AB569-ASA1,44,22
21(2) Director bonds. A credit union shall maintain the necessary bonds for
22directors according to standards prescribed in the bylaws.
AB569-ASA1,45,424
186.21
(1) (title)
Office to cooperate. It shall be the duty of the office of the
25commissioner
of credit unions to
promote the extension of credit at the lowest
1possible rates and cooperate with every group of people
who may be or may become 2that is interested in the formation
and development of
, or in an affiliation with, a
3credit union in this state
for that purpose, and it. The commissioner's office may do
4all things reasonably necessary for the discharge of this duty.
AB569-ASA1, s. 182
5Section
182. 186.21 (1) of the statutes, as affected by 1995 Wisconsin Acts 27
6and .... (this act), is repealed and recreated to read:
AB569-ASA1,45,107
186.21
(1) Office to cooperate. It shall be the duty of the office of credit unions
8to cooperate with every group of people that is interested in the formation of, or in
9an affiliation with, a credit union in this state. The office of credit unions may do all
10things reasonably necessary for the discharge of this duty.
AB569-ASA1,45,1712
186.21
(2) (title)
Advertising. The office of the commissioner
of credit unions 13shall
carry on use advertising
of whatever character that is
most suitable and
14effective to acquaint the people of this state with the agencies and organizations
15dealing
in consumer credit, and of the rates of interest, the condition of loans, the
16benefits and safeguards and the savings features of each such type, agency and
17organization with credit unions.
AB569-ASA1, s. 184
18Section
184. 186.21 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
19and .... (this act), is repealed and recreated to read:
AB569-ASA1,45,2220
186.21
(2) Advertising. The office of credit unions shall use advertising that
21is suitable and effective to acquaint the people of this state with the agencies and
22organizations dealing with credit unions.
AB569-ASA1,46,224
186.21
(3) (title)
Consultations. The office of the commissioner
of credit unions 25shall
further offer without charge to any group, either joined in a credit union or
1considering such an organization,
whatever advice and direction on accounting
2practice practices and managerial problems
that may be needful.
AB569-ASA1, s. 186
3Section
186. 186.21 (3) of the statutes, as affected by 1995 Wisconsin Acts 27
4and .... (this act), is repealed and recreated to read:
AB569-ASA1,46,75
186.21
(3) Consultations. The office of credit unions shall offer without charge
6to any group, either joined in a credit union or considering such an organization,
7advice and direction on accounting practices and managerial problems.
AB569-ASA1,46,129
186.21
(4) (title)
Materials. The office of the commissioner
of credit unions 10shall provide application blanks, model bylaws
, and
whatever other
material may be
11needful or helpful materials to help in the organization, efficient functioning and
12expansion of credit unions.
AB569-ASA1, s. 188
13Section
188. 186.21 (4) of the statutes, as affected by 1995 Wisconsin Acts 27
14and .... (this act), is repealed and recreated to read:
AB569-ASA1,46,1715
186.21
(4) Materials. The office of credit unions shall provide application
16blanks, model bylaws and other materials to help in the organization, efficient
17functioning and expansion of credit unions.
AB569-ASA1,47,719
186.22
(11) Oath of directors. Each director, when appointed or elected, shall
20take an oath that the director will, so far as
the duty
devolves upon the director 21requires, diligently and honestly administer the affairs of the credit union finance
22corporation, and will not knowingly violate, or willingly permit to be violated, any
23of the provisions of law applicable to
such the corporation, and that the director is
24the owner
, in good faith and
in the director's own right on the books of the
nominating 25credit union
which nominated the director, of shares in value of not less than $100,
1or other shares of the withdrawal value of $100, and that the
same is shares are not
2hypothecated, or in any way pledged as security for any loan or debt and, in case of
3reelection that
such share was the shares were not hypothecated or in any way
4pledged as security for any loan or debt during the director's previous term.
Such 5The oath shall be subscribed by the directors and officers making it, and certified by
6an officer authorized by law to administer oaths, and immediately transmitted to the
7commissioner.
AB569-ASA1, s. 190
8Section
190. 186.22 (11) of the statutes, as affected by 1995 Wisconsin Acts 27
9and .... (this act), is repealed and recreated to read:
AB569-ASA1,47,2110
186.22
(11) Oath of directors. Each director, when appointed or elected, shall
11take an oath that the director will, so far as duty requires, diligently and honestly
12administer the affairs of the credit union finance corporation, and will not knowingly
13violate, or willingly permit to be violated, any of the provisions of law applicable to
14the corporation, and that the director is the owner, in good faith and on the books of
15the nominating credit union, of shares in value of not less than $100, or other shares
16of the withdrawal value of $100, and that the shares are not hypothecated, or in any
17way pledged as security for any loan or debt and, in case of reelection that the shares
18were not hypothecated or in any way pledged as security for any loan or debt during
19the director's previous term. The oath shall be subscribed by the directors and
20officers making it, and certified by an officer authorized by law to administer oaths,
21and immediately transmitted to the office of credit unions.
AB569-ASA1, s. 191
22Section
191. 186.23 of the statutes is renumbered 186.235 (8) and amended
23to read:
AB569-ASA1,48,524
186.235
(8) (title)
Rules and regulations. The commissioner shall, with the
25approval of the credit union review board,
issue orders prescribing reasonable
1promulgate rules
and regulations in conducting relating to the business of credit
2unions
or corporations operating as provided in this chapter and it may in like
3manner issue orders amending, modifying, repealing or supplementing rules or
4orders. The violation of any such rule may be cause for the removal of any officer,
5director or employe of any credit union or corporation.
AB569-ASA1, s. 192
6Section
192. 186.235 (title) of the statutes, as affected by 1995 Wisconsin Acts
727 and .... (this act), is repealed and recreated to read:
AB569-ASA1,48,8
8186.235 (title)
Office of credit unions.
AB569-ASA1,48,1110
186.235
(1) Supervision. A credit union shall be under the control and
11supervision of the commissioner.
AB569-ASA1, s. 194
12Section
194. 186.235 (1) of the statutes, as created by 1995 Wisconsin Act ....
13(this act), is amended to read:
AB569-ASA1,48,1514
186.235
(1) Supervision. A credit union shall be under the control and
15supervision of the
commissioner office of credit unions.
AB569-ASA1, s. 195
16Section
195. 186.235 (1m) of the statutes, as affected by 1995 Wisconsin Acts
1727 and .... (this act), is repealed.
AB569-ASA1, s. 196
18Section
196. 186.235 (2) of the statutes, as affected by 1995 Wisconsin Acts
1927 and .... (this act), is repealed and recreated to read:
AB569-ASA1,48,2120
186.235
(2) Enforcement. The office of credit unions shall enforce this chapter
21and other laws relating to credit unions.
AB569-ASA1,48,2423
186.235
(3) Full-time duties. The commissioner and deputy commissioner
24shall devote full time to their respective positions.
AB569-ASA1, s. 198
1Section
198. 186.235 (3) of the statutes, as created by 1995 Wisconsin Act ....
2(this act), is amended to read:
AB569-ASA1,49,53
186.235
(3) Full-time duties. The
commissioner and deputy commissioner 4administrator of the office of credit unions shall devote full time to
their respective
5positions his or her position.
AB569-ASA1,49,97
186.235
(3m) Conflicts of interest. The commissioner, or any employe of the
8office of the commissioner, may not serve as a director or officer of a credit union or
9any other organization that is under the supervision of the office of the commissioner.
AB569-ASA1, s. 200
10Section
200. 186.235 (3m) of the statutes, as created by 1995 Wisconsin Act
11.... (this act), is amended to read:
AB569-ASA1,49,1512
186.235
(3m) Conflicts of interest.
The commissioner, or any No employe of
13the office of
the commissioner, credit unions may
not serve as a director or officer of
14a credit union or any other organization that is under the supervision of the office of
15the commissioner credit unions.
AB569-ASA1,49,1917
186.235
(4) Bond required. A person who is appointed to or employed by the
18office of the commissioner shall furnish a surety bond in an amount authorized by
19the commissioner.
AB569-ASA1, s. 202
20Section
202. 186.235 (4) of the statutes, as created by 1995 Wisconsin Act ....
21(this act), is amended to read:
AB569-ASA1,49,2422
186.235
(4) Bond required. A person who is appointed to or employed by the
23office of
the commissioner credit unions shall furnish a surety bond in an amount
24authorized by the
commissioner office.
AB569-ASA1, s. 203
1Section
203. 186.235 (5) of the statutes, as affected by 1995 Wisconsin Act ....
2(this act), is amended to read:
AB569-ASA1,50,73
186.235
(5) (title)
Immunity of commissioner office of credit unions. The
4commissioner office of credit unions shall not be subject to any civil liability or
5penalty, or to any criminal prosecution, for any error in judgment or discretion made
6in good faith and upon reasonable grounds in any action taken or omitted by the
7commissioner office of credit unions in an official capacity.
AB569-ASA1, s. 204
8Section
204. 186.235 (7) (a) (intro.) of the statutes, as affected by 1995
9Wisconsin Act .... (this act), is amended to read:
AB569-ASA1,50,1310
186.235
(7) (a) (intro.)
The commissioner, all other officers and employes 11Employes of the office of
the commissioner, credit unions and members of the review
12board shall keep secret all the facts and information obtained in the course of
13examinations, except in any of the following situations:
AB569-ASA1, s. 205
14Section
205. 186.235 (7) (b) of the statutes, as affected by 1995 Wisconsin Act
15.... (this act), is amended to read:
AB569-ASA1,50,1716
186.235
(7) (b) Notwithstanding par. (a) and unless otherwise provided by rule,
17the
commissioner office of credit unions may do any of the following:
AB569-ASA1,50,2018
1. Furnish to the national board a copy of any examination made by the
19commissioner's office of
credit unions of any credit union or of any report made by
20the credit union.
AB569-ASA1,50,2321
2. Give access to and disclose to the national board any information possessed
22by the
commissioner office of credit unions about the conditions or affairs of any
23credit union whose savings are insured by federal share insurance.
AB569-ASA1, s. 206
24Section
206. 186.235 (8) of the statutes, as affected by 1995 Wisconsin Act ....
25(this act), is repealed and recreated to read:
AB569-ASA1,51,2
1186.235
(8) Rules. The office of credit unions shall, with the approval of the
2credit union review board, promulgate rules relating to the business of credit unions.
AB569-ASA1,51,74
186.235
(9) Charter revocation. The commissioner shall report to the
5department of justice any credit union that conducts its business in violation of this
6chapter. The department of justice may bring an action to revoke the credit union's
7articles of incorporation.
AB569-ASA1, s. 208
8Section
208. 186.235 (9) of the statutes, as created by 1995 Wisconsin Act ....
9(this act), is amended to read:
AB569-ASA1,51,1310
186.235
(9) Charter revocation. The
commissioner office of credit unions shall
11report to the department of justice any credit union that conducts its business in
12violation of this chapter. The department of justice may bring an action to revoke the
13credit union's articles of incorporation.
AB569-ASA1,51,1615
186.235
(10) Removal. (a) The commissioner may remove an officer, director,
16committee member or employe of a credit union if any of the following applies:
AB569-ASA1,51,2017
1. The policies or practices of the officer, director, committee member or
18employe are prejudicial to the best interest of the credit union, endanger or will
19endanger the safety or solvency of the credit union, or impair the interests of the
20members.
AB569-ASA1,51,2321
2. The officer, director, committee member or employe violates or permits the
22violation of this chapter, a rule promulgated under this chapter or an order of the
23commissioner.
AB569-ASA1,52,3
1(b) An officer, director, committee member or employe removed by the
2commissioner under par. (a) shall be given an opportunity for a hearing before the
3review board within 30 days after the date on which the removal order is issued.
AB569-ASA1,52,124
(c) An order of removal takes effect on the date on which it is issued. A copy
5of the order shall be served upon the credit union and upon the officer, director,
6committee member or employe in the manner provided by law or by mailing a copy
7to the credit union and officer, director, committee member or employe at their
8last-known post-office addresses. An officer, director, committee member or
9employe who is removed from office or employment under this subsection may not
10be elected as an officer or director of, or be employed by, a credit union without the
11approval of the commissioner and the review board. An order of removal under this
12subsection is a final order or determination of the review board under s. 186.015.
AB569-ASA1,52,1513
(d) The commissioner may appoint any member of the credit union to fill a
14vacancy caused by a removal under this subsection. The person who is appointed
15shall hold office until the next annual meeting of the membership.
AB569-ASA1, s. 210
16Section
210. 186.235 (10) (a) (intro.) of the statutes, as created by 1995
17Wisconsin Act .... (this act), is amended to read:
AB569-ASA1,52,2018
186.235
(10) (a) (intro.) The
commissioner office of credit unions may remove
19an officer, director, committee member or employe of a credit union if any of the
20following applies:
AB569-ASA1, s. 211
21Section
211. 186.235 (10) (a) 2. of the statutes, as created by 1995 Wisconsin
22Act .... (this act), is amended to read:
AB569-ASA1,52,2523
186.235
(10) (a) 2. The officer, director, committee member or employe
24violates or permits the violation of this chapter, a rule promulgated under this
25chapter or an order of the
commissioner office of credit unions.
AB569-ASA1, s. 212
1Section
212. 186.235 (10) (b) of the statutes, as created by 1995 Wisconsin Act
2.... (this act), is amended to read:
AB569-ASA1,53,63
186.235
(10) (b) An officer, director, committee member or employe removed by
4the
commissioner office of credit unions under par. (a) shall be given an opportunity
5for a hearing before the review board within 30 days after the date on which the
6removal order is issued.
AB569-ASA1, s. 213
7Section
213. 186.235 (10) (c) of the statutes, as created by 1995 Wisconsin Act
8.... (this act), is amended to read:
AB569-ASA1,53,189
186.235
(10) (c) An order of removal takes effect on the date on which it is
10issued. A copy of the order shall be served upon the credit union and upon the officer,
11director, committee member or employe in the manner provided by law or by mailing
12a copy to the credit union and officer, director, committee member or employe at their
13last-known post-office addresses. An officer, director, committee member or
14employe who is removed from office or employment under this subsection may not
15be elected as an officer or director of, or be employed by, a credit union without the
16approval of the
commissioner office of credit unions and the review board. An order
17of removal under this subsection is a final order or determination of the review board
18under s. 186.015.
AB569-ASA1, s. 214
19Section
214. 186.235 (10) (d) of the statutes, as created by 1995 Wisconsin Act
20.... (this act), is amended to read:
AB569-ASA1,53,2421
186.235
(10) (d) The
commissioner
office of credit unions may appoint any
22member of the credit union to fill a vacancy caused by a removal under this
23subsection. The person who is appointed shall hold office until the next annual
24meeting of the membership.
AB569-ASA1, s. 215
1Section
215. 186.235 (11) of the statutes, as affected by 1995 Wisconsin Act
2.... (this act), is repealed and recreated to read:
AB569-ASA1,54,63
186.235
(11) Possession by office. (a)
Conditions for taking possession. The
4office of credit unions may take possession and control of the business and property
5of any credit union if the credit union violates this chapter or if the credit union does
6any of the following:
AB569-ASA1,54,77
1. Conducts its business contrary to law.
AB569-ASA1,54,88
2. Violates its charter, or any law.
AB569-ASA1,54,99
3. Conducts its business in an unauthorized or unsafe manner.
AB569-ASA1,54,1010
4. Has an impairment of its capital.
AB569-ASA1,54,1111
5. Suspends payment of its obligations.
AB569-ASA1,54,1312
6. Neglects or refuses to comply with the terms of an order of the office of credit
13unions.
AB569-ASA1,54,1514
7. Refuses to submit its books, papers, records, accounts or affairs for inspection
15to a credit union examiner.
AB569-ASA1,54,1616
8. Refuses to be examined upon oath regarding its affairs.
AB569-ASA1,54,1717
9. Receives notice of intent to terminate insured status by the national board.
AB569-ASA1,54,2418
(b)
Suspension. 1. The office of credit unions may suspend, for a period of up
19to 120 days, an officer, director, committee member or employe of a credit union from
20engaging in credit union business if the office of credit unions finds the existence of
21any condition under par. (a) 1. to 9. The office of credit unions may renew a
22suspension under this subdivision any number of times and for periods of up to 120
23days if the office of credit unions finds that the condition or conditions continue to
24exist.
AB569-ASA1,55,3
12. The office of credit unions shall suspend the business of a credit union, other
2than a corporate central credit union, if the credit union does not comply with s.
3186.34.
AB569-ASA1,55,64
(c)
Possession by office of credit unions. 1. The office of credit unions may take
5possession of the business and property of a credit union if the office finds the
6existence of any condition under par. (a) 1. to 9.