Thursday Office of the Commissioner
10:00 a.m. 4785 Hayes Road
MADISON, WI
Analysis Prepared by the Office of the Commissioner of Savings & Loan
Statutory authority: s. 215.02 (7) (a)
Statutes interpreted: ss. 215.02 (7) (a) and 215.50 (1)
Pursuant to the authority invested in the Commissioner of Savings and Loan by s. 215.02 (7) (a), Stats., the Commissioner hereby adopts s. S-L 3.02, relating to establishing a procedure for a mutual savings and loan association with deposits not insured by a deposit insurance corporation to convert to another type of mutual depository institution (including state credit union) with insured deposits.
Among Wisconsin's 12 state savings and loans (“S&Ls”), only one (Employes' Mutual Saving Building and Loan Association in Milwaukee) does not have FDIC insurance of its deposit accounts. This rule provides a procedure whereby that S&L or any similar S&L may convert to another type of mutual depository institution (including a state credit union) with insurance of deposit accounts.
The rule provides that an S&L with noninsured deposit accounts may convert to another type of depository institution (including a state credit union) with insured accounts. The rule then prescribes:
1) In sub. (1), the requirement of approval of the Commissioner of Savings and Loan if certain safety and soundness standards are met.
2) In sub. (2), the majority of members of the S&L must approve the reorganization after proper notice and a properly-held meeting.
3) In sub. (3), the information which must be submitted to the Commissioner is identified.
4) In sub. (4), it is stated that the new depository institution will be a continuation of the corporate existence of the S&L and that all obligations, responsibilities and rights of the S&L transfer to the new institution.
5) Sub. (5) states that upon formation of a depository institution, the S&L is dissolved.
6) Sub. (6) provides for the rule to sunset on December 31, 1997.
Fiscal Estimate
This rule will have no fiscal impact on the Office of the Commissioner of Savings and Loan. The required reviews and procedures will be done with existing personnel and resources and the $1,000 fee should cover all anticipated costs.
Initial Regulatory Flexibility Analysis
This rule will provide all savings and loan associations having no insurance of deposit accounts -- including those covered by the definition of “small business” under s. 227.114 (1) (a), Stats., -- with the procedure to convert to another type of depository institution (including a state credit union) with insured deposit accounts. The rule will apply to only one S&L at present, and is unlikely to apply to any other S&L in the future; however, exempting small businesses from this rule would be contrary to the statutory objectives which are the basis for the rule (i.e., providing a safe procedure for conversion from a S&L with no insurance of deposit accounts to another depository institution with insurance of deposit accounts).
Text of Rule
SECTION 1. S-L 3.02 is created to read:
S-L 3.02 Reorganization and securing insurance of accounts. (s. 215.50 (1), Stats.) (1) REORGANIZATION AUTHORIZED. With the approval of the commissioner, a mutual association, the deposit accounts of which are not insured by a federal insuring agency, may reorganize into another type of mutual depository institution, including a state credit union, in a transaction in which it obtains insurance of deposit accounts.
(2) STANDARDS FOR REORGANIZATION. The transaction shall be completed pursuant to a plan of reorganization approved by the commissioner and which the commissioner finds does all the following:
(a) Is fair and equitable to all depositors in the reorganizing association.
(b) Provides for establishment, on behalf of depositors at the reorganizing association, of insured accounts in the reorganized institution on the same terms previously in effect. However, the membership rights attributable to the depository by virtue of their accounts may be modified to reflect any statutory or other regulatory differences between the reorganizing association and the reorganized depository institution.
(c) Complies with any other requirements prescribed in writing by the commissioner.
(3) APPROVAL OF PLAN OF REORGANIZATION. The plan of reorganization shall be approved by an affirmative vote of the majority of all votes entitled to be cast by members of the reorganizing association. The association shall mail a notice of a meeting to vote on the plan of reorganization to each member and post one in each association office at least 10 days prior to the meeting. The notice shall state the date, time, place and purpose of the meeting; provide a summary of the plan of reorganization; and include any other information specified by the commissioner.
(4) APPLICATION. Within 90 days after the date of the meeting at which a plan of reorganization is adopted, the association shall submit the following to the commissioner:
(a) A certified copy of the minutes in the meeting at which the plan was adopted.
(b) Evidence of issuance of a document by a state or federal regulator or both authorizing the transaction if the reorganized entity has a primary regulator other than the commissioner, proof of approval of insurance of accounts for the reorganized institution and a timetable of steps to be taken to effect the reorganization.
(c) A $1,000 fee for processing of the reorganization application.
(d) Any additional information that the commissioner may require pertaining to insurance of accounts or the reorganization.
(5) CONTINUATION OF RIGHTS AND OBLIGATIONS. Upon reorganization, the corporate existence of the association shall terminate and the resulting depository institution shall be deemed a continuation of the association. All property and rights of the association shall vest in the resulting depository institution at the time of reorganization and all of its obligations shall become those of the resulting institution. Transactions, actions and other judicial proceedings to which the association was a party may be conducted, prosecuted and defended by the successor.
(6) COMMISSIONER'S FINAL DOCUMENT. Upon completion of the reorganization, the commissioner shall issue a certificate cancelling the corporate existence of the association and no further business shall be conducted by that association.
(7) EXPIRATION DATE. This section shall expire at the close of December 31, 1997.
Transportation, Dept. of
Notice is hereby given that pursuant to s. 348.27 (9t), Stats., as created by 1995 Wis. Act 163, and interpreting s. 348.27 (9t), Stats., as created by 1995 Wis. Act 163, the Department of Transportation will hold a public hearing at the time and place indicated below, to consider the creation of ch. Trans 258, Wis. Adm. Code, relating to seed potato overweight permits.
Hearing Information
May 13, 1996 Room 88
Monday Hill Farms State Trans. Bldg.
10:00 a.m. 4802 Sheboygan Ave.
MADISON, WI
Parking for people with disabilities and an accessible entrance are available on the north and south sides of the Hill Farms State Transportation Building.
Written Comments
The public record on this proposed rule-making will be held open until May 20, 1996, to permit the submission of written comments from people unable to attend the public hearing or who wish to supplement testimony offered at the hearing. Any such comments should be submitted to:
Kathleen Nichols, Division of Motor Vehicles
Motor Carrier Services Section, Room 151
Wis. Dept. of Transportation
P. O. Box 7980
Madison, WI 53707-7980
Copies of Proposed Rule
A copy of the proposed rule may be obtained upon request, without cost, from Ms. Nichols at the above address, or by calling (608) 266-6648. Hearing-impaired individuals may contact the Department using TDD (608) 266-0396. Alternate formats of the proposed rule will be provided to individuals at their request.
Analysis Prepared by the Wisconsin Department of Transportation
Statutory Authority: s. 348.27 (9t), Stats., as created by 1995 Wis. Act 163
Statute Interpreted: s. 348.27 (9t), Stats., as created by 1995 Wis. Act 163
General Summary of Proposed Rule
1995 Wis Act 163 created s. 348.27 (9t), Stats., which directs the Department to issue permits for divisible loads of seed potatoes to be hauled at weights in excess of the statutory maximum weights of 80,000 pounds. These permits are to allow transportation of seed potatoes on a year-round basis, including through the spring thaw when all other types of overweight permits are ordinarily suspended to prevent road damage. This permit type is only valid along the “seed potato route,” State Trunk Highway 64 from Antigo to Marinette, and then along U.S. Highway 41 to the Michigan border. Michigan potato farmers use high-quality Wisconsin potatoes from the Antigo, Wisconsin area for seed.
The law provides that the Department may specify configuration requirements for the trucks used to carry such loads and may establish an alternate route to be used by trucks by administrative rule. This proposed rule-making addresses both those issues and sets forth the other administrative procedures needed for the issuance of these overweight permits in a manner consistent with the Department's other overweight permit rules in chs. Trans 250 to 280.
Proposed s. Trans 258.06 sets forth the basic eligibility requirements for the permit. First, the vehicle may only be used empty or when hauling seed potatoes under the permit. The vehicle may not weigh more than 90,000 pounds when loaded nor exceed the statutory weight limits of s. 348.15 (3) (c), Stats., by more than 10,000 pounds. Because of the special vehicle configuration requirements needed to reduce the risk of highway damage caused by hauling through the spring thaw, maximum axle weights that are lower than the normal axle weights for legal loads are required as well. This is possible because most of these trucks are expected to come from the state of Michigan, which allows such trucks to operate legally under its weight laws. Maximum vehicle size is limited to 65 feet in length, 13 feet 6 inches in height and 8 feet 6 inches in width.
Under proposed s. Trans 258.07 (4), overweight seed potato trucks may be operated within 15 road miles of the route in order to drop off and retrieve loads and to acquire supplies or engage in other normal trucking activities. The shipper is expected to obey other traffic laws and obtain such local permits as are required, as would any other overweight permit holder: proposed s. Trans 258.07.
Permits may be suspended, revoked, or denied for the same types of reasons as any other overweight permit, such as operating in violation of the permit or altering a permit: proposed s. Trans 258.10 (1). Because the trucks that are expected to utilize this permit are expected to be primarily Michigan trucks, s. Trans 258.10 permits the Department to suspend, revoke or deny a permit upon request of the State of Michigan if that state has taken similar action against the shipper for good cause: proposed s. Trans 258.10 (1) (h).
Insurance requirements for permitted vehicles are laid out in proposed s. Trans 258.09. Carrying insurance is required as a condition of the permit.
Proposed s. Trans 258.11 sets forth a proposed alternative seed potato route. There are currently three wooden timber bridges located along State Trunk Highway 64 between Langlade and Mountain. The Department conducts regular inspection of these bridges. If it appears that these overweight trucks are causing damage to these bridges, the Department may require that the alternate route specified in proposed s. Trans 258.11 (2) be used in order to avoid these three bridges. The Department may make the declaration either by either publishing a notice in an Antigo area newspaper or by mailing notice to all permit holders.
If the Department determines it must specify a different alternative route, the administrative rule will need to be amended in order to meet the statutory requirements of s. 348.27 (9t), Stats., as created by 1995 Wis Act 163.
Fiscal Estimate
The Department estimates that there will be no fiscal impact on the liabilities or revenues of any county, city, village, town, school district, technical college district or sewerage district.
Initial Regulatory Flexibility Analysis
This proposed rule will have no adverse impact on small businesses.
Transportation, Dept. of
Notice is hereby given that pursuant to s. 110.05, Stats., and interpreting ss. 110.05, 340.01 (23g), 341.25 (1) (k), 344.55, 346.475 and 346.94 (15), Stats., the Department of Transportation will hold a public hearing at the time and place indicated below, to consider the amendment of ch. Trans 301, Wis. Adm. Code, relating to Human Services Vehicles (HSVs).
Hearing Information
May 10, 1996 Room 144-B
Friday Hill Farms State Trans. Bldg.
1:30 p.m. 4802 Sheboygan Ave.
MADISON, WI
Parking for people with disabilities and an accessible entrance are available on the north and south sides of the Hill Farms State Transportation Building.
Written Comments
The public record on this proposed rule-making will be held open until May 14, 1996, to permit the submission of written comments from people unable to attend the public hearing or who wish to supplement testimony offered at the hearing. Any such comments should be submitted to:
Lt. Lyle Walheim, Division of State Patrol
