AB150, s. 5295
1Section 5295. 214.17 (1) (intro.) of the statutes is amended to read:
AB150,1763,42 214.17 (1) (intro.) The commissioner department finds that the statutes of the
3state in which the regional institution or regional holding company has its principal
4place of business permit all of the following:
AB150, s. 5296 5Section 5296. 214.17 (2) of the statutes is amended to read:
AB150,1763,86 214.17 (2) The commissioner department has not disapproved the acquisition
7of the savings bank or the acquisition or merger with the in-state savings bank
8holding company under s. 214.18.
AB150, s. 5297 9Section 5297. 214.17 (3) of the statutes is amended to read:
AB150,1763,1910 214.17 (3) The commissioner department publishes under ch. 985 a class 3
11notice, in the official state newspaper, of the application to take an action under s.
12214.165 and of the opportunity for a hearing and, if at least 25 residents of this state
13petition for a hearing within 30 days of the final notice or if the commissioner
14department on the commissioner's department's own motion calls for a hearing
15within 30 days of the final notice, the commissioner department holds a public
16hearing on the application, except that a hearing is not required if the commissioner
17department finds that an emergency exists and that the proposed action under s.
18214.165 is necessary and appropriate to prevent the probable failure of an in-state
19savings bank that is closed or in danger of closing.
AB150, s. 5298 20Section 5298. 214.17 (4) of the statutes is amended to read:
AB150,1763,2421 214.17 (4) The commissioner department is provided a copy of any application
22seeking approval by a federal agency of the acquisition of an in-state savings bank
23or acquisition of or merger with an in-state savings bank holding company and of any
24supplemental material or amendments filed with the application.
AB150, s. 5299 25Section 5299. 214.17 (5) of the statutes is amended to read:
AB150,1764,3
1214.17 (5) The applicant has paid the commissioner department a fee of $1,000
2together with the actual costs incurred by the commissioner department in holding
3any hearing on the application.
AB150, s. 5300 4Section 5300. 214.18 (intro.) of the statutes is amended to read:
AB150,1764,7 5214.18 Standards for disapproval. (intro.) The commissioner department
6may disapprove any action under s. 214.165 if the commissioner department finds
7any of the following:
AB150, s. 5301 8Section 5301. 214.18 (6) of the statutes is amended to read:
AB150,1764,129 214.18 (6) The applicant has failed to enter into an agreement prepared by the
10commissioner department to comply with laws and rules of this state regulating
11consumer credit finance charges and of the charges and related disclosure
12requirements, except to the extent preempted by federal law or regulation.
AB150, s. 5302 13Section 5302. 214.18 (8) of the statutes is amended to read:
AB150,1764,1514 214.18 (8) The applicant fails to meet any other standard established by rule
15of the commissioner department.
AB150, s. 5303 16Section 5303. 214.20 of the statutes is amended to read:
AB150,1764,25 17214.20 Divestiture. A savings bank holding company that ceases to be an
18in-state savings bank holding company or regional holding company shall
19immediately notify the commissioner department of the change in its status and
20shall, as soon as practical and no later than 2 years after the event causing it to no
21longer be one of these entities, divest itself of control of all in-state savings banks and
22in-state savings bank holding companies. A savings bank holding company that
23fails to immediately notify the commissioner department shall be subject to a
24forfeiture of $500 per day, beginning on the day its status changes and ending on the
25day the commissioner department receives notification.
AB150, s. 5304
1Section 5304. 214.24 (1) of the statutes is amended to read:
AB150,1765,32 214.24 (1) An adult resident of this state may, with the approval of the
3commissioner department, organize a savings bank.
AB150, s. 5305 4Section 5305. 214.24 (2) of the statutes is amended to read:
AB150,1765,95 214.24 (2) For stock savings banks, the commissioner department shall
6determine the minimum required capital which shall be at least the minimum
7required to obtain insurance of accounts from a deposit insurance corporation and
8may include additional amounts as the commissioner department may require,
9based on rules promulgated by the commissioner department.
AB150, s. 5306 10Section 5306. 214.24 (3) of the statutes is amended to read:
AB150,1765,1811 214.24 (3) For mutual savings banks, the commissioner department shall
12determine the aggregate minimum amount of funds to be paid into the savings bank's
13deposit accounts by persons subscribing for deposit accounts and the length of time
14for which the incorporators shall guarantee payment of savings bank operating
15expenses. The minimum amount of capital required shall be at least the minimum
16required to obtain insurance of the accounts from a deposit insurance corporation
17and may include additional amounts as the commissioner department may require,
18based on rules promulgated by the commissioner department.
AB150, s. 5307 19Section 5307. 214.245 (intro.) of the statutes is amended to read:
AB150,1765,24 20214.245 Content of application to organize. (intro.) The incorporators
21shall file an application for a certificate to organize a savings bank on forms
22prescribed by the commissioner department. The application shall include any
23information the commissioner department considers necessary but shall include at
24least all of the following:
AB150, s. 5308 25Section 5308. 214.25 (1) of the statutes is amended to read:
AB150,1766,2
1214.25 (1) The commissioner department shall approve the articles of
2incorporation of a savings bank.
AB150, s. 5309 3Section 5309. 214.25 (2) of the statutes is amended to read:
AB150,1766,74 214.25 (2) Duplicate originals of the articles of incorporation executed by the
5incorporators, and any subsequent amendments to the articles that are adopted by
6the members or stockholders of the savings bank shall be filed with and approved by
7the commissioner department.
AB150, s. 5310 8Section 5310. 214.25 (3) of the statutes is amended to read:
AB150,1766,119 214.25 (3) Upon their approval by the commissioner department, articles of
10incorporation and amendments to the articles shall be recorded in the office of the
11register of deeds in the county in which the home office of the savings bank is located.
AB150, s. 5311 12Section 5311. 214.25 (5) of the statutes is amended to read:
AB150,1766,1613 214.25 (5) The effective date of the articles of incorporation and amendments
14to the articles shall be the date of recording in the office of the register of deeds or
15a later date if the document provides for a different date. The register of deeds shall
16forward a certificate of recording to the commissioner department.
AB150, s. 5312 17Section 5312. 214.255 (1) of the statutes is amended to read:
AB150,1766,1918 214.255 (1) The commissioner department shall approve the bylaws of a
19savings bank.
AB150, s. 5313 20Section 5313. 214.255 (2) of the statutes is amended to read:
AB150,1766,2221 214.255 (2) Duplicate originals of the bylaws and any subsequent amendments
22to the bylaws shall be filed with and approved by the commissioner department.
AB150, s. 5314 23Section 5314. 214.255 (3) of the statutes is amended to read:
AB150,1767,3
1214.255 (3) The effective date of the bylaws and amendments to the bylaws
2shall be the date on which they are approved by the commissioner department or a
3later date if the document provides for a different date.
AB150, s. 5315 4Section 5315. 214.26 (1) of the statutes is amended to read:
AB150,1767,95 214.26 (1) The commissioner department may require additional information
6and shall conduct whatever investigation necessary, including subpoenaing books
7and records, taking public testimony and conducting hearings, to determine if the
8commissioner department should issue a certificate to organize. The incorporators
9shall share jointly and severally the expense of an investigation.
AB150, s. 5316 10Section 5316. 214.26 (2) (a) of the statutes is amended to read:
AB150,1767,1311 214.26 (2) (a) The expense fund shall be an asset of the proposed mutual
12savings bank if the commissioner department approves the application, and shall be
13reflected on the books as a liability under the caption "subsidy by incorporators".
AB150, s. 5317 14Section 5317. 214.26 (2) (c) of the statutes is amended to read:
AB150,1767,2015 214.26 (2) (c) After 3 years of corporate existence, the board of directors may
16petition the commissioner department for authority to repay the incorporators, on
17a proportional basis, any unused portion remaining in the expense fund. If the
18commissioner department determines that the operations of the mutual savings
19bank at that point are of such degree as so enable the mutual savings bank to operate
20without the subsidy, the commissioner department may authorize repayment.
AB150, s. 5318 21Section 5318. 214.26 (2) (d) of the statutes is amended to read:
AB150,1768,422 214.26 (2) (d) After the 4th year of corporate existence, and each subsequent
23year, the board of directors of the mutual savings bank may petition the
24commissioner department for authority to pay out of current income of any period
25to the incorporators on a proportional basis, the amount remaining after payment

1of expenses, provision for taxes and the provision for distribution of earnings as a
2recovery of previous charges made to the expense fund account. The commissioner
3department may approve or deny the petition for recovery payments. Recovery
4payments may not exceed the total of the charges made to the expense fund account.
AB150, s. 5319 5Section 5319. 214.26 (3) (a) of the statutes is amended to read:
AB150,1768,156 214.26 (3) (a) Within 30 days after receiving a completed application, the
7commissioner department shall furnish a notice of application to the incorporators
8and to each savings bank authorized to operate an office within 4 miles of the
9proposed home office if it is to be located in Milwaukee county, or within 20 miles of
10the proposed home office if it is to be located outside of Milwaukee county. The notice
11shall describe the location and nature of the proposed home office and any other
12proposed office and shall solicit written comments on the application. If a hearing
13on the application has been scheduled, the notice shall indicate the time and place
14of the hearing. If a hearing has not been scheduled, the notice shall describe the right
15of interested persons to request a hearing.
AB150, s. 5320 16Section 5320. 214.26 (3) (b) of the statutes is amended to read:
AB150,1768,1917 214.26 (3) (b) The incorporators shall publish the notice of application as a class
183 notice under ch. 985 in the city, town or village where the home office is to be located
19and shall provide the commissioner department with proof of publication.
AB150, s. 5321 20Section 5321. 214.26 (4) (intro.) of the statutes is amended to read:
AB150,1768,2221 214.26 (4) (intro.)  The commissioner department shall conduct a public
22hearing on the application if any of the following occurs:
AB150, s. 5322 23Section 5322. 214.26 (4) (b) of the statutes is amended to read:
AB150,1769,3
1214.26 (4) (b) Within 3 days after publication of the final notice of application
2any person planning to participate in a hearing on the application files with the
3commissioner department a request for hearing.
AB150, s. 5323 4Section 5323. 214.26 (5) of the statutes is amended to read:
AB150,1769,85 214.26 (5) If a hearing date is not indicated in the notice of application and a
6hearing is subsequently required, the commissioner department shall give written
7notice of the time and place of the hearing to the incorporators and to anyone who
8has requested a hearing, at least 10 days before the hearing.
AB150, s. 5324 9Section 5324. 214.26 (7) (intro.) of the statutes is amended to read:
AB150,1769,1210 214.26 (7) (intro.) To approve an application, the commissioner department
11must find, based on the record of the application, the commissioner's department's
12investigation and the public hearing, if any, that all of the following conditions exist:
AB150, s. 5325 13Section 5325. 214.26 (7) (c) of the statutes is amended to read:
AB150,1769,1514 214.26 (7) (c) The proposed name is not deceptively similar to that of another
15financial institution within an area defined by rule of the commissioner department.
AB150, s. 5326 16Section 5326. 214.26 (8) of the statutes is amended to read:
AB150,1769,2317 214.26 (8) The commissioner department shall have discretionary authority
18to grant a certificate of authority. The commissioner department may refuse to issue
19a certificate of authority to the incorporators to commence business if, in the
20commissioner's department's opinion, any incorporator is not of such character and
21general fitness as to warrant belief that the savings bank will be conducted for the
22best interest of its members or stockholders or if other sufficient reasons exist for a
23refusal to issue a certificate of authority.
AB150, s. 5327 24Section 5327. 214.265 (1) (a) of the statutes is amended to read:
AB150,1770,3
1214.265 (1) (a) If the commissioner department approves an application to
2organize, the commissioner department shall issue to the incorporators a certificate
3of authority to effect a temporary organization.
AB150, s. 5328 4Section 5328. 214.265 (5) of the statutes is amended to read:
AB150,1770,65 214.265 (5) The directors shall prepare articles of incorporation, bylaws, and
6other documents and items as required by rule of the commissioner department.
AB150, s. 5329 7Section 5329. 214.265 (6) of the statutes is amended to read:
AB150,1770,108 214.265 (6) The directors shall apply for insurance of accounts with a deposit
9insurance corporation and provide the commissioner department with a copy of each
10filing and additional documents filed or received in connection with the filing.
AB150, s. 5330 11Section 5330. 214.265 (8) of the statutes is amended to read:
AB150,1770,1412 214.265 (8) If a stock savings bank, the officers and directors shall furnish the
13commissioner department with the names and addresses of all investors who
14subscribe to purchase stock.
AB150, s. 5331 15Section 5331. 214.265 (9) of the statutes is amended to read:
AB150,1770,1816 214.265 (9) No business, other than that of completing the organization of the
17proposed savings bank, may be transacted until the commissioner department
18issues certificate of incorporation.
AB150, s. 5332 19Section 5332. 214.265 (10) of the statutes is amended to read:
AB150,1770,2320 214.265 (10) A temporary certificate of authority issued under sub. (1) (a) shall
21be effective for 180 days after the date issued. The commissioner department may,
22for cause, extend the effective period of the certificate for such time as the
23commissioner department considers to be advisable.
AB150, s. 5333 24Section 5333. 214.27 (1) of the statutes is amended to read:
AB150,1771,7
1214.27 (1) In addition to the organization requirements of this subchapter, the
2commissioner department may require additional assurances, information, capital
3or agreements from the officers, directors or employes of the savings bank. If the
4requirements of this subchapter, rules promulgated under this subchapter, federal
5law and the commissioner's department's requests are completed, the incorporators
6shall provide the commissioner department with a certificate of compliance in a form
7prescribed by the commissioner department, together with a $500 fee.
AB150, s. 5334 8Section 5334. 214.27 (2) of the statutes is amended to read:
AB150,1771,129 214.27 (2) Within 90 days after receipt of the certificate of compliance and
10receipt of all required fees, the commissioner department shall issue a certificate of
11incorporation authorizing the savings bank to commence business. The certificate
12of incorporation shall specify the date of the corporate existence of the savings bank.
AB150, s. 5335 13Section 5335. 214.27 (3) of the statutes is amended to read:
AB150,1771,1914 214.27 (3) The commissioner department shall terminate the corporate
15existence and void the articles of incorporation and certificate of incorporation of a
16savings bank if the savings bank fails to commence business within 6 months after
17the date on the certificate of incorporation. The commissioner department may, in
18writing, extend the time period to commence business for such time as the
19commissioner department considers to be advisable.
AB150, s. 5336 20Section 5336. 214.275 of the statutes is amended to read:
AB150,1771,23 21214.275 Appeal of denial. If the commissioner department does not grant a
22certificate of organization, the incorporators may appeal to the review board to
23review the determination.
AB150, s. 5337 24Section 5337. 214.305 of the statutes is amended to read:
AB150,1772,9
1214.305 Annual and special meetings. The date of the annual meeting of
2members or stockholders shall be specified in the bylaws. Failure to hold an annual
3meeting may not cause a dissolution of the savings bank. Special meetings may be
4called by the board of directors, by stockholders of not less than 20% of the
5outstanding stock, by members constituting not less than 20% of the eligible votes
6or by any other person designated in the bylaws. The commissioner department may
7call a special meeting with not less than 7 days' written or oral notice. An annual
8or special meeting shall be held at the home office of the savings bank or in another
9place within the same county if specifically designated in the notice of the meeting.
AB150, s. 5338 10Section 5338. 214.31 (1) of the statutes is amended to read:
AB150,1772,1511 214.31 (1) Notice of an annual meeting shall be provided not fewer than 10 days
12nor more than 40 days before the date of the meeting in the manner provided in the
13bylaws. The notice shall be displayed at each office of the savings bank in a manner
14prescribed by rule of the commissioner department. The notice shall state the time,
15place and purpose of the meeting.
AB150, s. 5339 16Section 5339. 214.34 (1) of the statutes is amended to read:
Loading...
Loading...