AB150: Bill Text

AB150, s. 5992 Section 5992. 220.04 (title) of the statutes is amended to read:

AB150,1943,22 220.04 (title) Powers of commissioner department.

AB150, s. 5993 Section 5993. 220.04 (1) (a) of the statutes is amended to read:

AB150,1944,8 220.04 (1) (a) The commissioner of banking or any deputy or examiner department shall examine at least once in each year the cash, bills, collaterals, securities, assets, books of account, condition and affairs of each bank and trust company bank doing business in this state, except national banks. For that purpose the commissioner department may examine on oath any of the officers, agents, directors, clerks, stockholders, customers or depositors thereof, touching the affairs and business of such institution. In making such examinations of banks, the commissioner department shall determine the fair valuation of all assets in accordance with the schedules, rules and regulations prescribed by the banking review board.

AB150, s. 5994 Section 5994. 220.04 (1) (b) of the statutes is amended to read:

AB150,1944,14 220.04 (1) (b) In lieu of any examination required to be made by the commissioner department, the commissioner department may accept any examination that may have been made of any bank or trust company bank within a reasonable period by the federal deposit insurance corporation or a federal reserve bank, provided a copy of the examination is furnished the commissioner department.

AB150, s. 5995 Section 5995. 220.04 (2) of the statutes is amended to read:

AB150,1944,20 220.04 (2) The commissioner department shall examine, or cause to be examined, any bank when requested by the board of directors of such bank. The commissioner department shall also ascertain whether such bank transacts its business at the place designated in the articles of incorporation, and whether its business is conducted in the manner prescribed by law.

AB150, s. 5996 Section 5996. 220.04 (3) of the statutes is amended to read:

AB150,1945,3 220.04 (3) The commissioner or deputy commissioner department may, in the performance of his or her official duties, issue subpoenas and administer oaths. In case of any refusal to obey a subpoena issued by the commissioner or deputy commissioner department, the refusal shall be reported at once to the circuit court of the circuit in which the bank is located. The court shall enforce obedience to the subpoena in the manner provided by law for enforcing obedience to subpoenas of the court.

AB150, s. 5997 Section 5997. 220.04 (4) of the statutes is amended to read:

AB150,1946,5 220.04 (4) Whenever the commissioner department is of the opinion that the loaning, investing or other banking policies or practices of any officer or director of any bank have been prejudicial to the best interests of such bank or its depositors, or that such policies or practices, if put into operation or continued, will endanger the safety or solvency of said bank or impair the interests of its depositors, the commissioner department may, with the approval of the banking review board, request the removal of such officer or director. Such request shall be served on the bank and on such officer or director in the manner provided by law for serving a summons in a court of record or shall be transmitted to said bank and officer or director by registered mail with return receipt requested. If such request for removal is not complied with within a reasonable time fixed by the commissioner department, the commissioner department may by order, with like approval of the banking review board, remove such officer or director, but no order of removal shall be entered until after an opportunity for hearing before the banking review board is given to such officer or director upon not less than 10 days' notice. An order of removal shall take effect as of the date issued. A copy of such order shall be served upon the bank and upon such officer or director in the manner provided by law for service of a summons in a court of record or by mailing such copy to the bank or officer or director at the bank's or officer's or director's last-known post-office address. Any removal under this subsection shall be effective in all respects the same as if made by the board of directors or stockholders of said bank. Any officer or director removed from office under the provisions of this subsection shall not be reelected as an officer or director of any bank without the approval of the commissioner department and the banking review board. An order of removal under this subsection shall be deemed a final order or determination of the banking review board within the meaning and contemplation of s. 220.035 (3).

AB150, s. 5998 Section 5998. 220.04 (5) of the statutes is amended to read:

AB150,1946,16 220.04 (5) The commissioner department, in connection with the liquidation of any bank or banking corporation or when called upon to approve any plan of reorganization and stabilization thereof or when the commissioner department is satisfied the interests of the depositors and creditors in assets held under any trust arrangement so require in connection with such reorganization and stabilization, may cause the bank or banking corporation or trust to be audited. The expense of the audit shall, upon the certificate of the commissioner department, be refunded forthwith to the office of the commissioner of banking department by the bank, banking corporation or the trustees out of the assets of the bank, banking corporation or trust. Such charges shall be a preferred claim against the assets.

AB150, s. 5999 Section 5999. 220.04 (6) (a) of the statutes is amended to read:

AB150,1947,3 220.04 (6) (a) The commissioner department, with the approval of the banking review board, may establish uniform savings rules which shall be adopted by every bank and trust company bank. Such rules may provide the conditions under which banks or trust company banks may accept time deposits and the methods of figuring interest. Such rules may also provide the term of notice of withdrawal and the amounts which may be withdrawn by depositors, which conditions the bank may put in force in times of financial stress by action of its board of directors. The maximum rate of interest on deposits paid by banks whose deposits are not insured by the federal deposit insurance corporation, whether certificates of deposit or book savings deposits, shall be the same as the rate set by the federal deposit insurance corporation for banks whose deposits are insured by it.

AB150, s. 6000 Section 6000. 220.04 (6) (d) of the statutes is amended to read:

AB150,1947,12 220.04 (6) (d) The commissioner of banking department, with the approval of the banking review board, may establish rules regulating the kind and amount of foreign bonds or bonds and securities offered for sale by the international bank for reconstruction and development, the inter-American development bank, the international finance corporation, the African development bank and the Asian development bank which state banks and trust company banks may purchase, except that such rules shall not apply to bonds and securities of the Canadian government and Canadian provinces, which are payable in American funds.

AB150, s. 6001 Section 6001. 220.04 (7) (b) (intro.) of the statutes is amended to read:

AB150,1947,16 220.04 (7) (b) (intro.) The commissioner of banking department may, with the approval of the banking review board, establish uniform rules regulating organizations engaging in fiduciary operations. Such rules may:

AB150, s. 6002 Section 6002. 220.04 (7) (b) 1. of the statutes is amended to read:

AB150,1947,22 220.04 (7) (b) 1. Authorize the office of the commissioner of banking department or any other state agency having jurisdiction over the organization to require the organization to submit periodic reports, in such form and containing such information as the commissioner of banking department may prescribe, regarding the organization's fiduciary operations.

AB150, s. 6003 Section 6003. 220.04 (8) of the statutes is amended to read:

AB150,1948,9 220.04 (8) Unless the commissioner department is expressly restricted by statute from acting under this subsection with respect to a specific power, right or privilege, the commissioner of banking department by rule may, with the approval of the banking review board, authorize state banks to exercise any power under the notice, disclosure or procedural requirements governing national banks or to make any loan or investment or exercise any right, power or privilege permitted national banks under federal law, regulation or interpretation. Notice, disclosure and procedures prescribed by statute which may be modified by a rule adopted under this subsection include, but are not limited to, those provided under s. 138.056. A rule adopted under this subsection may not affect s. 138.041 or chs. 421 to 428 or restrict powers specifically granted state banks under this chapter or ch. 221 or 224.

AB150, s. 6004 Section 6004. 220.04 (9) (a) 2. of the statutes is amended to read:

AB150,1948,13 220.04 (9) (a) 2. "Regulated entity" means a bank, trust company bank and any other entity which is described in s. 220.02 (2) or 221.56 as under the supervision and control of the commissioner of banking department.

AB150, s. 6005 Section 6005. 220.04 (9) (b) (intro.) of the statutes is amended to read:

AB150,1948,18 220.04 (9) (b) Notice of hearing. (intro.) The commissioner department may serve a notice of a hearing which complies with s. 227.44 (1) and (2) on an official or regulated entity if, as a result of an examination or report made to the commissioner department, the commissioner department determines any of the following:

AB150, s. 6006 Section 6006. 220.04 (9) (b) 1. of the statutes is amended to read:

AB150,1948,22 220.04 (9) (b) 1. The official or regulated entity is violating or is about to violate the banking laws of this state or any rule or order issued by the commissioner department.

AB150, s. 6007 Section 6007. 220.04 (9) (b) 3. of the statutes is amended to read:

AB150,1949,2 220.04 (9) (b) 3. An official is violating or is about to violate a written condition which the commissioner department imposed in connection with granting an application or request by the regulated entity, or a written agreement entered into with the commissioner department.

AB150, s. 6008 Section 6008. 220.04 (9) (d) of the statutes is amended to read:

AB150,1949,11 220.04 (9) (d) Cease and desist order. If the recipient of a notice of hearing fails to appear or if upon the record made at the hearing the commissioner department finds that a violation or unsafe or unsound practice has been established, the commissioner department may issue and serve on the official or regulated entity an order to cease and desist from the violation or practice. The order may require the official or regulated entity to correct the conditions resulting from the violation or practice. An order issued under this paragraph is effective upon service on the official or regulated entity named in the order and may be appealed under s. 220.035.

AB150, s. 6009 Section 6009. 220.04 (9) (e) 1. of the statutes is amended to read:

AB150,1949,23 220.04 (9) (e) 1. If the commissioner department finds that a violation or practice described in par. (b) is likely to cause insolvency or substantial dissipation of assets or earnings of the regulated entity or seriously prejudice the interests of its depositors, the commissioner department may issue a temporary order requiring the official or regulated entity named in the notice of hearing to cease and desist from the violation or practice and to take affirmative action to prevent insolvency, dissipation of assets or earnings or prejudice to depositors pending completion of the proceedings. The temporary order is effective upon service on the official or regulated entity named in the notice of hearing and remains effective and enforceable pending completion of the administrative proceedings unless suspended, set aside or limited by a court as provided in subd. 2.

AB150, s. 6010 Section 6010. 220.04 (9) (f) 1. of the statutes is amended to read:

AB150,1950,3 220.04 (9) (f) 1. As part of an order issued under par. (d), the commissioner department may impose a forfeiture of up to $10,000 for each violation or practice under par. (b).

AB150, s. 6011 Section 6011. 220.04 (9) (g) (intro.) of the statutes is amended to read:

AB150,1950,13 220.04 (9) (g) Enforcement. (intro.) The commissioner department may institute proceedings to recover a forfeiture under par. (f) or to enjoin the violation of an order issued under par. (d) and, after notice and opportunity for a hearing as provided in sub. (4), may order the removal of an official who commits a violation or engages in a practice under par. (b) or who violates an order issued under par. (d), if the commissioner department finds that the practice or violation involves personal dishonesty resulting in financial gain to the official or demonstrates a wilful or continuing disregard for the safety or soundness of the regulated entity, and the commissioner department finds any of the following:

AB150, s. 6012 Section 6012. 220.04 (10) of the statutes is amended to read:

AB150,1951,3 220.04 (10) If it appears to the commissioner of banking department that a person has engaged or is about to engage in an act or practice constituting a violation of the laws of this state relating to banks and banking, including this chapter, chs. 217, 218 and 221 to 224 and s. 138.09, or a rule promulgated or order issued under those laws, the commissioner department may bring an action in the name of the state in the circuit court of the appropriate county to enjoin the acts or practices and to enforce compliance with the laws, rules or orders, or the commissioner department may refer the matter to the district attorney of the appropriate county or, if the alleged violation may be enforced by the attorney general under s. 220.12, 221.18, 221.205, 221.28 or 224.06 (7) or is statewide in nature, to the attorney general. Upon a proper showing, the court may grant a permanent or temporary injunction or restraining order, appoint a receiver for the defendant or the defendant's assets or order rescission of any acts determined to be unlawful. The court may not require the commissioner department to post a bond.

AB150, s. 6013 Section 6013. 220.05 (title) of the statutes is amended to read:

AB150,1951,6 220.05 (title) Examination fees; assessment by commissioner and assessments.

AB150, s. 6014 Section 6014. 220.05 (1) of the statutes is amended to read:

AB150,1951,16 220.05 (1) The commissioner of banking department shall assess each state bank and trust company bank for the cost of each examination made, which cost shall be determined by the commissioner department and shall include the salaries and expenses of all examiners and other employes of the commissioner department actively engaged in such an examination, the salaries and expenses of the commissioner, review examiner or any other person whose services are required in connection with such examination and any reports thereof, and any other expenses which may be directly apportioned. Any charge so made shall be paid within 30 days from the time the bank receives notice of the assessment.

AB150, s. 6015 Section 6015. 220.05 (2) of the statutes is amended to read:

AB150,1951,24 220.05 (2) On or before July 15 of each year, each state bank and trust company bank shall pay to the commissioner department an annual assessment for the maintenance of the functions of the office of the commissioner of banking department related to banking in an amount to be determined by the banking review board, but which shall not exceed 8 cents per $1,000 of resources, or part thereof, for the first $5,000,000 and shall not exceed 6 cents per $1,000, or part thereof, for all resources over $5,000,000.

AB150, s. 6016 Section 6016. 220.05 (5) of the statutes is amended to read:

AB150,1953,4 220.05 (5) Whenever in the judgment of the commissioner department, the condition or conduct of any bank renders it necessary or expedient to make an extra examination or to devote any extraordinary attention to its affairs, the commissioner department shall have the authority to make any and all necessary extra examinations and audits or partial audits and to devote any necessary attention to the conduct of its affairs; and such bank shall pay for each additional examination, and for each audit or partial audit, the actual cost thereof. Where an audit or partial audit is ordered, the actual reasonable cost of auditors shall be charged. Before directing any examination in excess of 2 or any audit or partial audit, the commissioner department shall examine the audits and examinations of any clearing house association as to the bank in question which may be furnished to it and shall avoid duplication of examinations, audits or partial audits wherever reasonably possible. In case of audits or partial audits for which a charge may be made under the provisions of this section, the commissioner department shall promptly send a copy to the bank and the bank shall pay the reasonable cost thereof. When the commissioner department delivers to a bank a copy of any examination, audit or partial audit, the commissioner department may by letter accompanying same require the bank to have the receipt of same acknowledged in the record of the next meeting of directors of the bank and may require that there be sent to the commissioner department a certified copy of action by the directors showing that all the directors of the bank have read said copy and are familiar with its contents and have signed a statement to such effect on the copy received by the bank and may require that a duplicate of such signed statement signed by all directors to be sent to the commissioner department to be attached to and filed with the original of such examination, audit or partial audit on file in with the office department. Failure of the bank or its board of directors or any of them to comply with any such order or direction of the commissioner department within a reasonable time fixed by it shall be sufficient ground for the taking of possession of said bank by the commissioner department and liquidating said bank under s. 220.08.

AB150, s. 6017 Section 6017. 220.05 (6) of the statutes is amended to read:

AB150,1953,18 220.05 (6) Any bank or trust company holding any property in trust or in any fiduciary capacity or as custodian or bailee shall pay in addition to said fees and assessments provided for in sub. (2) the actual reasonable cost of any and all examinations (whether or not they are in excess of 2 in any one year) conducted by the office of the commissioner of banking department of the books, records and business of said bank or trust company insofar as they relate to said property held in trust or other fiduciary capacity or as custodian or bailee, said cost to include a fair charge for time of assistants and office overhead and to be determined by the commissioner department within a reasonable time after each said examination has been completed. A statement of such charge shall be promptly sent to said bank or trust company. Each such bank or trust company shall pay such charge within 10 days after receipt of such statement. Said cost shall include the cost of furnishing copy to the bank or trust company.

AB150, s. 6018 Section 6018. 220.06 (1) of the statutes is amended to read:

AB150,1953,21 220.06 (1) In this section, "licensee" means a person licensed by the commissioner of banking department under ch. 138, 217 or 218.

AB150, s. 6019 Section 6019. 220.06 (1m) of the statutes is amended to read:

AB150,1954,20 220.06 (1m) No commissioner of banking, deputy, assistant deputy or examiner department employe may examine a bank or licensee in which such that person is interested as a stockholder, officer or employe. No commissioner, deputy, assistant deputy or examiner department employe may examine a bank or licensee located in the same village, city or county with any bank or licensee in which such that person is so interested. The commissioner of banking, deputy, assistant deputies and every employe Employes in the office of the commissioner department, and each member and employe of the banking review board, shall keep secret all facts and information obtained in the course of examinations or from reports not under s. 221.15 (1) filed by a bank or licensee with the office of the commissioner of banking department, except so far as the public duty of the officer person requires reporting upon or taking special action regarding the affairs of any bank or licensee, and except when called as a witness in any criminal proceeding or trial in a court of justice. The commissioner department may furnish to the federal deposit insurance corporation or to any regulatory authority for state or federal financial institutions, insurance or securities a copy of any examination made of any such bank or licensee or of any report made by such bank or licensee and may give access to and disclose to the corporation or to any regulatory authority for state or federal financial institutions, insurance or securities any information possessed by the commissioner department with reference to the conditions or affairs of any such insured bank or licensee if the regulatory authority agrees to treat all information received with the same degree of confidentiality as applies to reports of examination that are in the custody of the commissioner department.

AB150, s. 6020 Section 6020. 220.06 (2) of the statutes is amended to read:

AB150,1955,5 220.06 (2) If any commissioner, deputy, assistant deputy, examiner or other employe in such office the department or any member of the banking review board or any employe thereof discloses the name of any debtor of any bank or licensee, or anything relative to the private account or transactions of such bank or licensee, or any fact obtained in the course of any examination of any bank or licensee, except as herein provided, he or she that person shall be subject, upon conviction, to forfeiture of office, or position and to the payment of a fine of not less than $100 nor more than $1,000, or imprisonment in the Wisconsin state prisons not less than 6 months nor more than 2 years, or both.

AB150, s. 6021 Section 6021. 220.06 (3) (a) of the statutes is amended to read:

AB150,1955,9 220.06 (3) (a) Examination reports possessed by a bank or licensee are confidential, remain the property of the office of the commissioner of banking department and are returnable immediately on request of the office department.

AB150, s. 6022 Section 6022. 220.065 of the statutes is amended to read:

AB150,1955,16 220.065 (title) Immunity of commissioner. The commissioner of banking Employes of the department shall not be subject to any civil liability or penalty, nor to any criminal prosecution, for any error in judgment or discretion made in good faith and upon reasonable grounds in any action taken or omitted by the commissioner department in the commissioner's department's official capacity under the provisions of chs. 220 to 224.

AB150, s. 6023 Section 6023. 220.07 (1) of the statutes is amended to read:

AB150,1956,13 220.07 (1) (title) Capital impaired; duty of commissioner; deficiency. Whenever the commissioner of banking department determines that the capital of any bank is impaired or reduced below the amount required by law or the articles of incorporation, or below the amount certified to the commissioner department as paid in, the commissioner department may require such bank under his or her hand and seal of office to make good such impairment or deficiency within 60 days after the date of such requisition. In any case, where the capital of a bank becomes impaired or reduced below the amount required by law or the articles of incorporation, the board of directors of such bank may make a proportional assessment upon all of the stock of the bank to make good such deficiency, and may provide that the amount of such deficiency shall be due and payable at a time to be fixed by such board of directors, which time shall be not less than 10 days after notice of the assessment. Notice to stockholders residing in another state shall be given by registered mail and a return receipt demanded. If any stockholder fails or neglects to pay the amount of the assessment against his or her stock for 10 days after the assessment becomes due and payable, the directors of the bank may offer the stock for sale, and sell the stock at public sale upon 10 days' notice to be given by posting copies of the notice of sale in 5 public places in the town, village or city where the bank is located. Upon the sale, the purchaser shall forthwith pay the amount of the assessment against the stock. The amount received from the sale of the stock, less the cost and expenses of the sale, shall be paid to the original owner of the stock.

AB150, s. 6024 Section 6024. 220.07 (2) of the statutes is amended to read:

AB150,1956,24 220.07 (2) (title) Review of commissioner's order. In any case where the commissioner department has made an order requiring capital to be made good, the bank may within 10 days after the making of said order secure a review of same by the banking review board by filing in the office of the commissioner with the department a statement requesting such review and stating the grounds of objection to the order of the commissioner department. Said board shall promptly conduct a hearing thereon after affording reasonable notice to the bank and shall affirm, modify or set aside the order of the commissioner department. No such review or hearing shall extend the time for compliance with the order of the commissioner department unless the banking review board shall so direct.

AB150, s. 6025 Section 6025. 220.075 (1) of the statutes is amended to read:

AB150,1957,10 220.075 (1) If the commissioner department finds that the average of deposits for a fiscal year, as computed under sub. (2), in a bank exceed an amount equal to 15 times the unimpaired capital and the undistributed surplus of the bank, the commissioner department shall order the bank to increase its capital or surplus or both. The order shall provide that within one year the total unimpaired capital and undistributed surplus shall exceed one-fifteenth of the average deposits as reported in accordance with this section. For purposes of making calculations under this subsection, a bank shall subtract from undistributed surplus that amount of all items classified by the commissioner department as doubtful or loss which exceeds the bank's undivided profits and loan loss reserves.

AB150, s. 6026 Section 6026. 220.075 (3) of the statutes is amended to read:

AB150,1957,17 220.075 (3) On or before April 15 annually, each bank shall file with the commissioner department a report, in the form required by the commissioner department, which discloses the unimpaired capital, the undistributed surplus and the average of actual deposits, average of cash and cash equipment items and average of deposits for the fiscal year ending at the close of business on March 31 of the same year.

AB150, s. 6027 Section 6027. 220.075 (4) of the statutes is amended to read:

AB150,1957,23 220.075 (4) Any bank failing to file a report as required by this section shall be subject, at the discretion of the commissioner department, to a forfeiture of $100 for each day after the due date of the report until the report is filed. A bank's failure to comply with an order issued by the commissioner department under this section is cause for forfeiture of the bank's charter or for the removal of its officers or directors.

AB150, s. 6028 Section 6028. 220.08 (title) of the statutes is amended to read:

AB150,1958,2 220.08 (title) Delinquent banks; commissioner department may take possession.

AB150, s. 6029 Section 6029. 220.08 (1) of the statutes is amended to read:

AB150,1959,17 220.08 (1) Whenever it shall appear to the commissioner of banking department that any bank or banking corporation to which this chapter is applicable has violated its charter or any law of the state, or is conducting its business in an unsafe or unauthorized manner, or if the capital of any such bank or banking corporation is impaired, or if any such bank or banking corporation shall refuse to submit its books, papers, and concerns to the inspection of any examiner, or if any officer thereof shall refuse to be examined upon oath touching the concerns of any such bank or banking corporation, or if any such bank or banking corporation shall suspend payment of its obligations, or if from any examination or report provided for by this chapter the commissioner department shall have reason to conclude that such bank or banking corporation is in an unsound or unsafe condition to transact the business for which it is organized, or that it is unsafe and inexpedient for it to continue business, or if any such bank or banking corporation shall neglect or refuse to observe an order of the commissioner department, specified in s. 220.07, or if the commissioner department shall find that the management of the bank or the manner in which the work of any of its officers or employes is done, if continued, is such as to endanger the safety or solvency of the bank and the commissioner department shall have made written recommendations for change in management or officers and employes and such recommendation shall not have been complied with after the expiration of a reasonable time therefor fixed by the commissioner department, the commissioner department may take possession of the property and business of such bank or banking corporation, and retain such possession until such bank or banking corporation shall resume business, or its affairs be finally liquidated as herein provided. Whenever facts have come to the attention of the commissioner department which cause the commissioner department to believe that it may be necessary or advisable to take possession of a bank, or if the commissioner department has reasonable cause to believe that any of the grounds for taking possession of a bank, specified in this section, exist, the commissioner department shall bring the matter to the attention of the banking review board, reporting to them in writing the situation and the commissioner's department's recommendation as to action to be taken. The banking review board shall promptly consider the matter and promptly decide whether or not the commissioner department should take possession of the bank. If the review board decides that the commissioner department should take possession, the commissioner department shall forthwith take possession as hereinbefore provided. If at any time the commissioner department is confronted with an emergency situation where in the commissioner's department's opinion it is imperative in order to protect the public or for other reasons that possession of the bank be at once taken, the commissioner department may do so forthwith without referring the matter to the banking review board.

AB150, s. 6030 Section 6030. 220.08 (2) of the statutes is amended to read:

AB150,1960,9 220.08 (2) On taking possession of the property and business of any such bank or banking corporation, the commissioner department shall forthwith give notice of such fact to any and all banks or banking corporations holding or in possession of any assets of such bank or banking corporation. No bank or banking corporation knowing of such taking possession by the commissioner department, or notified as aforesaid, shall have a lien or charge for any payment, or advance, thereafter made, or liability thereafter incurred, against any of the assets of the bank or banking corporation of whose property and business the commissioner department shall have taken possession as aforesaid, except that all drafts issued and delivered against existing balances on deposit in any drawee banks or banking corporations shall be paid on presentation, if they correspond by number and amount to a list to be certified to them by the commissioner, the commissioner's deputies or representatives department, and if there be insufficient funds in deposit such drafts shall be preferred claims. Such bank or banking corporation may, with the consent of the commissioner department, resume business upon such conditions as may be approved by the commissioner department.

AB150, s. 6031 Section 6031. 220.08 (2a) of the statutes is amended to read:

AB150,1960,24 220.08 (2a) The commissioner department on taking possession of a bank for liquidation shall, with the approval of the circuit court, withdraw from the general fund of such bank an amount of money deemed adequate by the commissioner department and the circuit court for the payment of current monthly expenses and set up a working fund. Such working fund shall be deposited by the commissioner department in one or more state banks in an account known as "bank liquidation account" together with like funds from other banks in liquidation. Once each month the expenses so paid from the working fund shall be approved by the circuit court. Upon such approval, the working fund of each liquidating bank shall be reimbursed from the general fund of said liquidating bank so that the balance of each working account in said bank liquidation account shall always be the amount approved by the circuit court. When a liquidating bank is ready to pay the final dividend and final expenses, the working fund assigned to the bank liquidation account shall be reassigned back to the general account of such bank.

AB150, s. 6032 Section 6032. 220.08 (3) of the statutes is amended to read:

AB150,1961,9 220.08 (3) Upon taking possession of the property and business of such bank or banking corporation, the commissioner department is authorized to collect moneys due to such bank or banking corporation, and do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof, as hereinafter provided. The commissioner department shall collect all debts due and claims belonging to it, and, upon the order of the circuit court, may sell or compound all bad or doubtful debts, and on like order may sell all the real and personal property of such bank or banking corporation on such terms as the court shall direct.

AB150, s. 6033 Section 6033. 220.08 (3a) of the statutes is amended to read:

AB150,1961,18 220.08 (3a) That in addition to the authority conferred by sub. (3), the commissioner department with the approval of the banking review board may, for purposes of collection or liquidation, sell, assign, convey and transfer or approve the sale, assignment, conveyance and transfer of the assets of a closed bank or bank operating under a stabilization and readjustment agreement to any other bank or trust company under such terms and conditions as the commissioner department may deem for the best interests of the depositors and unsecured creditors of such bank.

AB150, s. 6034 Section 6034. 220.08 (3b) of the statutes is amended to read:

AB150,1961,22 220.08 (3b) The acts of any special deputy commissioner under sub. (4) shall be binding on the commissioner of banking department to the same extent and with like effect as if such acts were done by said commissioner department.

AB150, s. 6035 Section 6035. 220.08 (4) of the statutes is amended to read:

AB150,1962,18 220.08 (4) The commissioner department may, under his or her hand and official seal, appoint one or more special deputy commissioners deputies, as agent or agents, to assist the commissioner department in the duty of reorganization, consolidation, liquidation and distribution, the certificate of appointment to be filed in the office of the commissioner with the department and a certified copy in the office of the clerk of the circuit court for the county in which such bank or banking corporation is located. Such special deputy commissioners deputies may execute, acknowledge and deliver any and all deeds, assignments, releases or other instruments necessary and proper to effect any sale and transfer or encumbrance of real estate or personal property after the same has been approved by the commissioner department, and an order obtained from the circuit court of the county in which the bank concerned is located. The commissioner department may from time to time authorize a special deputy commissioner to perform such duties connected with such reorganization, consolidation, liquidation and distribution as the commissioner department deems proper. The commissioner department may employ such counsel and procure such expert assistance and advice as may be necessary in the reorganization, consolidation, liquidation and distribution of the assets of such banks or banking corporations. The commissioner department may retain such of the officers or employes of such banks or banking corporations as he or she deems necessary.

AB150, s. 6036 Section 6036. 220.08 (5) of the statutes is amended to read: