AB150,1857,75
215.36
(5) (e) The applicant has paid the
commissioner department a fee of
6$1,000 together with the actual costs incurred by the
commissioner department in
7holding any hearing on the application.
AB150, s. 5677
8Section
5677. 215.36 (7) (intro.) of the statutes is amended to read:
AB150,1857,119
215.36
(7) Standards for disapproval. (intro.) The
commissioner department 10may disapprove of any action under sub. (4) if the
commissioner department finds
11any of the following:
AB150, s. 5678
12Section
5678. 215.36 (7) (ct) of the statutes is amended to read:
AB150,1857,1613
215.36
(7) (ct) The applicant has failed to enter into an agreement prepared by
14the
commissioner department to comply with laws and rules of this state regulating
15consumer credit finance charges and other charges and related disclosure
16requirements, except to the extent preempted by federal law or regulation.
AB150, s. 5679
17Section
5679. 215.36 (7) (e) of the statutes is amended to read:
AB150,1857,1918
215.36
(7) (e) The applicant fails to meet any other standards established by
19rule of the
commissioner department.
AB150, s. 5680
20Section
5680. 215.36 (9) (a) of the statutes is amended to read:
AB150,1857,2321
215.36
(9) (a) Subsections (1) to (7) do not apply prior to January 1, 1987, except
22that the
commissioner department may promulgate rules under sub. (7) (e) to be
23applicable no earlier than the date that subs. (1) to (7) apply.
AB150, s. 5681
24Section
5681. 215.36 (11) of the statutes is amended to read:
AB150,1858,10
1215.36
(11) Divestiture. Any savings and loan holding company that ceases
2to be an in-state savings and loan holding company or regional savings and loan
3holding company shall immediately notify the
commissioner department of the
4change in its status and shall, as soon as practical and, in any case, within 2 years
5after the event causing it to no longer be one of these entities, divest itself of control
6of all in-state savings and loans and in-state savings and loan holding companies.
7A savings and loan holding company that fails to immediately notify the
8commissioner department is liable for a forfeiture of $500 for each day beginning
9with the day its status changes and ending with the day notification is received by
10the
commissioner department.
AB150, s. 5682
11Section
5682. 215.40 (1) (c) of the statutes is amended to read:
AB150,1858,1512
215.40
(1) (c) An association shall include the word "savings" in its name if its
13name includes the word "bank". This paragraph does not apply to an association
14name if the association obtained approval for use of the name from the
commissioner 15department before February 12, 1992.
AB150, s. 5683
16Section
5683. 215.40 (2) (intro.) of the statutes is amended to read:
AB150,1858,1817
215.40
(2) Minimum membership and savings accounts. (intro.) The
18commissioner department shall determine:
AB150, s. 5684
19Section
5684. 215.40 (2) (d) of the statutes is amended to read:
AB150,1858,2120
215.40
(2) (d) Such other requirements as the
commissioner department deems
21necessary or desirable.
AB150, s. 5685
22Section
5685. 215.40 (3) of the statutes is amended to read:
AB150,1859,223
215.40
(3) Who may organize. Adult citizens of this state, hereinafter referred
24to as incorporators, desiring to organize a mutual association under this section shall
1make application to the
commissioner department as prescribed on forms furnished
2by the
commissioner department.
AB150, s. 5686
3Section
5686. 215.40 (4) (e) of the statutes is amended to read:
AB150,1859,54
215.40
(4) (e) Such other information as the
commissioner department 5requires.
AB150, s. 5687
6Section
5687. 215.40 (5) of the statutes is amended to read:
AB150,1859,97
215.40
(5) Application fee. The applicants shall pay to the
commissioner 8department $200 to defray the cost of investigation, which sum shall be
paid by the
9commissioner deposited into the general fund to the credit of the
office department.
AB150, s. 5688
10Section
5688. 215.40 (6) (a) of the statutes is amended to read:
AB150,1859,1611
215.40
(6) (a) Along with the application, the incorporators shall file an
12agreement with the
commissioner department that, in addition to their initial
13savings account subscriptions, they will create an expense fund in an amount not less
14than one-half of the total minimum required amount of savings accounts. The
15expense fund is for organization expenses, operating deficits, earnings distributions
16on savings accounts and losses.
AB150, s. 5689
17Section
5689. 215.40 (6) (b) of the statutes is amended to read:
AB150,1859,2118
215.40
(6) (b) This expense fund shall become a part of the assets of the
19proposed association if the
commissioner department approves the application and
20will be reflected on the books as a liability under the caption "Subsidy by
21incorporators."
AB150, s. 5690
22Section
5690. 215.40 (6) (d) of the statutes is amended to read:
AB150,1860,423
215.40
(6) (d) At the end of 3 years of corporate existence, the board of directors
24may petition the
commissioner department for authority to repay the incorporators
25on a proportional basis, any unused portion remaining in the subsidy by directors.
1If the
commissioner department determines that the operations of the association at
2that point are of such degree as to enable the association to operate as an
3independent institution, requiring no further subsidy, the
commissioner department 4may authorize such repayment.
AB150, s. 5691
5Section
5691. 215.40 (6) (e) of the statutes is amended to read:
AB150,1860,146
215.40
(6) (e) At the end of the 4th year, and each subsequent year, the board
7of directors of the association may petition the
commissioner department for
8authority to pay out of current income of any period to the incorporators on a
9proportional basis the amount remaining after payment of expenses, provision for
10taxes, and the provision for distribution of earnings as a recovery of previous charges
11made to the expense fund account by incorporators. The
commissioner department 12may approve or deny the petition for recovery payments. In no event shall refunds
13of this type exceed the total of the charges made to the expense fund account by
14incorporators.
AB150, s. 5692
15Section
5692. 215.40 (7) (a) of the statutes is amended to read:
AB150,1861,216
215.40
(7) (a) Within 30 days after receiving a completed application the
17commissioner department shall furnish a notice of application to the applicant and
18to each association authorized to operate an office within 4 miles of the proposed
19office if the office is to be located in Milwaukee county, or 20 miles of the proposed
20office if located elsewhere. The notice shall describe the location and nature of the
21proposed office and shall solicit written comments on the application. If a hearing
22on the application has been scheduled the notice shall also indicate the time and
23place of the hearing. If not, the notice shall notify interested persons of their right
24to request a hearing under par. (b) 2. The applicant shall publish the notice of
25application as a class 3 notice under ch. 985 in the city, town or village where the
1office is to be located and shall provide the
commissioner department with proof of
2its publication.
AB150, s. 5693
3Section
5693. 215.40 (7) (b) (intro.) of the statutes is amended to read:
AB150,1861,54
215.40
(7) (b) (intro.) The
commissioner department shall conduct a public
5hearing on the application if any of the following occur:
AB150, s. 5694
6Section
5694. 215.40 (7) (b) 2. of the statutes is amended to read:
AB150,1861,97
215.40
(7) (b) 2. Within 3 days after publication of the notice of application any
8person planning to participate in a hearing on the application files with the
9commissioner department a request for hearing; or
AB150, s. 5695
10Section
5695. 215.40 (7) (b) 3. of the statutes is amended to read:
AB150,1861,1211
215.40
(7) (b) 3. The
commissioner
department determines that a hearing will
12be necessary or useful.
AB150, s. 5696
13Section
5696. 215.40 (7) (c) of the statutes is amended to read:
AB150,1861,1714
215.40
(7) (c) If a hearing date was not indicated in the notice of application and
15a hearing is subsequently required, the
commissioner
department shall give written
16notice of the time and place of the hearing to the applicant and to anyone who has
17requested a hearing, not later than 10 days in advance of the scheduled hearing.
AB150, s. 5697
18Section
5697. 215.40 (8) of the statutes is amended to read:
AB150,1861,2419
215.40
(8) Certification of authority, when issued. If the application is
20approved, the
commissioner department shall issue to the incorporators a certificate
21of authority to effect a temporary organization, consisting of a chairperson, a
22secretary and a treasurer; to execute and file articles of incorporation; to adopt and
23file bylaws; to adopt rules for the procedure of the incorporators; to conduct the first
24meeting of members; and to open subscription books for savings accounts.
AB150, s. 5698
25Section
5698. 215.40 (11) of the statutes is amended to read:
AB150,1862,4
1215.40
(11) Certificate of authority, when voided. The certificate of authority
2shall be void after 90 days from its date, but the
commissioner department may for
3cause, after a hearing, extend the life of such certificate for such time as the
4commissioner department deems advisable.
AB150, s. 5699
5Section
5699. 215.40 (13) (a) (intro.) of the statutes is amended to read:
AB150,1862,76
215.40
(13) (a) (intro.) Within the time prescribed in sub. (11), the incorporators
7shall file with the
commissioner department a certificate stating:
AB150, s. 5700
8Section
5700. 215.40 (13) (a) 1. of the statutes is amended to read:
AB150,1862,109
215.40
(13) (a) 1. That articles of incorporation have been executed, filed with
10and approved by the
commissioner department, and recorded; and
AB150, s. 5701
11Section
5701. 215.40 (13) (a) 3. of the statutes is amended to read:
AB150,1862,1312
215.40
(13) (a) 3. That bylaws were adopted at the first meeting of members
13and filed with and approved by the
commissioner department; and
AB150, s. 5702
14Section
5702. 215.40 (13) (a) 9. of the statutes is amended to read:
AB150,1862,1815
215.40
(13) (a) 9. That necessary action has been taken to obtain membership
16in the federal home loan bank, and insurance of savings accounts from the federal
17savings and loan insurance corporation or other instrumentality approved by the
18commissioner department.
AB150, s. 5703
19Section
5703. 215.40 (13) (b) of the statutes is amended to read:
AB150,1862,2320
215.40
(13) (b) No business, other than that of completing the organization of
21the proposed association, may be transacted until such time as the
commissioner 22department issues a certificate of incorporation to the association to commence
23business.
AB150, s. 5704
24Section
5704. 215.40 (14) of the statutes is amended to read:
AB150,1863,6
1215.40
(14) Certificate of incorporation, when issued. Upon receipt of the
2certificate of compliance from the incorporators, the
commissioner department may
3within 30 days issue a certificate of incorporation to the association
under the
4commissioner's hand and seal authorizing
said
the association to commence
5business. The date appearing on the certificate of incorporation shall be the date of
6the corporate existence of the association.
AB150, s. 5705
7Section
5705. 215.40 (15) of the statutes is amended to read:
AB150,1863,118
215.40
(15) Fee for certificate of incorporation. The incorporators shall pay
9to the
commissioner department a fee of $50 for the certificate of incorporation,
10which sum shall be
paid by the commissioner deposited into the general fund to the
11credit of the
office department.
AB150, s. 5706
12Section
5706. 215.40 (17) of the statutes is amended to read:
AB150,1863,2213
215.40
(17) Discretionary authority. The
commissioner department shall
14have discretionary power in the granting of certificates of authority to incorporators
15desiring to organize such associations. The
commissioner department may also
16refuse to issue certificates of incorporation to the incorporators to commence
17business when, in the
commissioner's department's opinion, the incorporators or any
18of them are not of such character and general fitness as to warrant belief that the
19association will be conducted for the best interest of its members; the location of the
20association is so close to an existing association that its business might be interfered
21with and the support of the new association would not be such as to assure its success;
22or when other good and sufficient reasons exist for such refusal.
AB150, s. 5707
23Section
5707. 215.40 (18) of the statutes is amended to read:
AB150,1864,324
215.40
(18) Appeal by applicants after being denied certificate of authority.
25If the
commissioner department refuses to grant a certificate of authority to organize
1an association, and the applicants feel aggrieved thereby, they may appeal to the
2review board to review the
commissioner's department's determination under s.
3215.04 (1) (d) and (4).
AB150, s. 5708
4Section
5708. 215.41 (1) of the statutes is amended to read:
AB150,1864,85
215.41
(1) Form. The articles of incorporation of a mutual association shall be
6approved by the
commissioner department. The
commissioner department shall,
7with the approval of the review board, promulgate rules governing articles of
8incorporation.
AB150, s. 5709
9Section
5709. 215.41 (2) of the statutes is amended to read:
AB150,1864,1310
215.41
(2) Filing and approval. Duplicate originals of the articles of
11incorporation executed by the incorporators, and any subsequent amendments
12thereto adopted by the members of the association, shall be filed with and approved
13by the
commissioner department.
AB150, s. 5710
14Section
5710. 215.41 (3) of the statutes is amended to read:
AB150,1864,1815
215.41
(3) Recording. Upon their approval by the
commissioner department,
16articles of incorporation and amendments thereto shall be recorded in the office of
17the register of deeds of the county in which the home office of the association is
18located.
AB150, s. 5711
19Section
5711. 215.41 (5) of the statutes is amended to read:
AB150,1864,2320
215.41
(5) Effective date. The effective date of articles of incorporation and
21amendments thereto shall be the date when left for record in the office of the register
22of deeds. The register of deeds shall forward a certificate of recording to the
23commissioner department.
AB150, s. 5712
24Section
5712. 215.42 (1) of the statutes is amended to read:
AB150,1865,3
1215.42
(1) Form. The bylaws of a mutual association shall be approved by the
2commissioner department. The
commissioner department shall, with the approval
3of the review board, promulgate rules governing bylaws.
AB150, s. 5713
4Section
5713. 215.42 (2) of the statutes is amended to read:
AB150,1865,75
215.42
(2) Filings and approval. Duplicate originals of the bylaws and any
6subsequent amendments thereto shall be filed with and approved by the
7commissioner department.
AB150, s. 5714
8Section
5714. 215.42 (3) of the statutes is amended to read:
AB150,1865,109
215.42
(3) Effective date. The effective date of bylaws and amendments
10thereto shall be the date when approved by the
commissioner department.
AB150, s. 5715
11Section
5715. 215.50 (1) of the statutes is amended to read:
AB150,1865,1712
215.50
(1) Management responsibility. The government and management of
13a mutual association shall be vested in a board of directors, who are charged with the
14responsibility of compliance with this chapter, orders of the
commissioner 15department, rules of the
commissioner
department promulgated under ch. 227, the
16articles of incorporation and bylaws of the association, and other laws applicable to
17savings and loan operations.
AB150, s. 5716
18Section
5716. 215.50 (6) of the statutes is amended to read:
AB150,1865,2419
215.50
(6) Oath of directors. Upon election, every director shall take and
20subscribe an oath that the director will diligently and honestly perform the duties
21of such office and will not knowingly violate or willingly permit to be violated this
22chapter, any rule of the
commissioner department, the articles of incorporation or
23bylaws under which the association operates, or any other law applicable to savings
24and loan operations.
AB150, s. 5717
25Section
5717. 215.50 (7) of the statutes is amended to read:
AB150,1866,6
1215.50
(7) Directors to fix compensation. The compensation of officers,
2directors, employes and committee members shall be fixed by a majority vote of the
3board of directors in accordance with the bylaws. In addition, the board of directors
4may, by resolution, create a fund or join a pension system or enter into deferred
5compensation agreements for the retirement of its officers and employes, subject to
6specific, prior approval of the
commissioner department and the review board.
AB150, s. 5718
7Section
5718. 215.50 (10) of the statutes is amended to read:
AB150,1866,118
215.50
(10) Promulgation of rules. The board of directors, may by resolution,
9adopt rules and regulations for the conduct of business, provided that they are
10consistent with this chapter, the rules of the
commissioner department, and the
11association's articles of incorporation and bylaws.
AB150, s. 5719
12Section
5719. 215.50 (11) (a) of the statutes is amended to read:
AB150,1866,1713
215.50
(11) (a) The board may remove a director who violates this chapter, the
14rules of the
commissioner department, the articles of incorporation, the bylaws,
15orders of the
commissioner department or any other law applicable to savings and
16loan operations. The board may remove a director only after affording the director
17a hearing.
AB150, s. 5720
18Section
5720. 215.53 (1) (a) (intro.) of the statutes is amended to read:
AB150,1866,2219
215.53
(1) (a) (intro.) With the consent of the
commissioner department and
20subject to any condition that the
commissioner department prescribes, a mutual
21association organized under this chapter may, by an affirmative vote of at least
22two-thirds of the board of each association, do any of the following: