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:
AB150, s. 5721 23Section 5721. 215.53 (1) (a) 4. of the statutes is amended to read:
AB150,1867,524 215.53 (1) (a) 4. Absorb a mutual savings and loan holding company or mutual
25savings bank holding company under a plan, approved by the commissioner

1department, that provides that the mutual savings and loan holding company or
2mutual savings bank holding company ceases to engage in activities that the
3absorbing association may not engage in and that provides that stock in a subsidiary
4association that is not held by the absorbed mutual savings and loan holding
5company or mutual savings bank holding company is redeemed.
AB150, s. 5722 6Section 5722. 215.53 (3) of the statutes is amended to read:
AB150,1867,187 215.53 (3) Withdrawal requests. Any saver in an absorbed association or
8savings bank or in a subsidiary of an absorbed mutual savings and loan holding
9company or mutual savings bank holding company, who intends to file a written
10withdrawal request for savings accounts within one year after the date of approval
11of such absorption by the commissioner department, may do so by giving 90 days'
12written notice of such intention, and the savings accounts shall be withdrawn as
13provided in s. 215.17. Any person who has filed such written withdrawal request
14shall remain a member and be subject to all rights, privileges and duties under this
15chapter and the bylaws and the rules and regulations of the absorbing association
16or, if the absorbing association is a subsidiary of a mutual savings and loan holding
17company, of the mutual savings and loan holding company, until the withdrawal
18value of the savings accounts has been paid to the person.
AB150, s. 5723 19Section 5723. 215.56 (1) (b) 1. of the statutes is amended to read:
AB150,1867,2120 215.56 (1) (b) 1. Certified to the commissioner department under the seal of the
21association by its president and secretary;
AB150, s. 5724 22Section 5724. 215.56 (2) of the statutes is amended to read:
AB150,1867,2523 215.56 (2) Period of liquidation. A mutual association so liquidating shall
24dispose of all its assets within 10 years from the date of liquidation, unless the
25commissioner department orders otherwise.
AB150, s. 5725
1Section 5725. 215.56 (6) of the statutes is amended to read:
AB150,1868,42 215.56 (6) Resumption of business. Any mutual association in liquidation may
3with the approval of the commissioner department resume business upon conditions
4approved by the commissioner department.
AB150, s. 5726 5Section 5726. 215.56 (7) (a) of the statutes is amended to read:
AB150,1868,176 215.56 (7) (a) Unclaimed liquidating dividends and all funds remaining unpaid
7in the hands of the association or its board of directors at or immediately prior to the
8date of final distribution, together with all final liquidating costs, shall be delivered
9by them to the commissioner department to be deposited by the commissioner
10department in one or more state banks, state savings banks or state-chartered
11savings and loan associations, to the credit of the commissioner in the
12commissioner's name
department, in trust for the various members and creditors
13entitled thereto. The commissioner department shall include in the annual report
14under s. 215.02 (11) the names of the associations so liquidated and the sums of
15unclaimed and unpaid liquidating dividends and unclaimed funds with respect to
16each of them respectively, including a statement of interest or dividends earned upon
17the funds.
AB150, s. 5727 18Section 5727. 215.56 (7) (b) (intro.) of the statutes is amended to read:
AB150,1868,1919 215.56 (7) (b) (intro.) The commissioner department may:
AB150, s. 5728 20Section 5728. 215.56 (7) (b) 3. of the statutes is amended to read:
AB150,1868,2221 215.56 (7) (b) 3. Apply the interest and dividends earned by the moneys so held
22toward defraying the expenses of the office department.
AB150, s. 5729 23Section 5729. 215.56 (8) of the statutes is amended to read:
AB150,1869,3
1215.56 (8) (title) Reserved authority of commissioner. This section shall not
2prohibit the commissioner department from proceeding against any association as
3provided in s. 215.32.
AB150, s. 5730 4Section 5730. 215.57 (1) (b) of the statutes is amended to read:
AB150,1869,115 215.57 (1) (b) At such meeting, by the affirmative vote, in person or by proxy,
6of not less than two-thirds of the dollar value of savings accounts of the association
7the members may by resolution declare to convert such association into a federal
8association or into a state-chartered association. A copy of the minutes of such
9meeting, verified by the affidavit of the chairperson and the secretary of the meeting,
10shall be filed in the office of the commissioner with the department within 10 days
11after the meeting.
AB150, s. 5731 12Section 5731. 215.57 (1) (d) 1. of the statutes is amended to read:
AB150,1869,1913 215.57 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert
14into a federal association, the association shall do what is necessary to make it a
15federal association. Within 10 days after the receipt of the federal charter, the
16association shall file with the commissioner department a copy of the federal charter
17certified by the federal home loan bank board. Upon such filing the association shall
18cease to be a state-chartered association and shall thereafter be a federal
19association.
AB150, s. 5732 20Section 5732. 215.57 (1) (d) 2. of the statutes is amended to read:
AB150,1870,221 215.57 (1) (d) 2. Within 6 months after the adjournment of a meeting of the
22members of a federal mutual association called for the purpose of converting the
23association into a state-chartered association, the commissioner department shall
24examine such association and shall determine the action necessary to qualify the

1converting federal mutual association for a state charter. Upon complying with the
2necessary requirements, a state charter shall be issued to such association.
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