AB150-engrossed,1706,2519
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-engrossed,1707,82
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-engrossed,1708,2
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-engrossed,1708,17
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-engrossed,1708,2319
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-engrossed,1709,10
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-engrossed,1709,1412
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-engrossed,1709,2216
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-engrossed,1710,1224
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-engrossed,1710,1614
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-engrossed,1710,2018
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-engrossed,1711,222
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-engrossed,1711,104
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-engrossed,1711,1412
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-engrossed,1711,1816
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-engrossed,1712,720
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-engrossed,1712,139
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-engrossed,1713,215
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-engrossed,1713,134
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-engrossed,1713,20
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-engrossed,1714,1122
186.38
(2) Organization. The corporation may be organized under this section
23by the authorized representatives of one or more credit union share or deposit
24corporations. The articles of incorporation shall require the approval of the
25commissioner office of credit unions and shall be filed with the
commissioner office
1and recorded with the register of deeds of the county in which the principal office of
2the corporation is located. Amendments to the articles, adopted by a vote of
3two-thirds of the voting shares represented at an annual meeting or at a special
4meeting called for that purpose, shall be filed with the
commissioner office of credit
5unions upon payment of a fee of $5 and if approved by the
commissioner office of
6credit unions shall become effective upon being recorded in the office of the register
7of deeds in the same manner as the original articles. This corporation shall be under
8the exclusive supervision of the
commissioner office of credit unions under sub. (9)
9and the
commissioner office shall, with the approval of the credit union review board,
10fix and assess the corporation a fair amount for such supervision and examination
11of the corporation.
AB150-engrossed,1714,1613
186.38
(5) (c) The terms of withdrawal from membership and restrictions on
14sale of capital stock shall be as prescribed in the articles of incorporation as approved
15by the
commissioner office of credit unions, and such terms shall be binding on all
16members and shareholders.
AB150-engrossed,1714,2118
186.38
(7) Reserves. The corporation shall maintain reserves for its liabilities,
19including contingent liabilities, and the
commissioner
office of credit unions shall
20have authority to order a change in reserves if the
commissioner office deems them
21to be unacceptable.
AB150-engrossed,1715,223
186.38
(9) Supervision of corporation. The corporation shall be subject to
24supervision and an annual examination by the office of
the commissioner, who credit
1unions. The office of credit unions may invite participation by credit union
2supervisory authorities from other states.
AB150-engrossed,1715,94
186.38
(10) Examinations. The office of
the commissioner credit unions shall
5promptly forward to the corporation a copy of its examination report of the Wisconsin
6credit union savings insurance corporation, if it becomes a member of the
7corporation, and shall cooperate with the corporation in obtaining similar
8examination reports from other state credit union supervisory authorities where
9member state credit union share or deposit corporations are domiciled.
AB150-engrossed,1715,1511
186.38
(11) Bylaws. The board of directors shall subscribe and submit to the
12commissioner office of credit unions, for filing and approval, the bylaws and any
13amendments thereto under which the corporation shall operate. These bylaws may
14be amended at any regular or special meeting of the board of directors or at any
15annual or special meeting of the shareholders.
AB150-engrossed,1715,2017
186.41
(2) (b) An in-state credit union proposing any action under par. (a) shall
18provide the
commissioner office of credit unions a copy of any original application
19seeking approval by a federal agency or by an agency of the regional state and of any
20supplemental material or amendments filed in connection with any application.
AB150-engrossed,1715,2522
186.41
(4) (a) The
commissioner office of credit unions finds that the statutes
23of the regional state in which the regional credit union has its principal office permit
24in-state credit unions to both acquire regional credit union assets and merge with
25one or more regional credit unions in the regional state.
AB150-engrossed,1716,42
186.41
(4) (b) The
commissioner office of credit unions has not disapproved the
3acquisition of in-state credit union assets or the merger with the in-state credit
4union under sub. (5).
AB150-engrossed,1716,156
186.41
(4) (c) The
commissioner office of credit unions gives a class 3 notice,
7under ch. 985, in the official state newspaper, of the application to take an action
8under sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this
9state petition for a hearing within 30 days of the final notice or if the
commissioner 10office of credit unions on
his or her
its own motion calls for a hearing within 30 days
11of the final notice, the
commissioner office of credit unions holds a public hearing on
12the application, except that a hearing is not required if the
commissioner office of
13credit unions finds that an emergency exists and that the proposed action under sub.
14(3) is necessary and appropriate to prevent the probable failure of an in-state credit
15union that is closed or in danger of closing.
AB150-engrossed,1716,2017
186.41
(4) (d) The
commissioner office of credit unions is provided a copy of any
18original application seeking approval by a federal agency of the acquisition of
19in-state credit union assets or of the merger with an in-state credit union and of any
20supplemental material or amendments filed with the application.
AB150-engrossed,1716,2422
186.41
(4) (e) The applicant has paid the
commissioner office of credit unions 23a fee of $1,000 together with the actual costs incurred by the
commissioner office in
24holding any hearing on the application.
AB150-engrossed,1717,3
1186.41
(5) Standards for disapproval. (intro.) The
commissioner office of
2credit unions may disapprove of any action under sub. (3) if the
commissioner office 3finds any of the following:
AB150-engrossed,1717,85
186.41
(5) (ct) The applicant has failed to enter into an agreement prepared by
6the
commissioner office of credit unions to comply with laws and rules of this state
7regulating consumer credit finance charges and other charges and related disclosure
8requirements, except to the extent preempted by federal law or regulation.
AB150-engrossed,1717,1110
186.41
(5) (e) The applicant fails to meet any other standards established by
11rule of the
commissioner office of credit unions.
AB150-engrossed,1717,1513
186.41
(6) (a) Subsections (1) to (5) do not apply prior to January 1, 1987, except
14that the
commissioner office of credit unions may promulgate rules under sub. (5) (e)
15to be applicable no earlier than the date that subs. (1) to (5) apply.
AB150-engrossed,1718,217
186.41
(8) Divestiture. Any credit union that has acquired assets of or merged
18with an in-state credit union under sub. (2) or (3) and that ceases to be an in-state
19credit union or regional credit union shall immediately notify the
commissioner 20office of credit unions of the change in its status and shall, as soon as practical and,
21in any case, within 2 years after the event causing it to no longer be one of these
22entities, divest itself of control of any interest in the assets or operations of any
23in-state credit union. A credit union that fails to immediately notify the
24commissioner office of credit unions is liable for a forfeiture of $500 for each day
1beginning with the day its status changes and ending with the day notification is
2received by the
commissioner office of credit unions.
AB150-engrossed,1718,254
187.05
(1) Trustees; terms; purposes. Any diocesan council or convention,
5conference, synod or other body of authorized representatives of any church or
6religious denomination or association or congregation thereof may elect any number
7of trustees, not less than three, to be incorporated; and when a certificate shall have
8been made and signed by the presiding officer and countersigned by the secretary of
9the body by which they were elected, stating that such persons, naming them, were
10elected trustees, the name of the body by whom elected, the corporate name by which
11such trustees are to be known, the term for which they are to hold their offices, and
12the purposes for which it is desired to incorporate them, and filed
in the office of the
13secretary of state with the department of financial institutions, the persons named
14in such certificate as trustees and their successors in office shall be a body corporate
15for the purposes mentioned in such certificate and for such purposes, and no other,
16shall have the usual powers of a corporation; and the members of such corporation
17shall hold their positions for such term as the body electing them shall determine and
18until their successors are duly elected. Upon the receipt of such certificate, the
19secretary of state department of financial institutions shall issue a certificate of
20incorporation. But any diocesan council or convention, conference, synod or other
21body composed of or divided into district synods or other units may provide in its
22constitution for the election of one or more of its trustees by one or more of such
23district synods or other units or that one or more of its trustees shall be elected by
24said diocesan council or convention, conference, synod or other body from one or more
25of such district synods or other units.
AB150-engrossed,1719,72
187.05
(3) (a) (intro.) Any denominational body mentioned in sub. (1) having
3a constitution (or other instrument of organization), in writing, at any stated
4meeting may vote to become a corporation and designate any of its members of adult
5age, not less than 10 in number, to make, acknowledge and file with the
secretary of
6state department of financial institutions a certificate substantially in the following
7form:
AB150-engrossed,1719,119
187.05
(3) (a) (form) 4. The corporation may amend its constitution (or other
10written instrument of organization) as therein provided, and file with the
secretary
11of state department of financial institutions a certificate thereof duly acknowledged.
AB150-engrossed,1720,413
187.16
(1) Incorporation. Any corps of the Salvation Army in the state of
14Wisconsin may become incorporated as a charitable, educational, missionary,
15philanthropic, beneficial and religious organization, by the commander in chief of
16the Salvation Army in the United States of America and the territorial commander
17of the central territory of the Salvation Army in the United States of America,
18together with three other officers or laypersons, members of the said local Salvation
19Army corps, executing, acknowledging and filing a certificate of incorporation
in the
20office of the secretary of state with the department of financial institutions, giving
21its corporate name, the location of the headquarters of said corps in Wisconsin, the
22names of the incorporators, its general objects and purposes. Said certificate shall
23be recorded
in the office of the secretary of state
with the department of financial
24institutions and a verified copy thereof in the office of the register of deeds in the
25county wherein the main office of said corps of the Salvation Army is located. When
1such record is made the corporation shall come into existence and possess the powers
2and privileges granted to corporations by ch. 181 so far as the same are applicable
3or necessary to accomplish its purpose, and also such powers as are conferred by this
4section.
AB150-engrossed,1720,126
187.16
(5) Amendment of articles. The articles of incorporation of such
7corporation may be altered or amended by a two-thirds vote of the trustees of such
8corporation. When adopted, a copy of such amendment accompanied by certificates
9signed by the president and secretary of the corporation shall be filed with the
10secretary of state department of financial institutions and the original documents
11shall be recorded with the register of deeds of the county where such corporation
12shall have its principal office.
AB150-engrossed,1720,2114
187.19
(7) Articles to be recorded in office of register of deeds. Whenever
15any of said congregations have complied with the foregoing provisions, the articles
16of incorporation thereof shall be made out accordingly, be signed by the president and
17secretary in the presence of two witnesses, who shall sign their names thereto, and
18acknowledged before some notary public or other person authorized by law thereto
19and filed
in the office of the secretary of state
with the department of financial
20institutions, and recorded in the office of the register of deeds in the county or
21counties where such corporation may own real estate.
AB150-engrossed,1721,923
187.19
(9) Amendment of articles. The articles of incorporation of any such
24congregations may be altered or amended by the unanimous vote of the directors of
25such corporation. When adopted, duplicate copies of such amendment, each with a
1certificate thereto affixed, signed by the president and secretary and the other
2directors, and sealed with the corporate seal, if there be any, stating the fact and date
3of the adoption of such amendment and that the same was adopted by unanimous
4vote of the directors of the corporation and that such copy is a true copy of the original,
5shall be made, and one of such duplicate copies shall be filed
in the office of the
6secretary of state with the department of financial institutions and the other shall
7be recorded in the office of the register of deeds of the county where such corporation
8is located and in the office of the register of deeds of any other county or counties
9where the corporation may own real estate.
AB150-engrossed,1721,2211
187.19
(10) Dissolution of corporation. Any corporation organized under this
12section may dissolve by adopting a resolution to that effect by unanimous vote of the
13directors of such corporation. When adopted, duplicate copies of such resolution of
14dissolution, each with a certificate thereto affixed, signed by the president and
15secretary and the other directors, and sealed with the corporate seal, if there be any,
16stating the fact and date of adoption of such resolution and that the same was
17adopted by unanimous vote of the directors of the corporation and that such copy is
18a true copy of the original, shall be made, and one of such duplicate copies shall be
19filed
in the office of the secretary of state with the department of financial
20institutions and the other shall be recorded in the office of the register of deeds of the
21county where such corporation is located and in the office of the register of deeds of
22any other county or counties where the corporation may own real estate.