AB150,1655,92
186.29
(7) Liquidating dividends. At any time after the expiration of the date
3fixed for the presentation of claims, the special deputy
commissioner in charge of the
4liquidation of such credit union may, upon a petition approved by the
commissioner 5office of credit unions and an order of the circuit court of the county in which such
6credit union is located, out of the funds remaining, after the payment of expenses and
7debts, declare one or more dividends, and may declare a final dividend, such dividend
8to be paid to such persons, and in such amounts as may be directed by the circuit
9court.
AB150, s. 4969
10Section
4969. 186.29 (8) of the statutes is amended to read:
AB150,1655,2011
186.29
(8) (title)
Title passes to
commissioner office. Immediately upon filing
12the notice as provided for in sub. (2), the possession of all assets and property of such
13credit union of every kind and nature, wheresoever situated shall be deemed to be
14transferred from such credit union to, and assumed by the
commissioner office of
15credit unions; and filing of the notice mentioned herein, shall of itself, and without
16the execution or delivery of any instruments of conveyance, assignment, transfer or
17indorsement, vest the title to all such assets and property in the
commissioner office
18of credit unions. Such filing shall also operate as a bar to any attachment,
19garnishment, execution or other legal proceedings against such credit union, or its
20assets and property, or its liabilities.
AB150, s. 4970
21Section
4970. 186.29 (9) of the statutes is amended to read:
AB150,1655,2522
186.29
(9) Effect of possession. No credit union shall have a lien, or charge
23for any payment, advance or clearance made, or liability thereafter incurred, against
24any of the assets of the credit union of whose property and business the
commissioner 25office of credit unions shall have taken possession.
AB150, s. 4971
1Section
4971. 186.29 (10) of the statutes is amended to read:
AB150,1656,152
186.29
(10) Appeal. Whenever any such credit union, whose property and
3business the
commissioner office of credit unions has taken possession of, as
4aforesaid, deems itself aggrieved thereby, it may, at any time within 10 days after
5such taking, appeal to the credit union review board for relief from such possession
6by the
commissioner office of credit unions. In the event the credit union review
7board sustains the
commissioner office of credit unions, the said credit union may
8then at any time within 10 days after the decision of the credit union review board,
9apply to the circuit court of the county in which such credit union is located to enjoin
10further proceedings; and said court, after citing the
commissioner office of credit
11unions to show cause why further proceedings should not be enjoined and hearing
12all allegations and proofs of the parties and determining the facts, may, upon the
13merits dismiss such application or enjoin the
commissioner office of credit unions 14from further proceedings, and direct it to surrender such business and property to
15such credit union.
AB150, s. 4972
16Section
4972. 186.29 (11) (intro.) of the statutes is amended to read:
AB150,1656,1917
186.29
(11) Reinstatement. (intro.) Whenever the
commissioner office of credit
18unions shall have taken over the possession and control of the business and property
19of any credit union the same may resume business when and if:
AB150, s. 4973
20Section
4973. 186.29 (11) (a) of the statutes is amended to read:
AB150,1656,2321
186.29
(11) (a) The owners of at least two-thirds of such credit union dollar
22value of outstanding shares, execute a petition to such effect, the form of which shall
23be prescribed by the
commissioner office of credit unions, and
AB150, s. 4974
24Section
4974. 186.29 (11) (b) of the statutes is amended to read:
AB150,1657,3
1186.29
(11) (b) There is submitted to the
commissioner office of credit unions 2by such shareholders or a committee duly selected by them, a plan for the
3reorganization and reinstatement of such credit union, and
AB150, s. 4975
4Section
4975. 186.29 (11) (c) of the statutes is amended to read:
AB150,1657,75
186.29
(11) (c) The
commissioner
office of credit unions recommends that
6control of the business and property of such credit union be returned to the
7shareholders, and
AB150, s. 4976
8Section
4976. 186.29 (11) (d) of the statutes is amended to read:
AB150,1657,139
186.29
(11) (d) The court in which such liquidation is pending, upon application
10of the
commissioner office of credit unions, makes an order approving the
11commissioner's office's recommendations, which order shall contain a finding that
12such credit union will be in a safe and sound condition when control is resumed by
13the shareholders.
AB150, s. 4977
14Section
4977. 186.29 (12) of the statutes is amended to read:
AB150,1657,2515
186.29
(12) Reinstatement upon restricted basis. Such credit union may also
16resume business upon a restricted basis, and upon such limitations and conditions
17as may be prescribed by the
commissioner office of credit unions when approved by
18the circuit court in and for the county in which such credit union is located, upon
19application of the
commissioner office of credit unions. Such restrictions and
20conditions may include, among others, a prohibition against the selling of new
21shares, reasonable restrictions upon withdrawals and the payment of other
22liabilities. Such credit union shall thereupon be relieved from the control and
23supervision of the
commissioner office of credit unions as provided in this section, but
24nothing herein shall, in any manner, prohibit the
commissioner office from again
25proceeding against such credit union as provided herein.
AB150, s. 4978
1Section
4978. 186.29 (13) (a) of the statutes is amended to read:
AB150,1658,122
186.29
(13) (a) The special deputy
commissioner shall deposit unclaimed
3liquidating dividends and unclaimed funds remaining unpaid in the hands of the
4special deputy
commissioner for 6 months after the order for final distribution in one
5or more central credit unions in the
commissioner's
office of credit unions' name in
6trust for the shareholders and creditors of the liquidated credit union. The
7commissioner office of credit unions shall annually report to the governor and the
8chief clerk of each house of legislature for distribution to the legislature under s.
913.172 (2) the names of credit unions of which the
commissioner office has taken
10possession and liquidated, and the sums of unclaimed and unpaid liquidating
11dividends and unclaimed funds with respect to each of the credit unions respectively,
12including a statement of interest earned upon such funds.
AB150, s. 4979
13Section
4979. 186.29 (13) (b) of the statutes is amended to read:
AB150,1658,2214
186.29
(13) (b) The
commissioner
office of credit unions may pay over the
15moneys so held by the
commissioner office to the persons respectively entitled
16thereto, upon being furnished satisfactory evidence of their right to the same. In case
17of doubt or conflicting claims, the
commissioner
office of credit unions may require
18an order of the circuit court authorizing and directing the payment thereof. The
19commissioner office of credit unions may apply the interest earned by the moneys so
20held by the
commissioner office towards defraying the expenses in the payment and
21distribution of such unclaimed liquidating dividends and funds to the stockholders
22and creditors entitled to receive the same.
AB150, s. 4980
23Section
4980. 186.29 (13) (c) of the statutes is amended to read:
AB150,1659,724
186.29
(13) (c) After one year from the time of the order for final distribution,
25the
commissioner office of credit unions shall report and deliver to the state treasurer
1all unclaimed funds as provided in ch. 177. All claims subsequently arising shall be
2presented to the
commissioner office of credit unions. If the
commissioner office of
3credit unions determines that any claim should be allowed,
he or she the office shall
4certify to the department of administration the name and address of the person
5entitled to payment and the amount thereof and shall attach the claim to the
6certificate. The
department secretary of administration shall certify the claim to the
7state treasurer for payment.
AB150, s. 4981
8Section
4981. 186.30 (1) of the statutes is amended to read:
AB150,1659,209
186.30
(1) Whenever from an examination or report, it shall appear to the
10commissioner office of credit unions that the capital of any credit union is impaired,
11or may in the near future become impaired, the
commissioner office of credit unions 12may, with the approval of the credit union review board, issue an order to such credit
13union, requiring the directors to forthwith appoint
, subject to the approval of the
14commissioner office of credit unions, 3 competent persons, not members of such
15credit union, who shall appraise such property owned by, or upon which such credit
16union has a loan or judgment, as the
commissioner
office shall designate. The
17appraisers so appointed and approved shall appraise and fix the current market
18value of all such property as aforesaid and report their findings to the
commissioner 19office of credit unions and the directors. The value as found by such appraisers shall
20be the value from which all losses shall be determined.
AB150, s. 4982
21Section
4982. 186.30 (2) of the statutes is amended to read:
AB150,1660,322
186.30
(2) Whenever the
commissioner
office of credit unions finds that the
23losses existing, or which it may reasonably be anticipated will be sustained in the
24near future, are more than two-thirds of the amount in the regular reserve of the
25credit union, the
commissioner office of credit unions may, with the approval of the
1review board, issue an order to such credit union, which order shall provide that no
2further dividends be credited or paid and no moneys paid out for retiring shares,
3whether noticed for withdrawal, until the
commissioner
office otherwise orders.
AB150, s. 4983
4Section
4983. 186.30 (3) of the statutes is amended to read:
AB150,1660,125
186.30
(3) After the
commissioner
office of credit unions shall have determined
6the losses existing or which the
commissioner office shall determine may reasonably
7be sustained in the near future, the
commissioner
office of credit unions shall issue
8an order providing that the book value of each share be depreciated as stated in such
9order, the officers shall forthwith proceed to depreciate the book value of all shares
10as ordered. A record shall be made on the books showing the amount by which the
11book value of the shares was depreciated, and a copy of such record shall be filed with
12the
commissioner office of credit unions.
AB150, s. 4984
13Section
4984. 186.30 (5) of the statutes is amended to read:
AB150,1660,1714
186.30
(5) The directors may, with the approval of the
commissioner office of
15credit unions, make share loans to members upon such terms and conditions as the
16commissioner office may order, but such loans shall be for provident purposes only
17and not more than $100 shall be loaned to any one member in any one month.
AB150, s. 4985
18Section
4985. 186.30 (7) of the statutes is amended to read:
AB150,1660,2319
186.30
(7) The directors may, with the approval of the
commissioner office of
20credit unions, sell, lease, transfer, exchange and convey any of the property of the
21credit union, and upon their order the proper officers shall execute and deliver such
22deeds, leases, assignments, bills of sale and such other transfers and conveyances as
23are necessary to dispose of such property as herein provided.
AB150, s. 4986
24Section
4986. 186.30 (8) of the statutes is amended to read:
AB150,1661,4
1186.30
(8) The directors may compromise and settle any claim, demand or
2judgment which is a part of the assets of the credit union, but no compromise of any
3claim, demand or judgment shall be made except upon express consent of the
4commissioner office of credit unions.
AB150, s. 4987
5Section
4987. 186.30 (9) of the statutes is amended to read:
AB150,1661,86
186.30
(9) The
commissioner office of credit unions shall prescribe reasonable
7rules and regulations not inconsistent with laws for the operation of credit unions
8operating as provided in this section.
AB150, s. 4988
9Section
4988. 186.30 (11) of the statutes is amended to read:
AB150,1661,1410
186.30
(11) The directors shall make no disbursements or contract to make
11disbursements for salaries, compensation, fees or any other item of expense, nor
12retire shares, nor pay or declare dividends during the time such credit union is
13operating as provided in this section without the approval of the
commissioner office
14of credit unions.
AB150, s. 4989
15Section
4989. 186.31 (1) of the statutes is amended to read:
AB150,1661,2516
186.31
(1) Any credit union, which is in good faith winding up its business for
17the purpose of consolidating with some other credit union, may transfer its assets
18and liabilities to the credit union with which it is in the process of consolidation; but
19no consolidation may be made without the consent of the
commissioner office of credit
20unions, and not then to defeat or defraud any of its creditors in the collection of debts
21against such credit union. No consolidation may be carried out without the consent
22of the Wisconsin credit union savings insurance corporation if it protects or
23guarantees the accounts of any credit union participating in the consolidation, or the
24national board if it insures the shares of any credit union participating in the
25consolidation.
AB150, s. 4990
1Section
4990. 186.31 (2) of the statutes is amended to read:
AB150,1662,132
186.31
(2) With the approval of the
commissioner office of credit unions, credit
3unions may consolidate. To effect a consolidation, the board of directors of each
4consolidating union shall, by resolution, propose a specific plan for consolidation
5which shall be agreed to by a majority of the board of each credit union joining in the
6consolidation and directing that the proposed plan of consolidation be submitted to
7a vote at a meeting of members of the credit unions being absorbed which may be
8either an annual or a special meeting. Written notice of the meeting setting forth the
9proposed plan of consolidation or a summary shall be given to each member of the
10credit unions being absorbed within the time and in the manner provided for the
11giving of notice of meetings of members of the credit union. The proposed plan shall
12be adopted upon receiving a majority of the votes entitled to be cast by members
13present at the meeting.
AB150, s. 4991
14Section
4991. 186.314 (2) of the statutes is amended to read:
AB150,1662,1715
186.314
(2) A statement of the results of the vote, verified by the affidavits of
16the president or vice president and the secretary, shall be filed with the office of
the
17commissioner credit unions within 10 days after the vote is taken.
AB150, s. 4992
18Section
4992. 186.314 (3) of the statutes is amended to read:
AB150,1662,2519
186.314
(3) Promptly after the vote is taken and in no event later than 90 days
20thereafter, if the proposition for conversion was approved by such vote, the credit
21union shall take such action as may be necessary under the federal law to make it
22a federal credit union, and within 10 days after receipt of the federal credit union
23charter, there shall be filed with the office of
the commissioner credit unions a copy
24of the charter thus issued. Upon such filing, the credit union shall cease to be a state
25credit union.
AB150, s. 4993
1Section
4993. 186.314 (4) of the statutes is amended to read:
AB150,1663,82
186.314
(4) Upon ceasing to be a state credit union, such credit union shall no
3longer be subject to this chapter. The successor federal credit union shall be vested
4with all the assets and shall continue to be responsible for all of the obligations of the
5state credit union, including annual and special assessments levied under s. 186.35
6(5) (d) prior to the date a copy of the federal credit union charter is filed with the
7commissioner office of credit unions, to the same extent as though the conversion had
8not taken place.
AB150, s. 4994
9Section
4994. 186.315 of the statutes is amended to read:
AB150,1664,2
10186.315 Charter cancellation. Upon completion of a voluntary liquidation
11as provided in s. 186.18, or upon completion of the liquidation in cases under s.
12186.29, or after the assets and liabilities of a credit union are transferred to another
13credit union for the purpose of consolidation as provided in s. 186.31 (3), the
14commissioner office of credit unions shall forthwith cancel the charter of the credit
15union or credit unions liquidated or absorbed in consolidation without any other or
16further notice to said credit union or to any person. A certified copy of the order or
17certificate of the
commissioner office of credit unions shall be recorded with the
18register of deeds of the county where said credit union is located. The register of
19deeds shall note on the margin of the record of the articles of incorporation of said
20credit union the volume and page where said order or certificate canceling its charter
21is recorded and shall be entitled to a fee of 50 cents therefor. In case of voluntary
22liquidation under s. 186.18 or consolidation under s. 186.31, the credit union shall
23record the order or certificate of the
commissioner
office of credit unions and pay the
24fee therefor. In case of liquidation under s. 186.29, the
commissioner office of credit
25unions or special deputy
commissioner as therein provided shall record the order or
1certificate of the
commissioner office and pay the fee therefor out of the assets of the
2credit union as an expense of liquidation.
AB150, s. 4995
3Section
4995. 186.33 of the statutes is amended to read:
AB150,1664,17
4186.33 Other powers. Credit unions may engage in the business and
5functions provided for in s. 218.05 and ch. 217 for their members upon receiving a
6certificate of authority from the
commissioner office of credit unions. The certificate
7of authority shall be issued by the
commissioner
office of credit unions upon
8application of a credit union whenever the
commissioner office finds that the credit
9union has adequate clerical facilities and has provided for the keeping of adequate
10accounts and for the segregation of funds used in carrying on the business of issuing
11their own credit union money orders. The applicants shall meet the same
12requirements as other applicants under ch. 217, but no investigation fee may be
13charged of credit union applicants. The
commissioner
office of credit unions may
14revoke a certificate of authority following a hearing held upon 10 days' notice to the
15credit union for any reason which would have justified the rejection of an application
16or on the ground that the continued operation of the business threatens the solvency
17of the credit union.
AB150, s. 4996
18Section
4996. 186.34 (2) (a) of the statutes is amended to read:
AB150,1664,2319
186.34
(2) (a) Every credit union organized under this chapter prior to July 20,
201985, except a corporate central credit union, shall file a complete application for
21federal share insurance from the national board not later than January 18, 1986.
22The
commissioner office of credit unions shall suspend the business of or liquidate
23any credit union that fails to comply with this paragraph under s. 186.29 (1m) (b).
AB150, s. 4997
24Section
4997. 186.34 (2) (b) of the statutes is amended to read:
AB150,1665,10
1186.34
(2) (b) Every credit union incorporated under this chapter prior to July
220, 1985, except a corporate central credit union, shall obtain a certificate of
3insurance issued by the national board within 54 months after July 20, 1985. The
4commissioner office of credit unions may extend for a period not to exceed 12 months
5the date by which a credit union must obtain a certificate of insurance upon
6satisfactory evidence that the credit union has made or is making a substantial effort
7to satisfy the conditions precedent to issuance of the certificate of insurance. Unless
8the
commissioner office of credit unions approves a consolidation under s. 186.31, the
9commissioner office shall liquidate under s. 186.29 any credit union that fails to
10comply with this paragraph.
AB150, s. 4998
11Section
4998. 186.34 (3) (intro.) of the statutes is amended to read:
AB150,1665,1412
186.34
(3) (intro.) The
commissioner
office of credit unions shall give the
13Wisconsin credit union savings insurance corporation written notice of all of the
14following:
AB150, s. 4999
15Section
4999. 186.34 (4) of the statutes is amended to read:
AB150,1665,2216
186.34
(4) Every credit union that receives a certificate of insurance from the
17national board shall file a copy of the certificate with the
commissioner office of credit
18unions within 30 days after the credit union receives the certificate. Every credit
19union organized under this chapter prior to July 20, 1985, that receives a certificate
20of insurance from the national board shall also file a copy of the certificate with the
21Wisconsin credit union savings insurance corporation within 30 days after receipt of
22the certificate.
AB150, s. 5000
23Section
5000. 186.35 (1) of the statutes is amended to read:
AB150,1666,1224
186.35
(1) Organization. The Wisconsin credit union savings insurance
25corporation, a nonprofit corporation, hereinafter referred to as the "corporation",
1shall be organized within one year after February 14, 1970, by the authorized
2representatives of not less than 9 credit unions chartered and existing under this
3chapter. The articles of incorporation shall require the approval of the
commissioner 4office of credit unions, and shall be filed with the
commissioner office of credit unions 5and recorded with the register of deeds of the county in which the principal office of
6the corporation is located. Amendments to the articles, adopted by a vote of
7two-thirds of the member credit unions present at an annual meeting or a special
8meeting called for that purpose, shall be filed with the
commissioner office of credit
9unions upon payment of a fee of $5 and if approved by the
commissioner office shall
10become effective upon being recorded in the office of the register of deeds in the same
11manner as the original articles. This corporation shall be under the exclusive
12supervision of the
commissioner office of credit unions.
AB150, s. 5001
13Section
5001. 186.35 (2) (b) of the statutes is amended to read:
AB150,1666,1614
186.35
(2) (b) Cooperate with its member credit unions and the office of
the
15commissioner credit unions for the purpose of improving the general welfare of credit
16unions in this state.
AB150, s. 5002
17Section
5002. 186.35 (3) (n) of the statutes is amended to read:
AB150,1666,2018
186.35
(3) (n) As determined by the trustees, declare and pay dividends in cash
19or property to its members, except that the corporation may not declare or pay a
20dividend unless the
commissioner office of credit unions has approved the dividend.
AB150, s. 5003
21Section
5003. 186.35 (3m) (intro.) of the statutes is amended to read:
AB150,1667,222
186.35
(3m) Prohibited use of funds. (intro.) Notwithstanding subs. (2) and
23(3) (d), none of the corporation's funds may be used to assist member credit unions
24to meet the eligibility requirements for obtaining a certificate of federal share
1insurance under s. 186.34, unless the
commissioner office of credit unions 2determines all of the following:
AB150, s. 5004
3Section
5004. 186.35 (5) (d) 2. of the statutes is amended to read:
AB150,1667,104
186.35
(5) (d) 2. In the event of the potential impairment of the corporation's
5capital, special assessments may be levied against all member credit unions by the
6trustees with the approval of the
commissioner office of credit unions. The trustees
7shall determine the total amount of any special assessment, and each member shall
8be liable to the corporation for a fraction of the total special assessment. Each
9member's fractional share of a special assessment shall be determined under sub.
10(12).
AB150, s. 5005
11Section
5005. 186.35 (5) (f) of the statutes is amended to read:
AB150,1667,1412
186.35
(5) (f) The trustees may reduce or waive the annual assessment when
13the total funds in this corporation equal an amount which is mutually agreed upon
14by the trustees and the
commissioner office of credit unions.
AB150, s. 5006
15Section
5006. 186.35 (7) of the statutes is amended to read:
AB150,1667,1816
186.35
(7) Supervision of corporation. The corporation shall be subject to
17supervision and an annual examination by the office of
the commissioner credit
18unions. The cost of each examination shall be paid by the corporation.
AB150, s. 5007
19Section
5007. 186.35 (8) of the statutes is amended to read:
AB150,1668,720
186.35
(8) Examinations of credit unions. The office of
the commissioner 21credit unions shall promptly forward to the corporation copies of examination reports
22of all members. The cost of these copies shall be paid by the corporation. If the
23trustees of the corporation ascertain evidence of carelessness, unsound practices or
24mismanagement of any member or if the trustees determine that the activities of any
25member may jeopardize any of the corporation's assets, the trustees or their
1designees may require the member to disclose its operational policies and
2procedures, and may recommend appropriate corrective measures to the member.
3If the trustees determine that the carelessness, unsound practices or
4mismanagement is not promptly corrected or that the threat to the corporation's
5assets has not been removed, the trustees may make appropriate recommendations
6to the
commissioner office of credit unions, including the recommendation that the
7member be liquidated or consolidated.
AB150, s. 5008
8Section
5008. 186.35 (9) of the statutes is amended to read:
AB150,1668,139
186.35
(9) Bylaws. The incorporators shall subscribe and submit to the
10commissioner office of credit unions, for approval, the bylaws and any amendments
11thereto under which the corporation shall operate. These bylaws may be amended
12at any regular or special meeting of the trustees or any annual or special meeting of
13the corporation.
AB150, s. 5009
14Section
5009. 186.35 (11) (a) of the statutes is amended to read:
AB150,1669,215
186.35
(11) (a) Within 30 days after receipt of written notice from the
16commissioner office of credit unions under s. 186.34 (3), the corporation shall publish
17a class 3 notice, under ch. 985, requiring all persons who have claims against the
18corporation to file proof of their respective claims at a place and by a date not earlier
19than 30 days after the last insertion of the notice. Proof of publication shall be filed
20with the clerk of the circuit court. Notwithstanding any other law, any claim for
21which no proof of claim is filed by the date fixed in the notice is barred. Within 30
22days after the last date for filing claims, the corporation shall give notice by
23registered or certified mail to each claimant if the corporation denies all or any part
24of the claimant's claims. Any claim for which notice of complete or partial denial is
1duly mailed is barred unless the claimant commences an action within 90 days after
2the date of mailing of the notice.
AB150, s. 5010
3Section
5010. 186.35 (11) (b) of the statutes is amended to read:
AB150,1669,134
186.35
(11) (b) Within 30 days after the termination of the period for
5commencing actions under par. (a), the trustees shall determine the amount
6reasonably necessary to pay all of the corporation's outstanding, lawful liabilities
7and to pay the expenses of winding up the corporation's affairs. Upon receiving the
8approval of the
commissioner office of credit unions, the corporation shall set aside
9the amount approved by the
commissioner office and shall immediately distribute
10all of the remaining assets of the corporation, subject to par. (c). The corporation may
11make other subsequent distributions, subject to par. (c) if any additional surplus is
12realized. Any surplus remaining after the corporation has been dissolved shall be
13distributed, subject to par. (c).
AB150, s. 5011
14Section
5011. 186.37 of the statutes is amended to read:
AB150,1669,20
15186.37 (title)
Immunity of commissioner office. The commissioner An
16employe of the office of credit unions shall not be subject to any civil liability or
17penalty, nor to any criminal prosecution, for any error in judgment or discretion made
18in good faith and upon reasonable grounds in any action taken or omitted by the
19commissioner office of credit unions in the
commissioner's office's official capacity
20under this chapter.
AB150, s. 5012
21Section
5012. 186.38 (2) of the statutes is amended to read: