Amendment ASA-AB150

AB150-ASA,1816,5 220.14 (7) Give such other information as the commissioner division deems necessary.

AB150-ASA, s. 6066 Section 6066. 220.28 of the statutes is amended to read:

AB150-ASA,1816,9 220.28 Destruction of obsolete records by state banks. Any state bank may destroy or dispose of such of its records as may have become obsolete after first obtaining the written consent of the commissioner of banking division.

AB150-ASA, s. 6067 Section 6067. 220.285 (1) of the statutes is amended to read:

AB150-ASA,1816,21 220.285 (1) Any state bank, trust company bank, licensee under s. 138.09, 138.12, 218.01, 218.02, 218.04 or 218.05 or ch. 217 or credit union may cause any or all records kept by such bank, licensee or credit union to be recorded, copied or reproduced by any photostatic, photographic or miniature photographic process or by optical imaging if the process employed correctly, accurately and permanently copies, reproduces or forms a medium for copying, reproducing or recording the original record on a film or other durable material. A bank, licensee or credit union may thereafter dispose of the original record after first obtaining the written consent of the commissioner of banking division. This section, excepting that part of it which requires written consent of the commissioner of banking division, is applicable to national banking associations insofar as it does not contravene federal law.

AB150-ASA, s. 6068 Section 6068. 221.01 (1) of the statutes is amended to read:

AB150-ASA,1817,2 221.01 (1) Application. Any number of adult persons, citizens of Wisconsin, not less than 7 nor more than 20, desiring to associate for the purpose of organizing a banking corporation under this chapter, shall make application to the commissioner of banking division in such manner as may be prescribed on a form furnished by the commissioner division.

AB150-ASA, s. 6069 Section 6069. 221.01 (2) (e) of the statutes is amended to read:

AB150-ASA,1817,5 221.01 (2) (e) Such other information as the commissioner division may require.

AB150-ASA, s. 6070 Section 6070. 221.01 (3) of the statutes is amended to read:

AB150-ASA,1817,18 221.01 (3) Notice. Upon receipt by the commissioner division of such application properly executed, the commissioner division shall, within 5 days, forward to the applicants a copy of an official notice of application for authority to organize a bank, containing such information as shall make known to the public the facts specifically required by statute to be given in the application, and assigning a date and place for hearing on the application. The notice shall be published as a class 3 notice, under ch. 985, by the applicants, at their own expense, in the city, village or town where the bank is to be located. Proof of publication shall be filed with the commissioner division in such form as the commissioner division requires. The commissioner division may waive the requirement of publication herein contained where the bank to be organized is to replace, absorb or consolidate one or more existing banks.

AB150-ASA, s. 6071 Section 6071. 221.01 (4) of the statutes is amended to read:

AB150-ASA,1817,23 221.01 (4) Fee. The applicants shall pay to the commissioner of banking division a fee of $2,500 together with the actual costs incurred by the commissioner division in making an investigation of the application, which sum shall be paid into the state treasury.

AB150-ASA, s. 6072 Section 6072. 221.01 (5) of the statutes is amended to read:

AB150-ASA,1818,20 221.01 (5) Investigation. The commissioner division shall thereupon ascertain at the hearing and from the best sources of information at the commissioner's division's command, and by such investigation as the commissioner division may deem necessary, whether the character, responsibility and general fitness of the persons named in such application are such as to command confidence and to warrant the belief that the business of the proposed corporation will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter; and whether public convenience and advantage will be promoted by allowing such bank to organize; and the commissioner division also shall investigate the character and experience of the proposed officers, the adequacy of existing banking facilities, and the need of further banking capital; the outlook for the growth and development of the city, town or village in which such bank is to be located, and the surrounding territory from which patronage would be drawn; the methods and banking practices of the existing bank or banks; the interest rate which they charge to borrowers; the character of the service which they render the community, and the prospects for the success of the proposed bank if efficiently managed. Such investigation shall be completed within 90 days from the filing in the office of the commissioner with the division of proof of publication and the making of the deposit herein required, but in the event a majority of the applicants and the commissioner division mutually agree to it, the time may be extended an additional period of 60 days.

AB150-ASA, s. 6073 Section 6073. 221.01 (6) of the statutes is amended to read:

AB150-ASA,1819,7 221.01 (6) Decision. After completing such investigation the commissioner division shall make a written report to the banking review board stating the results of the investigation and the commissioner's division's recommendation. The board shall consider the matter, conducting any necessary hearing, and promptly make its decision approving or disapproving the organization of the proposed bank. Such decision shall be final except pursuant to s. 220.035 (1) and (3). If approval is given, the commissioner division shall indorse on each of the original applications the word "Approved" over the commissioner's official signature. If disapproved, the commissioner division shall indorse the word "Disapproved" over the commissioner's official signature. One of the duplicate originals shall be filed in the commissioner's office with the division and one returned by mail to the applicants.

AB150-ASA, s. 6074 Section 6074. 221.01 (10) of the statutes is amended to read:

AB150-ASA,1819,22 221.01 (10) Certificate of authority. In the event of approval of the application for authority to organize a banking corporation, the commissioner division shall issue to the applicants, who shall thereafter be known as the corporators, a certificate of authority conferring upon them such powers as are incidentally or necessarily preliminary to the organization of a banking corporation. These powers shall include the effecting of a temporary organization, consisting of a chairperson, a secretary, and a treasurer; the execution and filing of articles of incorporation; the making of rules for the procedure of the corporators and the conduct of the first meeting of the stockholders; the opening of subscription books for stock; the securing of an option on real estate to be used as a banking house; the fixing of an amount at which the stock shall be sold; the collection of subscriptions to the stock; the selection of a depository for such funds as may be collected; the appointment of and acting by any agent or agents, and the compilation of a set of bylaws for submission to the stockholders.

AB150-ASA, s. 6075 Section 6075. 221.01 (11) of the statutes is amended to read:

AB150-ASA,1820,15 221.01 (11) Temporary organization. The chairperson of the corporators shall preside at all meetings and shall exercise such other duties as ordinarily pertain to the position. The secretary shall attend to the correspondence of the corporators, shall record fully all proceedings of meetings of the corporators, shall file and preserve all documents and papers of the organization, and shall attend to the filing of the necessary papers with the commissioner division. The treasurer shall receive all moneys paid in on subscriptions to stock or for other purposes, keep a true account thereof, shall deposit such funds in the designated depository, and shall pay such valid orders as may be drawn on the treasurer. The corporators shall require a bond in a suitable amount from the treasurer, and other officers and agents who may handle the funds of the proposed bank. Claims against the organization shall be audited by the corporators, and record of action thereon noted in the minutes. If ordered paid, an order shall be drawn upon the treasurer and signed by the chairperson and secretary. The corporators shall until the completion of the organization exercise such other powers as are conferred upon the corporators by the statutes relating to other corporations, so far as such powers are not in conflict with the limitations of this chapter and are applicable.

AB150-ASA, s. 6076 Section 6076. 221.01 (12) (b) of the statutes is amended to read:

AB150-ASA,1821,2 221.01 (12) (b) After February 1, 1967, any state bank which does not have fully paid-in capital stock in the amount prescribed in par. (a) shall be ordered by the commissioner division to increase its capital stock to such amount. The commissioner division may, in addition to the commissioner's division's other powers to act against delinquent banks, require any bank failing to comply with such order to pay a forfeiture to the commissioner division of $10 for each day of noncompliance. If any bank fails or refuses to pay such forfeiture, the commissioner division may maintain an action for the recovery thereof. This paragraph shall not apply to any state bank in which the capital surplus and undivided profits equal or exceed 10% of its deposits.

AB150-ASA, s. 6077 Section 6077. 221.01 (12) (c) of the statutes is amended to read:

AB150-ASA,1821,13 221.01 (12) (c) Any state bank, with the approval of the commissioner division and by vote of stockholders owning two-thirds of the stock of the bank entitled to vote, may authorize an increase in the common stock of the bank in the category of authorized but unissued stock. Such authorized but unissued stock may be issued to employes of the bank pursuant to a stock option or stock purchase plan adopted in accordance with par. (d), or in exchange for convertible preferred stock and convertible capital debentures in accordance with the terms and provisions of such securities. Authorized but unissued stock may also be issued for such other purposes and considerations as may be approved by the board of directors of the bank and by the commissioner division.

AB150-ASA, s. 6078 Section 6078. 221.01 (12) (d) 1. of the statutes is amended to read:

AB150-ASA,1821,24 221.01 (12) (d) 1. Any state bank may grant options to purchase, sell or enter into agreements to sell shares of its capital stock to its employes, for a consideration of not less than 100% of the fair market value of the shares on the date the option is granted or, if pursuant to a stock purchase plan, 85% of the fair market value on the date the purchase price is fixed, pursuant to the terms of an employe restricted stock option plan or an employe stock purchase plan which has been adopted by the board of directors of the bank and approved by the holders of at least two-thirds of the outstanding shares of the bank entitled to vote and by the commissioner division. Stock options issued hereunder shall not extend beyond a period of 10 years from date of issuance and shall otherwise qualify as restricted stock options.

AB150-ASA, s. 6079 Section 6079. 221.01 (12) (d) 2. of the statutes is amended to read:

AB150-ASA,1822,10 221.01 (12) (d) 2. Employe stock options and stock purchase agreements may provide that options may be exercisable or that shares may be purchased on any business day. A notarized notice specifying the number of shares issued pursuant to option and stock purchase plans and the amount paid in therefor shall be executed by the president, vice president or cashier of the bank and filed with the commissioner division not later than the 10th day of the month following issuance and no stock shall be deemed validly issued until the commissioner division has issued a certificate specifying the amount of stock so purchased, the purchase price thereof having been duly paid into the capital of the bank, and the commissioner's division's approval thereof.

AB150-ASA, s. 6080 Section 6080. 221.01 (13) of the statutes is amended to read:

AB150-ASA,1823,10 221.01 (13) Trust company bank; reorganization. Any trust company bank may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the commissioner division, in the manner prescribed for by s. 221.25, convert its corporate organization into that of a state bank with all the powers of a state banking corporation under the statutes under such name as shall be declared by such amendment and approved by the commissioner division, which name may include the word "trust". Such converted corporation shall continue to have all the powers previously held by it as a trust company bank and shall be a continuation for all purposes whatsoever of the trust company bank so converted into a state bank, including holding and performing any and all trusts and fiduciary relations of whatsoever nature of which said trust company bank was fiduciary at the time of such conversion, and also including its appointment in any fiduciary capacity by any court or otherwise, and the holding, accepting and performing of any and all trusts and fiduciary relations whatsoever as to or for which said trust company bank may have been appointed, nominated or designated by any will or conveyance or otherwise, whether or not such trust or fiduciary relation shall have come into being and taken effect at such conversion. Whenever and if any such converted corporation shall have been fully discharged of and from any and all trusts committed to it, it may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the commissioner division, surrender its powers to act in a fiduciary capacity and eliminate from its corporate name and style the word "trust;" and may thereupon withdraw from the state treasurer secretary of administration all securities by it deposited with the state treasurer secretary of administration pursuant to s. 223.02.

AB150-ASA, s. 6081 Section 6081. 221.03 (1) of the statutes is amended to read:

AB150-ASA,1823,16 221.03 (1) The articles of incorporation shall be filed with the commissioner of banking division within a reasonable time as determined by the commissioner of banking division from the date of the certificate of authority to organize has been approved, and if not filed within that period all rights of the corporators shall cease and the certificate of authority to organize is void.

AB150-ASA, s. 6082 Section 6082. 221.03 (2) (a) 2. of the statutes is amended to read:

AB150-ASA,1823,22 221.03 (2) (a) 2. The name of such bank, which name shall be subject to the approval of the commissioner division, shall not be in any material respect similar to the name of any bank existing or which may have heretofore existed in the same county or in any adjoining county within the radius of 50 miles, and which name may not contain the word "savings".

AB150-ASA, s. 6083 Section 6083. 221.03 (3) of the statutes is amended to read:

AB150-ASA,1824,10 221.03 (3) The commissioner division shall, within the commissioner's division's discretion, approve or disapprove such articles of incorporation. If approved, the commissioner division shall indorse on each of the 3 triplicate originals the word "approved". One of such originals the commissioner division shall file in the commissioner's office, and to the 2 remaining originals the commissioner division shall attach a certificate showing the date of filing, the approval and date of approval, and return the same to the corporators. One of such originals shall be filed with the records of the bank, and the other shall be recorded in the office of the register of deeds of the county in which such banking corporation is located. No bank shall until its articles be left for record with the register of deeds have legal existence, nor be authorized to exercise any other powers than those incidentally or necessarily preliminary to its organization.

AB150-ASA, s. 6084 Section 6084. 221.03 (4) of the statutes is amended to read:

AB150-ASA,1824,14 221.03 (4) A fee of $100 shall be paid to the commissioner division when the articles of incorporation are filed, and the commissioner division shall pay such fee into the state treasury.

AB150-ASA, s. 6085 Section 6085. 221.03 (5) of the statutes is amended to read:

AB150-ASA,1824,18 221.03 (5) A certificate signed by the register of deeds, showing the articles have been recorded in the office of the register of deeds, shall be returned to the commissioner division.

AB150-ASA, s. 6086 Section 6086. 221.03 (6) of the statutes is amended to read:

AB150-ASA,1824,25 221.03 (6) Within 90 days from the filing of the articles of incorporation, the corporators shall file with the commissioner division, in duplicate, the proposed bylaws and a complete list of the stockholders of the proposed bank, showing the number of shares held by each, the post-office address, and the approximate worth of each. On approval by the commissioner division, the bylaws shall be submitted for consideration by the shareholders.

AB150-ASA, s. 6087 Section 6087. 221.04 (1) (intro.) of the statutes is amended to read:

AB150-ASA,1825,8 221.04 (1) General. (intro.) Upon the execution and filing of the articles of incorporation with the commissioner of banking division and the approval by the commissioner division, and upon the recording of the articles with the register of deeds of the county in which the bank is to be located, the bank shall become a body corporate, and in addition to the powers conferred by the general corporations law, subject to the restrictions and limitations contained in this section, having the following powers:

AB150-ASA, s. 6088 Section 6088. 221.04 (1) (jm) 1. of the statutes is amended to read:

AB150-ASA,1825,11 221.04 (1) (jm) 1. To establish and maintain a branch bank with the approval of the commissioner division.

AB150-ASA, s. 6089 Section 6089. 221.04 (1) (jm) 3. of the statutes is amended to read:

AB150-ASA,1825,14 221.04 (1) (jm) 3. A bank may transfer a branch bank to any other bank located in this state with the approval of the commissioner division.

AB150-ASA, s. 6090 Section 6090. 221.04 (1) (jm) 4. of the statutes is amended to read:

AB150-ASA,1825,18 221.04 (1) (jm) 4. A bank may establish a branch bank in another state with the approval of the commissioner division and the appropriate regulator of the other state.

AB150-ASA, s. 6091 Section 6091. 221.04 (1) (jm) 5. of the statutes is amended to read:

AB150-ASA,1825,24 221.04 (1) (jm) 5. The establishment of a branch bank under subd. 1. or the conversion of a bank to a branch bank under subd. 2. shall be approved if the financial and managerial resources and future prospects of the bank establishing a branch bank or the surviving bank of a merger or consolidation are satisfactory to the commissioner division.

AB150-ASA, s. 6092 Section 6092. 221.04 (1) (jm) 6. of the statutes is amended to read:

AB150-ASA,1826,4 221.04 (1) (jm) 6. A bank shall apply for the establishment or transfer of a branch bank under this paragraph to the commissioner division on a form furnished by the commissioner division. The application shall be accompanied by a fee of $1,000.

AB150-ASA, s. 6093 Section 6093. 221.04 (1) (jm) 8. of the statutes is amended to read:

AB150-ASA,1826,8 221.04 (1) (jm) 8. At least 30 days before closing a branch bank, a bank shall notify the commissioner division in writing and post a notice of the closing in the lobby of the bank and the lobby of the branch bank to be closed.

AB150-ASA, s. 6094 Section 6094. 221.04 (1) (jm) 9. of the statutes is amended to read:

AB150-ASA,1826,12 221.04 (1) (jm) 9. Every branch bank, branch office or bank station existing on August 1, 1989, shall be considered a branch bank approved by the commissioner division under this paragraph.

AB150-ASA, s. 6095 Section 6095. 221.04 (1) (k) 1. of the statutes is amended to read:

AB150-ASA,1827,12 221.04 (1) (k) 1. Directly or indirectly, to acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its main or branch offices, customer bank communications terminals, in accordance with rules established by the commissioner division. The rules of the commissioner division shall provide that any such customer bank communications terminal shall be available for use, on a nondiscriminatory basis, by any state or national bank which has its principal place of business in this state, by any other bank obtaining the consent of a state or national bank which has its principal place of business in this state and is using the terminal and by all customers designated by a bank using the terminal. This paragraph does not authorize a bank which has its principal place of business outside this state to conduct banking business in this state. The customer bank communications terminals also shall be available for use, on a nondiscriminatory basis, by any credit union, savings and loan association or savings bank, whose home office is located in this state, if the credit union, savings and loan association or savings bank requests to share its use, subject to rules jointly established by the commissioner division of banking, the commissioner office of credit unions and the commissioner division of savings and loan. The rules of the commissioner division and the joint rules shall each prohibit any advertising with regard to a shared terminal which suggests or implies exclusive ownership or control of the shared terminal by any financial institution or group of financial institutions operating or participating in the operation of the terminal. The commissioner division by order may authorize the installation and operation of a customer bank communications terminal in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.

AB150-ASA, s. 6096 Section 6096. 221.04 (1) (k) 3. of the statutes is amended to read:

AB150-ASA,1827,22 221.04 (1) (k) 3. If any person primarily engaged in the retail sale of goods or services owns or operates a customer bank communications terminal on such person's premises and allows access to such terminal by any financial institution, group of financial institutions, or their customers for any purpose or function nothing in this paragraph or in rules established by the commissioner division shall, or shall be construed or interpreted to, require such person to accept any connection to or use of the customer bank communications terminal on its premises for any other purpose or function or to accept any connection to the terminal on its premises by any other financial institution.

AB150-ASA, s. 6097 Section 6097. 221.04 (1) (k) 4. of the statutes is amended to read:

AB150-ASA,1828,6 221.04 (1) (k) 4. If a person primarily engaged in the retail sale of goods or services owns or operates a customer bank communications terminal on such person's premises and allows access to the terminal by any financial institution, group of financial institutions or their customers for any purpose or function, no laws governing such institutions or rules established by the commissioner division shall apply to such person other than those laws or rules directly related to the particular function performed by the terminal on such person's premises for a financial institution.

AB150-ASA, s. 6098 Section 6098. 221.04 (1) (n) 1. (intro.) of the statutes is amended to read:

AB150-ASA,1828,18 221.04 (1) (n) 1. (intro.) Upon amendment of the articles of incorporation under s. 221.12 and obtaining, prior to the date which is 2 years after May 7, 1982, approval of the commissioner division and the banking review board, to relocate the principal office of the bank to another place in the municipality in which the principal office is located on the date of the amendment, and to continue to operate the former principal office, or an office located within 1,500 feet of the boundary of the parcel of real estate occupied by the former principal office measured on a straight line connecting the 2 nearest points on the respective parcels of real estate, as a branch, notwithstanding par. (f), if all the services provided by the principal office are also provided by the branch, the branch is operated for at least 5 years after the date of relocation and the commissioner division and the banking review board find that:

AB150-ASA, s. 6099 Section 6099. 221.04 (1) (n) 3m. (intro.) of the statutes is amended to read:

AB150-ASA,1828,24 221.04 (1) (n) 3m. (intro.) A branch office approved under this paragraph may not cease operations unless it has operated for at least 5 years and the commissioner division and the banking review board have approved cessation. The commissioner division may approve cessation only after holding a public hearing in the area served by the branch or principal office and considering all of the following:

AB150-ASA, s. 6100 Section 6100. 221.04 (1) (n) 4. of the statutes is amended to read:

AB150-ASA,1829,3 221.04 (1) (n) 4. Any finding by the comptroller of currency which permits a national bank to operate a branch at a location which the commissioner division finds does not meet the requirements of subds. 1. to 3. renders this paragraph void.

AB150-ASA, s. 6101 Section 6101. 221.04 (1) (p) of the statutes is amended to read:

AB150-ASA,1829,10 221.04 (1) (p) To contract with one or more banks to provide banking and financially related products or services on its behalf to its customers or to establish a joint branch bank of the contracting banks. The contracting banks shall inform the commissioner division in writing of any contract entered into under this paragraph. The establishment of a joint branch bank is subject to the provisions for the establishment of a branch bank in par. (jm).

AB150-ASA, s. 6102 Section 6102. 221.04 (1) (pm) of the statutes is amended to read:

AB150-ASA,1829,18 221.04 (1) (pm) To contract with a savings and loan association that is owned by a bank holding company which also owns the contracting bank, to provide banking and financially related products or services on its behalf to its customers. The savings and loan association shall be subject to regulation and examination by the commissioner division with regard to services performed under the contract to the same extent as if the services were being performed by the bank itself on its own premises.

AB150-ASA, s. 6103 Section 6103. 221.04 (3e) (a) of the statutes is amended to read:

AB150-ASA,1830,3 221.04 (3e) (a) Subject to review by the commissioner of banking division under par. (b), a bank may, with the approval of its board of directors, purchase and hold capital stock of the federal home loan bank for the purpose of becoming a member of the federal home loan bank as provided in the federal home loan bank act, 12 USC 1421 to 1449. A bank that becomes a member may exercise borrowing privileges or use any other service offered to a member by the federal home loan bank if the privileges or service is not in conflict with the laws of this state. Without becoming a member, a bank may exercise deposit privileges and use other services offered to nonmembers by the federal home loan bank.

AB150-ASA, s. 6104 Section 6104. 221.04 (3e) (b) of the statutes is amended to read:

AB150-ASA,1830,15 221.04 (3e) (b) A bank that intends to become a member of the federal home loan bank shall give the commissioner of banking division written notice of its intention to apply for membership. The commissioner division may prohibit a bank from becoming a member if the bank's capital and undistributed surplus is less than the amount required for that bank or if the commissioner division finds that the bank is in an unsafe or unsound condition. The commissioner division shall have 30 days after the date on which the notice is received to issue a prohibition under this paragraph. The commissioner division may extend the time for issuing a prohibition up to 30 additional days if the commissioner division notifies the bank before the initial 30-day period expires that the commissioner division is extending the time limit.

AB150-ASA, s. 6105 Section 6105. 221.04 (4) (a) of the statutes is amended to read:

AB150-ASA,1831,2 221.04 (4) (a) Any bank may, with the approval of the commissioner of banking division, invest an amount not exceeding in the aggregate 15% of its paid-in capital stock and surplus in one or more corporations principally engaged in international or foreign banking, or banking in dependencies or insular possessions of the United States organized pursuant to ss. 611-631 of Title 12 of the United States Code, and any bank may also invest with the approval of the commissioner of banking division an amount not exceeding in the aggregate 10% of its paid-in capital stock and surplus in the stock of one or more corporations principally engaged in international or foreign financial operations other than banking as well as such financial operations in dependencies or insular possessions of the United States organized pursuant to said ss. 611-631 of Title 12 of the United States Code.

AB150-ASA, s. 6106 Section 6106. 221.04 (4) (b) of the statutes is amended to read:

AB150-ASA,1831,10 221.04 (4) (b) Any bank having loans secured by real estate mortgage may with the approval of the commissioner of banking division sell all or any portion of them to the federal national mortgage association, or any successor thereof, and in connection therewith make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the federal national mortgage association or any successor thereof, receive stock evidencing such capital contributions and hold or dispose of such stock.

AB150-ASA, s. 6107 Section 6107. 221.04 (4h) of the statutes is amended to read:

AB150-ASA,1831,17 221.04 (4h) Stock in bank-owned banks. Any bank holding company, subject to the limitations in s. 221.58 (7), or any bank may, with the approval of the commissioner division, acquire and hold stock in an aggregate amount not exceeding 10% of its capital and surplus, in one or more banks chartered under s. 221.57 or in one or more bank holding companies wholly owning a bank chartered under s. 221.57.

AB150-ASA, s. 6108 Section 6108. 221.04 (4m) of the statutes is amended to read:

AB150-ASA,1831,23 221.04 (4m) Stock in agricultural credit corporation. Any bank may invest, with the approval of the commissioner of banking division, in an agricultural credit corporation. Unless a bank owns at least 80% of the stock of the agricultural credit corporation, the amount which it invests in the corporation shall not exceed 20% of the bank's paid-in capital stock and surplus.

AB150-ASA, s. 6109 Section 6109. 221.04 (5) of the statutes is amended to read:

AB150-ASA,1832,13 221.04 (5) (title) Information to commissioner division; stock holdings. Every such bank investing in the capital stock of banks or corporations as provided herein shall be required to furnish information concerning the condition of such banks or corporations to the commissioner division upon demand. If at any time the commissioner division shall ascertain or believe that any regulations prescribed by the commissioner division with reference to such business are not being complied with, said commissioner the division is hereby authorized and empowered to institute an investigation of the matter in order to satisfy the commissioner division as to the actual nature of the transactions referred to. Should such investigation result in establishing the failure of the corporation in question, or of the bank or banks which may be stockholders therein, to comply with the regulations laid down by the said commissioner division, such bank or banks may be required to dispose of stock holdings in said corporation upon reasonable notice.