SB351, s. 245
21Section
245. 186.26 (1) of the statutes is renumbered 186.235 (16) and
22amended to read:
SB351,75,1023
186.235
(16) (title)
Annual examination. (a) At least once each year, the
24commissioner shall
make or cause to be made an examination of examine the
cash,
25bills, collaterals, securities, assets, books of account, condition and affairs records
1and accounts of each credit union
and for
. For that purpose the commissioner or the
2examiners appointed by the commissioner shall have full access to, and may compel
3the production of, each credit union's
books, papers, securities and moneys, records
4and accounts. They may administer oaths to and examine each credit union's officers
5and agents
as to their respective affairs. Special examination shall be made upon
6written request of 5 or more members, if those members guarantee the expense of
7the special examination. The refusal of any credit union to submit to an examination
8ordered or requested shall be reported to the department of justice for the purpose
9of instituting proceedings to have the charter of the credit union revoked because of
10the refusal.
SB351,75,1911
(b)
In lieu Instead of an annual examination of a credit union under par. (a),
12the commissioner may accept an audit report of the condition of the credit union
13made by a certified public accountant not an employe of the credit union in
14accordance with rules promulgated by the commissioner
. The cost of the audit shall
15be paid by the credit union. A copy of each audit under this paragraph shall be
16furnished to the Wisconsin credit union savings insurance corporation if the credit
17union's savings are protected or guaranteed by the Wisconsin credit union savings
18insurance corporation or may accept an examination or audit made or approved by
19the national board.
SB351, s. 246
20Section
246. 186.26 (2) of the statutes is repealed.
SB351, s. 247
21Section
247. 186.27 (title) of the statutes is renumbered 186.235 (7) (title).
SB351, s. 248
22Section
248. 186.27 (intro.), (1) and (2) of the statutes are renumbered 186.235
23(7) (a) (intro.), 1. and 2. and amended to read:
SB351,76,224
186.235
(7) (a) (intro.) The commissioner, all other officers and employes of the
25office
of the commissioner, and members of the review board shall keep secret all the
1facts and information obtained in the course of examinations, except
in any of the
2following situations:
SB351,76,43
1.
So far as If the public duty of
such the person requires
the that person to
4report upon or take special action regarding the affairs of any credit union
; or.
SB351,76,65
2.
When If the person is called as a witness in any criminal proceeding
or trial
6in a court of justice; or.
SB351, s. 249
7Section
249. 186.27 (3) of the statutes is renumbered 186.235 (7) (b) and
8amended to read:
SB351,76,109
186.235
(7) (b)
The Notwithstanding par. (a) and unless otherwise provided by
10rule, the commissioner may do any of the following:
SB351,76,1311
1. Furnish to the national board
or any official or examiner of it a copy of any
12examination made
by the commissioner's office of any credit union or of any report
13made by the credit union.
SB351,76,1714
2. Give access to and disclose to the national board
or any official or examiner
15of it any information possessed by the commissioner about the conditions or affairs
16of any credit union whose savings are insured by
the national board federal share
17insurance.
SB351, s. 250
18Section
250. 186.28 of the statutes is renumbered 186.235 (18) and amended
19to read:
SB351,77,520
186.235
(18) (title)
Bookkeeping; forfeiture for failure to obey commissioner
21Record-keeping and accounting procedure. (a) A credit union shall
open and keep
22accurate and convenient records
of its transactions and accounts
in a manner
23consistent with generally accepted accounting principles or with standards
24prescribed by the commissioner. If
the commissioner determines that a credit union
25does not keep its
books records and accounts in a manner
which enables the
1commissioner to readily ascertain the true condition of the credit union consistent
2with generally accepted accounting principles, the commissioner may require
any
3officer of the credit union to
open and keep
such books or records and accounts
as 4under standards prescribed by the commissioner
may prescribe in order to remedy
5the deficiency.
SB351,77,126
(b)
Any The commissioner may require a credit union that
refuses or neglects 7fails to
open records or maintain
books prescribed records or accounts
in the manner
8prescribed under sub. (1) shall be subject, upon written notification of the
9commissioner, to a forfeiture not to exceed $10 to forfeit not more than $100 for each
10day it is in violation. If
any the credit union fails
or refuses to pay the forfeiture, the
11commissioner may institute proceedings to
enforce its collection recover the
12forfeiture.
SB351, s. 251
13Section
251. 186.29 (title) of the statutes is renumbered 186.235 (11) (title).
SB351, s. 252
14Section
252. 186.29 (1) (intro.), (a) to (c), (e) and (g) to (k) of the statutes are
15renumbered 186.235 (11) (a) (intro.) and 1. to 9. and amended to read:
SB351,77,2016
186.235
(11) (a)
Conditions for taking possession. (intro.) The commissioner
17may
forthwith take possession and control of the business and property of any credit
18union
to which this chapter is applicable whenever the commissioner finds a if the 19credit union
violating violates this chapter or
that if the credit union
does any of the
20following:
SB351,77,2121
1.
Is conducting Conducts its business contrary to law
; or.
SB351,77,2222
2.
Has violated Violates its charter, or any law
; or.
SB351,77,2423
3.
Is conducting Conducts its business in an unauthorized or unsafe manner
;
24or.
SB351,77,2525
4. Has an impairment of its capital
; or.
SB351,78,1
15.
Has suspended Suspends payment of its obligations
; or.
SB351,78,32
6.
Has neglected or refused Neglects or refuses to comply with the terms of
a
3duly issued an order of the commissioner
; or.
SB351,78,54
7.
Has refused Refuses to submit its books, papers, records
, accounts or affairs
5for inspection to
any a credit union examiner
; or.
SB351,78,66
8.
Has refused Refuses to be examined upon oath regarding its affairs.
SB351,78,87
9.
Has been given Receives notice of intent to terminate insured status by the
8national board.
SB351, s. 253
9Section
253. 186.29 (1) (d) and (f) of the statutes are repealed.
SB351, s. 254
10Section
254. 186.29 (1m) of the statutes is renumbered 186.235 (11) (b) and
11amended to read:
SB351,78,1812
186.235
(11) (b)
Suspension. 1. The commissioner may suspend, for a period
13of up to 120 days,
the business or an officer, director, committee member or employe
14of a credit union
from engaging in credit union business if the commissioner finds the
15existence of any condition under
sub. (1) (a) to (k)
par. (a) 1. to 9. The commissioner
16may renew a suspension under this
paragraph subdivision any number of times and
17for periods of up to 120 days if the commissioner finds that the condition or conditions
18continue to exist.
SB351,78,2519
2. The commissioner shall suspend the business of a credit union, other than
20a corporate central credit union, if the credit union does not comply with s. 186.34
21(2) (a). The commissioner shall then liquidate the credit union under this section
22unless the credit union files a complete application for federal share insurance from
23the national board within 30 days after the date the suspension under this paragraph
24commences. The commissioner shall authorize a credit union to resume its business
25if it files an application within the time period specified in this paragraph.
SB351, s. 255
1Section
255. 186.29 (1p) (title) of the statutes is renumbered 186.235 (11) (c)
2(title).
SB351, s. 256
3Section
256. 186.29 (1p) (a) (title) of the statutes is repealed.
SB351, s. 257
4Section
257. 186.29 (1p) (a) of the statutes is renumbered 186.235 (11) (c) 1.
5and amended to read:
SB351,79,86
186.235
(11) (c) 1. The commissioner may take possession of the business and
7property of a credit union if the commissioner finds the existence of any condition
8under
sub. (1) (a) to (k) par. (a) 1. to 9.
SB351, s. 258
9Section
258. 186.29 (1p) (b) (title) of the statutes is repealed.
SB351, s. 259
10Section
259. 186.29 (1p) (b) of the statutes is renumbered 186.235 (11) (c) 2.
11and amended to read:
SB351,79,1512
186.235
(11) (c) 2. The commissioner shall take possession of the business and
13property of a credit union that violates s. 186.34
(2) (b), unless the commissioner
14approves a
consolidation merger under s. 186.31
, and of a credit union that the
15commissioner is required to liquidate under sub. (1m) (b).
SB351, s. 260
16Section
260. 186.29 (2) (intro.) and (a) of the statutes are renumbered 186.235
17(11) (d) (intro.) and 1. and amended to read:
SB351,79,2018
186.235
(11) (d)
Procedure on taking possession. (intro.) Upon taking
19possession of the business and property of
any such
a credit union
, the commissioner
20shall
forthwith:
SB351,80,221
1. Serve a notice in writing upon the president and secretary of
said the credit
22union
setting forth therein stating that the commissioner has taken possession and
23control of the business and property of
said the credit union.
Said The notice shall
24be executed in duplicate, and immediately after
the same has been served service,
1one of the
said notices shall be filed with the clerk of the circuit court of the county
2where said in which the credit union is located together with proof of service.
SB351, s. 261
3Section
261. 186.29 (2) (b) of the statutes is renumbered 186.235 (11) (d) 2. and
4amended to read:
SB351,80,75
186.235
(11) (d) 2. Give notice to all individuals, partnerships, corporations,
6limited liability companies and associations known to the commissioner to be
7holding or in possession of any assets of
such the credit union.
SB351, s. 262
8Section
262. 186.29 (2) (c) of the statutes is renumbered 186.235 (11) (dg) and
9amended to read:
SB351,81,310
186.235
(11) (dg) (title)
Special deputy commissioners. The commissioner may
11appoint one or more special deputy commissioners as agent to assist in the duty of
12liquidation and distribution of the assets of one or more credit unions
of whose
13business and property the commissioner
shall have taken possession pursuant to the
14provisions of this chapter holds. A certificate of
such appointment shall be filed in
15the office of the commissioner and a certified copy in the office of the clerk of the
16circuit court for the county in which
such the credit union is located. The
17commissioner may employ
such counsel and procure
such expert assistance and
18advice as
may be necessary in the liquidation and distribution of the assets of
such 19the credit union, and may retain
such of the any officers or employes of
such the credit
20union
as that the commissioner
deems considers to be necessary. The special deputy
21commissioner and assistants shall furnish
such security for the faithful discharge of
22their duties
as in an amount that the commissioner
deems proper. Such considers
23to be necessary. The special deputy commissioner may execute, acknowledge and
24deliver any
and all deeds, assignments, releases or other instruments necessary
and
25proper to effect any sale and transfer or incumbrance of real estate or personal
1property and may borrow money for use in the liquidation after the
same liquidation 2has been approved by the commissioner and an order obtained from the circuit court
3of the county in which
said the credit union is located
as hereinafter provided.
SB351, s. 263
4Section
263. 186.29 (2) (d) of the statutes is renumbered 186.235 (11) (dr) and
5amended to read:
SB351,81,186
186.235
(11) (dr) (title)
Special deputy commissioner duties. Upon taking
7possession of the property and business of
such the credit union, the special deputy
8commissioner is authorized to collect all moneys due to
such the credit union, and
to 9do
such other acts
as are necessary to conserve its assets and business, and shall
10proceed to liquidate the affairs
thereof as hereinafter provided of the credit union.
11The special deputy commissioner shall collect all debts due and claims belonging to
12it the credit union, and upon a petition approved by the commissioner and upon order
13of the circuit court of the county in which
such
the credit union is located, may sell
14or compound all bad or doubtful debts, or do any act or execute any other necessary
15instruments and upon
like petition and order may sell all the real and personal
16property of
such the credit union on such terms as the court shall approve.
Such
17special deputy commissioner may, if necessary, enforce individual liability of the
18stockholders to pay the debts of such corporation.
SB351, s. 264
19Section
264. 186.29 (3) of the statutes is renumbered 186.235 (11) (e) and
20amended to read:
SB351,82,1221
186.235
(11) (e)
Notice, allowance and payment of claims. The special deputy
22commissioner shall
cause publish a class 3 notice, under ch. 985,
to be published, 23calling on all persons who may have
claims a claim against
such the credit union
, to
24present the
same claim to the special deputy commissioner and make legal proof
25thereof of the claim at a place and within a time, not earlier than the last day of
1publication, to be
therein specified
in the notice. The special deputy commissioner
2shall mail a similar notice to all persons
, at their last-known address, whose names
3appear as creditors upon the books of the credit union. Proof of service of
such the 4notice shall be filed with the clerk of
said court. The special deputy commissioner
5may reject any claim. Any party interested may also file written objections to any
6claim with the special deputy commissioner and
, after notice by registered mail of
7such the rejection,
said the claimant shall be barred unless the claimant commences
8an action
thereon on the claim within 3 months. Claims presented after the
9expiration of the time fixed in the notice
to creditors shall be entitled to
an equitable 10share
in from the distribution
only to the extent of
the any assets
then remaining in
11the hands of the special deputy commissioner
equitably applicable thereto after
12properly filed claims have been paid.
SB351, s. 265
13Section
265. 186.29 (4) of the statutes is renumbered 186.235 (11) (f) and
14amended to read:
SB351,83,215
186.235
(11) (f)
Inventory of assets and statement of liabilities. Upon taking
16possession of the property and assets of
such the credit union, the special deputy
17commissioner shall make an inventory of the assets of
such the credit union, in
18duplicate, one to be filed in the office of the commissioner and one in the office of the
19clerk of circuit court for the county in which
such
the credit union is located. Upon
20the expiration of the time fixed for the presentation of claims, the special deputy
21commissioner shall make in duplicate a full and complete list of the claims presented,
22including and specifying
such the claims
as have been rejected by the special deputy
23commissioner, one to be filed in the office of the commissioner, and one in the office
24of the clerk of circuit court for the county in which
such the credit union is located.
1Such The inventory and list of claims shall be open at all reasonable times to
2inspection.
SB351, s. 266
3Section
266. 186.29 (5) of the statutes is renumbered 186.235 (11) (g) and
4amended to read:
SB351,83,175
186.235
(11) (g)
Adjustment of loans and withdrawal value of shares. The value
6of shares pledged upon a loan to the credit union shall be applied and credited to the
7loan and the borrower shall be liable only for the balance. The rate of interest
8charged upon the balance shall be the legal rate.
The value shall be determined in
9such manner as the commissioner prescribes, and shall be made under s. 186.30 (1)
10and (3), or in such other manner as the commissioner may prescribe. Upon the
11approval of the value by the commissioner and the circuit court of the county in which
12the credit union is located, the book value of each member
shall may be reduced
13proportionately. At least 5 days' written notice of the determination of value shall
14be given to all shareholders of the time and place the value shall be submitted to the
15circuit court for approval. Approval of the circuit court shall be by an order entered
16under s. 807.11 (2). Any stockholder or creditor of the credit union aggrieved by the
17determination of value may appeal to the court of appeals.
SB351, s. 267
18Section
267. 186.29 (6) of the statutes is renumbered 186.235 (11) (h) and
19amended to read:
SB351,84,720
186.235
(11) (h)
Compensation and expenses in connection with liquidation. 21The compensation of the special deputy commissioners, counsel and other employes
22and assistants, and all expenses of supervision and liquidation shall be fixed by the
23commissioner, subject to the approval of the circuit court for the county in which the
24credit union is located, and shall upon the certificate of the commissioner be paid out
25of the funds of the credit union. Expenses of supervision and liquidation include the
1cost of the services rendered by the office of the commissioner to the credit union
2being liquidated. The cost of these services shall be determined by the commissioner
3and paid to the office of the commissioner from the assets of the credit union as other
4expenses of liquidation are paid. The moneys collected by the special deputy
5commissioner shall be deposited in
one or more a corporate central credit
unions 6union, and, in case of the suspension or insolvency of a depository, such deposits shall
7be preferred before all other deposits.
SB351, s. 268
8Section
268. 186.29 (7) of the statutes is renumbered 186.235 (11) (i) and
9amended to read:
SB351,84,1610
186.235
(11) (i)
Liquidating dividends. At any time after the expiration of the
11date fixed for the presentation of claims, the special deputy commissioner in charge
12of the liquidation of
such the credit union may, upon a petition approved by the
13commissioner and an order of the circuit court of the county in which
such the credit
14union is located, out of the funds remaining, after the payment of expenses and debts,
15declare one or more dividends, and may declare a final dividend
, such dividend to be
16paid to such persons, and in such amounts as may be directed by the circuit court.
SB351, s. 269
17Section
269. 186.29 (8) of the statutes is renumbered 186.235 (11) (j) and
18amended to read:
SB351,85,319
186.235
(11) (j)
Title passes to commissioner. Immediately upon filing the notice
20as provided for in sub. (2) under par. (d), the possession of all assets and property of
21such the credit union
of every kind and nature, wheresoever situated shall be
deemed 22considered to be transferred from
such the credit union to
, and assumed by the
23commissioner
; and. The filing of the notice
mentioned herein, shall of itself, and
24without the execution or delivery of any instruments of conveyance, assignment,
25transfer or
indorsement endorsement, vest the title to all such assets and property
1in the commissioner.
Such The filing shall also operate as a bar to any attachment,
2garnishment, execution or other legal proceedings against
such the credit union, or
3its assets and property, or its liabilities.
SB351, s. 270
4Section
270. 186.29 (9) of the statutes is renumbered 186.235 (11) (k).
SB351, s. 271
5Section
271. 186.29 (10) of the statutes is renumbered 186.235 (11) (L) and
6amended to read:
SB351,85,207
186.235
(11) (L)
Appeal. Whenever any such If a credit union
, whose property
8and business the commissioner has taken possession of
, as aforesaid, deems 9considers itself aggrieved
thereby
by the commissioner's action, it may, at any time
10within
10 30 days after
such the date of the taking, appeal to the credit union review
11board for relief from
such the possession by the commissioner.
In the event If the
12credit union review board sustains the commissioner, the
said credit union may
then, 13at any time within
10 30 days after the decision of the credit union review board,
14apply to the circuit court of the county in which
such
the credit union is located to
15enjoin further proceedings
; and said. The court, after citing the commissioner to
16show cause why further proceedings should not be enjoined and
after hearing all
17allegations and proofs of the parties and determining the facts, may
, upon the merits
18dismiss
such the application or enjoin the commissioner from further proceedings,
19and
may direct
it the commissioner to surrender
such the business and property to
20such the credit union.
SB351, s. 272
21Section
272. 186.29 (11) (intro.) and (a) to (d) of the statutes are renumbered
22186.235 (11) (m) (intro.), 1., 2., 4. and 5. and amended to read:
SB351,86,223
186.235
(11) (m)
Reinstatement. (intro.)
Whenever After the commissioner
24shall have taken takes over the possession and control of the business and property
1of
any a credit union
, the
same credit union may resume business
when and if
all of
2the following apply:
SB351,86,53
1. The owners of at least two-thirds of
such the credit union dollar value of
4outstanding shares
, execute a petition to
such effect resume business, the form of
5which
petition shall be prescribed by the commissioner
, and.
SB351,86,86
2. There is submitted to the commissioner by
such
the shareholders
, or a
7committee
duly selected by them, a plan for the reorganization and reinstatement
8of
such the credit union
, and.
SB351,86,109
4. The commissioner recommends that control of the business and property of
10such the credit union be returned to the shareholders
, and.
SB351,86,1411
5. The court in which
such the liquidation is pending, upon application of the
12commissioner, makes an order approving the commissioner's recommendations,
13which order shall contain a finding that
such the credit union will be in a safe and
14sound condition when control is resumed by the shareholders.
SB351, s. 273
15Section
273. 186.29 (12) of the statutes is renumbered 186.235 (11) (n) and
16amended to read:
SB351,87,317
186.235
(11) (n)
Reinstatement upon restricted basis. Such In addition to the
18procedure under par. (m), a credit union may
also resume business upon a restricted
19basis, and upon such limitations and conditions as may be prescribed by the
20commissioner when approved by the circuit court
in and for the county in which
such 21the credit union is located, upon application of the commissioner.
Such The 22restrictions and conditions may include
, among others, a prohibition against the
23selling of new shares, reasonable restrictions upon withdrawals and the payment of
24other liabilities.
Such On approval, the credit union shall
thereupon be relieved from
25the control and supervision of the commissioner
as provided in this section, but
1nothing herein shall, in any manner, the approval does not prohibit the
2commissioner from again proceeding against
such the credit union
as provided
3herein if conditions warrant the commissioner's action.
SB351, s. 274
4Section
274. 186.29 (13) of the statutes is renumbered 186.235 (11) (p) and
5amended to read:
SB351,87,176
186.235
(11) (p)
Liquidating dividends and unclaimed funds. 1. The special
7deputy commissioner shall deposit unclaimed liquidating dividends and unclaimed
8funds remaining unpaid in the hands of the special deputy commissioner for 6
9months after the order for final distribution in
one or more a corporate central credit
10unions union in the commissioner's name in trust for the shareholders and creditors
11of the liquidated credit union. The commissioner shall annually report to the
12governor and the chief clerk of each house of legislature for distribution to the
13legislature under s. 13.172 (2) the names of credit unions of which the commissioner
14has taken possession and liquidated, and the sums of unclaimed and unpaid
15liquidating dividends and unclaimed funds with respect to each of the credit unions
16respectively, including and include a statement of interest earned upon
such those 17funds.
SB351,88,218
2. The commissioner may pay over the
moneys so funds held by the
19commissioner
under subd. 1. to the persons
respectively entitled
thereto to the funds,
20upon being furnished satisfactory evidence of their right to the
same funds. In case
21of doubt or conflicting claims, the commissioner may require an order of the circuit
22court authorizing
and directing the payment
thereof. The commissioner may apply
23the interest earned by the
moneys so held by the commissioner towards funds toward 24defraying the expenses in the payment and distribution of
such unclaimed
1liquidating dividends and
unclaimed funds to the stockholders and creditors entitled
2to receive the
same dividends and funds.
SB351,88,103
3.
After one One year
from after the
time date of the order for final distribution,
4the commissioner shall report and deliver to the state treasurer all unclaimed funds
5as provided in ch. 177. All claims subsequently arising shall be presented to the
6commissioner. If the commissioner determines that any claim should be allowed,
he
7or she the commissioner shall certify to the department of administration the name
8and address of the person entitled to payment and the amount
thereof of the payment 9and shall attach the claim to the certificate. The department of administration shall
10certify the claim to the state treasurer for payment.
SB351, s. 276
12Section
276. 186.31 of the statutes is amended to read:
SB351,88,23
13186.31 (title)
Consolidation of credit unions Mergers. (1) (title)
Transfer
14of assets and liabilities. Any credit union, which is in good faith winding up its
15business for the purpose of
consolidating merging with
some other another credit
16union, may transfer its assets and liabilities to the credit union with which it is in
17the process of
consolidation merging; but no
consolidation merger may be made
18without the consent of the commissioner, and not then to defeat or defraud any of its
19creditors in the collection of debts against such credit union.
No consolidation may
20be carried out without the consent of the Wisconsin credit union savings insurance
21corporation if it protects or guarantees the accounts of any credit union participating
22in the consolidation, or the national board if it insures the shares of any credit union
23participating in the consolidation.
SB351,89,11
24(2) (title)
Approval. With the approval of the commissioner credit unions may
25consolidate. To effect a
consolidation merger, the board of directors of each
1consolidating credit union shall, by resolution, propose a specific plan for
2consolidation merger which shall be agreed to by a majority of the board of each credit
3union joining in the
consolidation and directing that the merger. The proposed
4merger plan
of consolidation shall be submitted to a vote at
a an annual or special 5meeting of members of the
merging credit
unions being absorbed which may be either
6an annual or a special meeting union. Written notice of the meeting setting forth the
7proposed plan of
consolidation merger or a summary shall be given to each member
8of the
merging credit
unions being absorbed union within the time and in the manner
9provided for the giving of notice of meetings of members of the credit union. The
10proposed plan shall be adopted upon receiving a majority of the votes entitled to be
11cast by members present at the meeting.
SB351,89,25
12(3) (title)
Rights transferred. The credit union
consolidating merging with
13another credit union
under the subs. (1) and (2) shall not be required to go into
14liquidation but its assets and liabilities shall be reported by the credit union with
15which it has
consolidated merged, and all the rights, franchises and interests of
said 16the merging credit union
so consolidated in and to any
species of property
, personal
17and mixed, and choses in action thereto belonging
,
to the credit union shall be
18deemed considered to be transferred, and the
said consolidated resulting credit
19union shall hold and enjoy the same and all rights of property, franchises and interest
20in the same manner and to the same extent as was held and enjoyed by the
merging 21credit union
so consolidated therewith; and the. The members or shareholders of
22such absorbed the merging credit union shall without any further act on their part
23be members and shareholders of
such consolidated
the resulting credit union and be
24subject to all rights, privileges and duties as provided for in the bylaws of the
25resulting credit union
which has so absorbed their credit union.
SB351, s. 277
1Section
277. 186.31 (1) of the statutes, as affected by 1995 Wisconsin Acts 27
2and .... (this act), is repealed and recreated to read:
SB351,90,83
186.31
(1) Transfer of assets and liabilities. Any credit union, which is in
4good faith winding up its business for the purpose of merging with another credit
5union, may transfer its assets and liabilities to the credit union with which it is in
6the process of merging; but no merger may be made without the consent of the office
7of credit unions, and not then to defeat or defraud any of its creditors in the collection
8of debts against such credit union.
SB351, s. 278
9Section
278. 186.31 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
10and .... (this act), is repealed and recreated to read:
SB351,90,1911
186.31
(2) Approval. To effect a merger, the board of directors of each credit
12union shall, by resolution, propose a specific plan for merger which shall be agreed
13to by a majority of the board of each credit union joining in the merger. The proposed
14merger plan shall be submitted to a vote at an annual or special meeting of members
15of the merging credit union. Written notice of the meeting setting forth the proposed
16plan of merger or a summary shall be given to each member of the merging credit
17union within the time and in the manner provided for the giving of notice of meetings
18of members of the credit union. The proposed plan shall be adopted upon receiving
19a majority of the votes entitled to be cast by members present at the meeting.
SB351, s. 279
20Section
279. 186.31 (2m) of the statutes is created to read:
SB351,90,2521
186.31
(2m) Emergency merger. Notwithstanding sub. (2), if the
22commissioner determines that the merging credit union is in danger of insolvency,
23and that the proposed merger would reduce or avoid a threatened loss to federal
24share insurance, the commissioner may permit the merger to become effective
25without an affirmative vote of the membership of the merging credit union.
SB351, s. 280
1Section
280. 186.31 (2m) of the statutes, as created by 1995 Wisconsin Act ....
2(this act), is amended to read:
SB351,91,83
186.31
(2m) Emergency merger. Notwithstanding sub. (2), if the
4commissioner office of credit unions determines that the merging credit union is in
5danger of insolvency, and that the proposed merger would reduce or avoid a
6threatened loss to federal share insurance, the
commissioner office of credit unions 7may permit the merger to become effective without an affirmative vote of the
8membership of the merging credit union.
SB351, s. 281
9Section
281. 186.314 of the statutes is amended to read: