will
8endanger the safety or solvency of the credit union, or impair the interests of the
9members.
SB351,57,1210
2. The officer, director, committee member or employe violates or permits the
11violation of this chapter, a rule promulgated under this chapter or an order of the
12commissioner.
SB351,57,1513
(b) An officer, director, committee member or employe removed by the
14commissioner under par. (a) shall be given an opportunity for a hearing before the
15review board within 30 days after the date on which the removal order is issued.
SB351,57,2416
(c) An order of removal takes effect on the date on which it is issued. A copy
17of the order shall be served upon the credit union and upon the officer, director,
18committee member or employe in the manner provided by law or by mailing a copy
19to the credit union and officer, director, committee member or employe at their
20last-known post-office addresses. An officer, director, committee member or
21employe who is removed from office or employment under this subsection may not
22be elected as an officer or director of, or be employed by, a credit union without the
23approval of the commissioner and the review board. An order of removal under this
24subsection is a final order or determination of the review board under s. 186.015.
SB351,58,3
1(d) The commissioner may appoint any member of the credit union to fill a
2vacancy caused by a removal under this subsection. The person who is appointed
3shall hold office until the next annual meeting of the membership.
SB351, s. 220
4Section
220. 186.235 (10) (a) (intro.) of the statutes, as created by 1995
5Wisconsin Act .... (this act), is amended to read:
SB351,58,86
186.235
(10) (a) (intro.) The
commissioner office of credit unions may remove
7an officer, director, committee member or employe of a credit union if any of the
8following applies:
SB351, s. 221
9Section
221. 186.235 (10) (a) 2. of the statutes, as created by 1995 Wisconsin
10Act .... (this act), is amended to read:
SB351,58,1311
186.235
(10) (a) 2. The officer, director, committee member or employe
12violates or permits the violation of this chapter, a rule promulgated under this
13chapter or an order of the
commissioner office of credit unions.
SB351, s. 222
14Section
222. 186.235 (10) (b) of the statutes, as created by 1995 Wisconsin Act
15.... (this act), is amended to read:
SB351,58,1916
186.235
(10) (b) An officer, director, committee member or employe removed by
17the
commissioner office of credit unions under par. (a) shall be given an opportunity
18for a hearing before the review board within 30 days after the date on which the
19removal order is issued.
SB351, s. 223
20Section
223. 186.235 (10) (c) of the statutes, as created by 1995 Wisconsin Act
21.... (this act), is amended to read:
SB351,59,622
186.235
(10) (c) An order of removal takes effect on the date on which it is
23issued. A copy of the order shall be served upon the credit union and upon the officer,
24director, committee member or employe in the manner provided by law or by mailing
25a copy to the credit union and officer, director, committee member or employe at their
1last-known post-office addresses. An officer, director, committee member or
2employe who is removed from office or employment under this subsection may not
3be elected as an officer or director of, or be employed by, a credit union without the
4approval of the
commissioner office of credit unions and the review board. An order
5of removal under this subsection is a final order or determination of the review board
6under s. 186.015.
SB351, s. 224
7Section
224. 186.235 (10) (d) of the statutes, as created by 1995 Wisconsin Act
8.... (this act), is amended to read: