SB351,23,622
(c) In addition to the annual
fee assessment, each credit union shall be
assessed 23charged for the cost of every examination made
, which cost shall be determined as
24provided in sub. (1) and. The examination charge shall include the prorated amount
25of salaries and expenses of all examiners and other employes actively engaged in the
1examination, the salaries and expenses of any other person whose services are
2required in connection with the examination and any
reports thereof, examination
3report and any other expenses which may be directly attributable
thereto. Any
4charge so made to the examination. The examination charge shall be paid
within 30
5days from the date the credit union receives notice of the assessment of such fee on
6the day on which the examination is completed.
SB351,23,97
(d) Failure of any credit union to pay any amount as provided in this
section 8subsection shall be grounds for the revocation of the charter of the credit union
9failing to make the payment.
SB351,23,1310
(e) If the amounts collected under this
section are in excess of subsection exceed 11the actual amounts necessary for the supervision and examination of credit unions
12in
each a year, the excess shall be retained by the commissioner and applied in
13reducing the amounts chargeable for ensuing years.
SB351, s. 72
14Section
72. 186.06 (title), (1) and (2) of the statutes are repealed and recreated
15to read:
SB351,23,18
16186.06 (title)
Membership meetings, fiscal year. (1) Manner of meeting. 17The annual meeting and any special meeting of the members of a credit union shall
18be held in the manner provided by the bylaws.
SB351,23,21
19(2) Representation. An organization, association or corporation member of a
20credit union may be represented by and have its vote cast by an authorized
21representative of its members or owners.
SB351, s. 73
22Section
73. 186.06 (1m) of the statutes is created to read:
SB351,23,2523
186.06
(1m) Voting. At a meeting, each member shall have one vote
24irrespective of the member's share total. Except as provided in sub. (2), a member
25may not vote by proxy.
SB351, s. 74
1Section
74. 186.06 (2m) of the statutes is created to read:
SB351,24,32
186.06
(2m) Voting eligibility. The bylaws shall prescribe the terms by which
3a member is eligible to vote at a meeting.
SB351, s. 75
4Section
75. 186.06 (3) of the statutes is repealed and recreated to read:
SB351,24,75
186.06
(3) Meeting issues. (a) At any meeting, if the notice so indicates, a
6majority of the members present may direct the board of directors to do any of the
7following:
SB351,24,88
1. Consider implementing any policy proposed by the members.
SB351,24,99
2. Reconsider any decision of the directors, officers or committees.
SB351,24,1110
(b) At any meeting, if the notice so indicates, the members may, by a
11three-fourths vote of the members present, do any of the following:
SB351,24,1212
1. Remove any member of the board of directors.
SB351,24,1313
2. Amend the bylaws.
SB351, s. 76
14Section
76. 186.06 (4) of the statutes is amended to read:
SB351,24,1715
186.06
(4) (title)
Fiscal year. The fiscal year of every credit union shall end at
16the close of business on December 31 and the credit union shall, at least
17semiannually, transfer funds
to the loss reserve account as provided in s. 186.17.
SB351, s. 77
18Section
77. 186.07 (title), (1) and (2) of the statutes are repealed and recreated
19to read:
SB351,24,24
20186.07 (title)
Board of directors.
(1) Directors. At the first meeting of the
21members, the members shall elect a board of directors, consisting of an odd number
22of directors. A board of directors shall consist of at least 5 directors. Subsequent
23elections for board members shall be held at the annual membership meeting held
24in a manner prescribed in the bylaws.
SB351,24,25
25(2) Terms. A director shall hold office until any of the following occurs:
SB351,25,1
1(a) A successor is elected or appointed and the successor signs an oath of office.
SB351,25,22
(b) The director is removed under sub. (5) or dies.
SB351, s. 78
3Section
78. 186.07 (1m) of the statutes is created to read:
SB351,25,64
186.07
(1m) Appointments. (a) The board of directors shall appoint a president
5of the credit union. The board may also appoint any committee that the board
6considers to be necessary.
SB351,25,77
(b) The president shall appoint any employe officer.
SB351, s. 79
8Section
79. 186.07 (3) (title) of the statutes is created to read:
SB351,25,99
186.07
(3) (title)
Meeting participation.
SB351, s. 80
10Section
80. 186.07 (4) to (7) of the statutes are created to read:
SB351,25,1211
186.07
(4) Director eligibility. Eligibility for election to the board of directors
12shall be prescribed in the bylaws.
SB351,25,14
13(5) Director removal. The board of directors shall remove a director from the
14board if any of the following applies:
SB351,25,1515
(a) The director withdraws from membership in the credit union.
SB351,25,1716
(b) The director causes a loss to the credit union because of a delinquency or
17a known conflict of interest.
SB351,25,1818
(c) The director is unable to be bonded for all activities of the credit union.
SB351,25,2019
(d) In the judgment of the board of directors, removal of the director is in the
20best interests of the credit union.
SB351,25,23
21(6) Removal notice and appeal. A director who is removed under sub. (5) or s.
22186.071 (2) shall be given notice of removal and shall be given an opportunity to
23appeal before the board of directors.
SB351,26,3
1(7) Vacancies. Within 60 days after the date of a removal, the board of directors
2shall appoint a director to fill the vacancy. The appointee shall serve until a successor
3is elected at the next annual membership meeting.
SB351, s. 81
4Section
81. 186.071 of the statutes is created to read:
SB351,26,7
5186.071 Oath of office. (1) Oath. Every director, officer, committee member
6and employe shall sign an oath of office. The oath shall require the director, officer,
7committee member and employe to do all of the following:
SB351,26,108
(a) Keep confidential the financial affairs of credit union members, unless state
9and federal laws, security requirements or sound lending practices require
10disclosure.
SB351,26,1211
(b) Keep confidential the records and accounts of the credit union unless state
12or federal law requires disclosure.
SB351,26,1413
(c) Familiarize themselves with the credit union laws, bylaws, rules and
14policies.
SB351,26,1615
(d) Avoid initiating or participating in any insider dealings using credit union
16funds or the credit union's power or authority.
SB351,26,1817
(e) Avoid initiating or participating in any action that may be in that person's
18personal pecuniary interest.
SB351,26,22
19(2) Removal for violation. If an individual refuses to sign the oath of office or
20knowingly and wilfully violates the oath of office, the board shall remove that
21individual as a director, officer or committee member or shall direct that the
22individual be terminated as an employe.
SB351, s. 82
23Section
82. 186.08 (1) (intro.) of the statutes is renumbered 186.08 (1) and
24amended to read:
SB351,27,14
1186.08
(1) (title)
Management. At its first meeting
following the annual
2membership meeting, the board of directors shall elect from
their its number a
3chairperson and one or more vice chairpersons, a secretary
of the board and a
4treasurer
and shall appoint a president. The board or the president may appoint one
5or more vice presidents in accordance with the bylaws. The president shall be the
6operating executive officer. The president and vice presidents may be directors of the
7board. Any 2 or more offices
of the board may be held by the same person, except the
8offices of
president and secretary and the offices of president and vice president 9chairperson and vice chairperson and the offices of chairperson and secretary. The
10board of directors shall have the general
management of oversight and final
11decision-making authority over the affairs, funds and records of the credit union,
12and shall meet as often as may be necessary.
It shall be the The president of the credit
13union shall be the chief executive officer of the credit union and shall be in active
14charge of managing the credit union's day-to-day operations.
SB351,27,15
15(1m) (title)
Board duties. The board's
duty duties include all of the following:
SB351, s. 83
16Section
83. 186.08 (1) (a) to (d) of the statutes are renumbered 186.08 (1m) (a)
17to (d) and amended to read:
SB351,27,1918
186.08
(1m) (a)
To act upon Acting on all applications for membership, unless
19a membership officer is appointed; the board delegates that responsibility.
SB351,27,2020
(b)
To act upon the expulsion of Expelling members
; for cause.
SB351,27,2221
(c)
To fix Setting the amount of surety bond
which shall be required of each
22officer having custody of funds
;.
SB351,27,2423
(d)
To fill Filling vacancies
in on the board of directors
or executive offices or
24in the credit committee in such manner as the bylaws prescribe;.
SB351, s. 84
25Section
84. 186.08 (1) (e) of the statutes is repealed.
SB351, s. 85
1Section
85. 186.08 (1) (f) of the statutes is renumbered 186.08 (1m) (e) and
2amended to read:
SB351,28,53
186.08
(1m) (e)
To establish Establishing rates of interest on all loans
or
4authorizing an officer or committee of the credit union to establish interest rates on
5loans.
SB351, s. 86
6Section
86. 186.08 (1m) (f) of the statutes is created to read:
SB351,28,77
186.08
(1m) (f) Establishing conditions applicable to deposit accounts.
SB351, s. 87
8Section
87. 186.08 (1m) (g) of the statutes is created to read:
SB351,28,119
186.08
(1m) (g) Establishing rates of interest on all deposit accounts or
10authorizing an officer or committee of the credit union to establish interest rates on
11deposit accounts.
SB351, s. 88
12Section
88. 186.08 (2) of the statutes is repealed.
SB351, s. 89
13Section
89. 186.08 (3) of the statutes is amended to read:
SB351,28,2014
186.08
(3) (title)
Executive committee, meetings. The board of directors may
15appoint an executive committee consisting of at least 3 directors. If an executive
16committee is appointed
under this subsection, the executive committee shall meet
17as often as necessary, and the full board of directors shall meet at least
semiannually 18quarterly. The board of directors may delegate all or any part of its authority
under
19this chapter to an executive committee
appointed under this subsection, subject to
20any conditions or limitations the board may impose.
SB351, s. 90
21Section
90. 186.083 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes
22are created to read:
SB351,28,2323
186.083
(1) (title)
Indemnification required.
SB351,28,24
24(2) (title)
Exceptions.
SB351,28,25
25(3) (title)
Written requests.
SB351,29,1
1(4) (title)
Indemnification not required.
SB351, s. 91
2Section
91. 186.086 (1) (title) of the statutes is created to read:
SB351,29,33
186.086
(1) (title)
Limitations.
SB351, s. 92
4Section
92. 186.086 (2) (title) of the statutes is created to read:
SB351,29,55
186.086
(2) (title)
Limitation applicability.
SB351, s. 93
6Section
93. 186.087 (1) (title), (2) (title) and (3) (title) of the statutes are
7created to read:
SB351,29,88
186.087
(1) (title)
Additional rights.
SB351,29,9
9(2) (title)
Allowance expenses.
SB351,29,10
10(3) (title)
Other expenses.
SB351, s. 94
11Section
94. 186.088 (1) (title) and (2) (title) of the statutes are created to read:
SB351,29,1212
186.088
(1) (title)
Application.
SB351,29,13
13(2) (title)
Conditions.
SB351, s. 95
14Section
95. 186.095 (1) of the statutes is amended to read:
SB351,29,1615
186.095
(1) The effects of the action on employes, suppliers
and customers,
16members of the credit union
and the public.
SB351, s. 96
17Section
96. 186.096 (1) (title) of the statutes is created to read:
SB351,29,1818
186.096
(1) (title)
Limited liability.
SB351, s. 97
19Section
97. 186.096 (2) (title) of the statutes is created to read:
SB351,29,2020
186.096
(2) (title)
Exceptions.
SB351, s. 98
21Section
98. 186.096 (2) (a) of the statutes is amended to read:
SB351,29,2322
186.096
(2) (a) A proceeding brought against a director or officer under s.
23186.23, 186.24 (1) or 186.29 (1m) (a) 186.235 (8), (10) or (11) (b) 1.
SB351, s. 99
24Section
99. 186.096 (3) (title) of the statutes is created to read: