151,22
Section 22
. 186.015 (2) (c) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:
186.015 (2) (c) Respond promptly on credit union matters and to questions submitted to the review board by the commissioner office of credit unions or by a credit union.
151,23
Section 23
. 186.015 (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:
186.015 (3) Approval of actions. The review board may require the commissioner office of credit unions to submit any of the commissioner's office's official actions to the review board for its approval.
151,24
Section 24
. 186.015 (3) (a) of the statutes is renumbered 186.015 (3) and amended to read:
186.015 (3) (title) Approval of actions. The review board may require the commissioner to submit any of the commissioner's official actions to the review board for its approval. The board may make rules of procedure as provided in ch. 227.
151,25
Section 25
. 186.015 (3) (b) of the statutes is renumbered 186.015 (5) and amended to read:
186.015 (5) (title) Reviews. Any interested person aggrieved by any act, order or determination of the commissioner that relates to credit unions may, within 60 days after the date of the act, order or determination, apply for review thereof by filing a petition with the secretary of the board within 30 days after the act, order or determination to be reviewed. The petition shall state the nature of the petitioner's interest, facts showing that the petitioner is aggrieved and directly affected by the act, order or determination to be reviewed and the ground or grounds upon which the petitioner claims that the act, order or determination should be modified or reversed. The issues raised by the petition for review shall be considered by the board upon giving at least 10 days' written notice of the time and place when said matter will be heard to the commissioner and the person applying for review or the applying person's attorney and upon any other person who participated in the proceedings before the commissioner or that other person's attorney. Notice of hearing may be given by registered mail, return receipt requested, and the return receipt signed by the addressee or the addressee's agent shall be presumptive evidence that such notice was received by the addressee on the day stated on the receipt. Any other interested party shall have the right to appear in any proceeding before by the review board. The review board shall determine if the commissioner acted within the scope of the commissioner's authority, has not acted in an arbitrary or capricious manner and has based the act, order or determination on evidence supported by the record. The review board shall dispose of a review application within 60 days after the date on which it is received.
151,26
Section 26
. 186.015 (3) (c) of the statutes is renumbered 186.015 (4) and amended to read:
186.015 (4) (title) Witness fees. The board shall base its determination upon the record made by the commissioner and may also receive additional evidence to supplement such record if it finds it necessary. The board shall affirm, modify or reverse the act, order or determination under review. The burden of overcoming the act, order or determination of the commissioner under review shall be on the person seeking the review. Any findings of fact made by the commissioner shall be sustained if supported by substantial evidence in the record made by the commissioner or in such record supplemented by evidence taken by the board. The board shall have the powers granted by s. 885.01 (4). (a) Any person causing a witness to be subpoenaed shall advance and pay the fees and mileage of such the witness
, which shall be the same as in circuit court.
(b) The fees and mileage of witnesses who are called at the instance of the commissioner review board shall be paid by the state in the same manner that other expenses are audited and paid, upon presentation of properly verified proper vouchers approved by at least one member of the review board and charged to the appropriation of the office of the commissioner.
151,27
Section 27
. 186.015 (3) (d) of the statutes is renumbered 186.015 (6) (a) and amended to read:
186.015 (6) (a) Three members of the review board shall constitute a quorum and a majority vote of those present shall decide. No A member of such the review board shall be is not qualified to act in any matter involving a credit union in which the member is an officer, director or stockholder, or to which the member is indebted.
151,28
Section 28
. 186.015 (3) (e) of the statutes is repealed.
151,29
Section 29
. 186.015 (3) (f) of the statutes is renumbered 186.015 (6) (b) and amended to read:
186.015 (6) (b) Any final order or determination of the review board shall be subject to review in the manner provided in ch. 227.
151,30
Section 30
. 186.015 (3g) of the statutes is created to read:
186.015 (3g) Procedure. The review board may promulgate rules of procedure under ch. 227.
151,31
Section 31
. 186.015 (3r) of the statutes is created to read:
186.015 (3r) Hearing appearances, subpoenas. (a) Any interested person may appear at a hearing of the review board, participate in the examination of witnesses and present evidence.
(b) The review board shall have the subpoena powers under s. 885.01 (4).
151,32
Section 32
. 186.015 (4) (b) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:
186.015 (4) (b) The fees and mileage of witnesses who are called at the instance of the review board shall be paid by the state in the same manner that other expenses are paid, upon presentation of proper vouchers approved by at least one member of the review board and charged to the appropriation of the office of the commissioner credit unions.
151,33
Section 33
. 186.015 (5) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:
186.015 (5) Reviews. Any interested person aggrieved by any act, order or determination of the commissioner office of credit unions that relates to credit unions may, within 60 days after the date of the act, order or determination, apply for review by the review board. The review board shall determine if the commissioner
office of credit unions acted within the scope of the commissioner's office's authority, has not acted in an arbitrary or capricious manner and has based the act, order or determination on evidence supported by the record. The review board shall dispose of a review application within 60 days after the date on which it is received.
151,34
Section 34
. 186.015 (6) (title) of the statutes is created to read:
186.015 (6) (title) Decisions.
151,35
Section 35
. 186.02 (1) of the statutes is amended to read:
186.02 (1) (title) Incorporation. Seven or more residents of this state may organize a credit union by filing with the commissioner the proposed articles of incorporation in duplicate and a verified copy of the proposed original bylaws, together with a $5 $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the location of county in which its initial principal office, the par value of its shares,
is located and the names, residences and occupations addresses of the incorporators.
151,36
Section 36
. 186.02 (1) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (1) Incorporation. Seven or more residents of this state may organize a credit union by filing with the office of credit unions the proposed articles of incorporation in duplicate and the proposed bylaws, together with a $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the county in which its initial principal office is located and the names and addresses of the incorporators.
151,37
Section 37
. 186.02 (2) (title) of the statutes is created to read:
186.02 (2) (title) Bylaws.
151,38
Section 38
. 186.02 (2) (a) 2. of the statutes is amended to read:
186.02 (2) (a) 2. The par value of the shares of capital stock not exceeding $25 $50 per share.
151,39
Section 39
. 186.02 (2) (a) 5d. of the statutes is created to read:
186.02 (2) (a) 5d. The responsibilities and qualifications of the directors.
151,40
Section
40. 186.02 (2) (a) 5h. of the statutes is created to read:
186.02 (2) (a) 5h. The nomination and election procedures for directors.
151,41
Section 41
. 186.02 (2) (a) 5k. of the statutes is created to read:
186.02 (2) (a) 5k. The type and amount of a bond required to be maintained on behalf of a director.
151,42
Section 42
. 186.02 (2) (a) 5p. of the statutes is created to read:
186.02 (2) (a) 5p. Meeting notification procedures.
151,43
Section 43
. 186.02 (2) (a) 5t. of the statutes is created to read:
186.02 (2) (a) 5t. Procedures for removing directors from the board of directors.
151,44
Section 44
. 186.02 (2) (a) 7. of the statutes is amended to read:
186.02 (2) (a) 7. The time
date of the annual membership meeting of members, to be held on or before June 30 July 1.
151,45
Section 45
. 186.02 (2) (a) 8. of the statutes is amended to read:
186.02 (2) (a) 8. The manner by which members
and directors are notified of annual and special meetings.
151,46
Section 46
. 186.02 (2) (a) 9. of the statutes is amended to read:
186.02 (2) (a) 9. The number of members and directors constituting a quorum at an annual or special meeting.
151,47
Section 47
. 186.02 (2) (a) 10. of the statutes is repealed.
151,48
Section 48
. 186.02 (2) (a) 11m. of the statutes is created to read:
186.02 (2) (a) 11m. The terms required under s. 186.06 (2m).
151,49
Section 49
. 186.02 (2) (c) of the statutes is amended to read:
186.02 (2) (c) Members of the immediate family of all qualified persons are eligible for membership. In this paragraph, “members of the immediate family" include the wife, husband, parents, stepchildren and children of a member whether living together in the same household or not and any other relatives of the member or spouse of a member living together in the same household as the member.
151,50
Section 50
. 186.02 (2) (em) of the statutes is amended to read:
186.02 (2) (em) A public depositor, as defined in s. 34.01 (4), who makes a public deposit in a credit union may become a member of the credit union if the bylaws permit membership of public depositors.
151,51
Section 51
. 186.02 (2) (f) of the statutes is amended to read:
186.02 (2) (f) If the bylaws require a member to purchase capital stock, an amount equivalent to the value of the required number of shares deposited by the member in any deposit account of the credit union may be treated as the member's share account deposit.
151,52
Section 52
. 186.02 (3) (title) of the statutes is created to read:
186.02 (3) (title) Articles and bylaws.
151,53
Section 53
. 186.02 (3) (a) of the statutes is amended to read:
186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the commissioner. If the commissioner approves the articles and bylaws, the commissioner shall return one approved duplicate original of the articles of incorporation to the incorporators endorsed with his or her approval, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the commissioner a certificate stating the date and time when the articles were recorded, and the commissioner shall issue a certificate of incorporation to the credit union.
151,54
Section 54
. 186.02 (3) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the office of credit unions. If the office of credit unions approves the articles and bylaws, the office of credit unions shall return one approved duplicate original of the articles of incorporation to the incorporators, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the office of credit unions a certificate stating the date and time when the articles were recorded, and the office of credit unions shall issue a certificate of incorporation to the credit union.
151,55
Section 55
. 186.02 (3) (b) of the statutes is amended to read:
186.02 (3) (b) If the commissioner refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227.
151,56
Section 56
. 186.02 (3) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (3) (b) If the office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227.
151,57
Section
57. 186.02 (4) (title) of the statutes is created to read:
186.02 (4) (title) Amendments.
151,58
Section 58
. 186.02 (4) (a) of the statutes is amended to read:
186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the commissioner upon payment of a $5 $50 fee. If approved by the commissioner, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.
151,59
Section 59
. 186.02 (4) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the office of credit unions upon payment of a $50 fee. If approved by the office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.
151,60
Section 60
. 186.02 (4) (b) of the statutes is amended to read:
186.02 (4) (b) All amendments to the bylaws shall be filed with the commissioner and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the commissioner.
151,61
Section 61
. 186.02 (4) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:
186.02 (4) (b) All amendments to the bylaws shall be filed with the office of credit unions and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the office.
151,62
Section 62
. 186.02 (4) (c) of the statutes is created to read:
186.02 (4) (c) A credit union is not required to obtain the prior approval of its membership to move the credit union's principal office within a 20-mile radius of its present location, including to another county.
151,63
Section 63
. 186.03 of the statutes is repealed and recreated to read:
186.03 Use of name exclusive. (1) Limits. A person may not use a name containing the phrase “credit union", represent itself as a credit union or conduct business as a credit union unless the person is any of the following:
(a) A credit union.
(b) An association of credit unions.
(c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.
(2) Use required. A credit union shall use the phrase “credit union" in its corporate name.
(3) Name approval. The commissioner shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.
