AB569: Bill Text

AB569, s. 36 Section 36. 186.02 (1) of the statutes is amended to read:

AB569,15,23 186.02 (1) (title) Incorporation. Seven or more residents of this state may organize a credit union by filing with the commissioner the proposed articles of incorporation in duplicate and a verified copy of the proposed original bylaws, together with a $5 $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the location of county in which its initial principal office, the par value of its shares, is located and the names, residences and occupations addresses of the incorporators.

AB569, s. 37 Section 37. 186.02 (1) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569,16,6 186.02 (1) Incorporation. Seven or more residents of this state may organize a credit union by filing with the office of credit unions the proposed articles of incorporation in duplicate and the proposed bylaws, together with a $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the county in which its initial principal office is located and the names and addresses of the incorporators.

AB569, s. 38 Section 38. 186.02 (2) (title) of the statutes is created to read:

AB569,16,8 186.02 (2) (title) Bylaws.

AB569, s. 39 Section 39. 186.02 (2) (a) 1. of the statutes is amended to read:

AB569,16,11 186.02 (2) (a) 1. The conditions of residence or occupation which qualify persons determine eligibility for membership.

AB569, s. 40 Section 40. 186.02 (2) (a) 2. of the statutes is amended to read:

AB569,16,14 186.02 (2) (a) 2. The par value of the shares of capital stock not exceeding $25 $50 per share.

AB569, s. 41 Section 41. 186.02 (2) (a) 3. and 4. of the statutes are repealed.

AB569, s. 42 Section 42. 186.02 (2) (a) 5d. of the statutes is created to read:

AB569,16,17 186.02 (2) (a) 5d. The responsibilities and qualifications of the directors.

AB569, s. 43 Section 43. 186.02 (2) (a) 5h. of the statutes is created to read:

AB569,16,19 186.02 (2) (a) 5h. The nomination and election procedures for directors.

AB569, s. 44 Section 44. 186.02 (2) (a) 5k. of the statutes is created to read:

AB569,16,22 186.02 (2) (a) 5k. The type and amount of a bond required to be maintained on behalf of a director.

AB569, s. 45 Section 45. 186.02 (2) (a) 5p. of the statutes is created to read:

AB569,16,24 186.02 (2) (a) 5p. Meeting notification procedures.

AB569, s. 46 Section 46. 186.02 (2) (a) 5t. of the statutes is created to read:

AB569,17,1 186.02 (2) (a) 5t. Procedures for removing directors from the board of directors.

AB569, s. 47 Section 47. 186.02 (2) (a) 7. of the statutes is amended to read:

AB569,17,4 186.02 (2) (a) 7. The time date of the annual membership meeting of members, to be held on or before June 30 July 1.

AB569, s. 48 Section 48. 186.02 (2) (a) 8. of the statutes is amended to read:

AB569,17,7 186.02 (2) (a) 8. The manner by which members and directors are notified of annual and special meetings.

AB569, s. 49 Section 49. 186.02 (2) (a) 9. of the statutes is amended to read:

AB569,17,10 186.02 (2) (a) 9. The number of members and directors constituting a quorum at an annual or special meeting.

AB569, s. 50 Section 50. 186.02 (2) (a) 10. of the statutes is repealed.

AB569, s. 51 Section 51. 186.02 (2) (a) 11m. of the statutes is created to read:

AB569,17,13 186.02 (2) (a) 11m. The terms required under s. 186.06 (2m).

AB569, s. 52 Section 52. 186.02 (2) (b) 2. of the statutes is amended to read:

AB569,17,17 186.02 (2) (b) 2. Residents Individuals residing or employed within a well-defined neighborhood, community or neighborhoods, communities, rural district districts or multicounty regions.

AB569, s. 53 Section 53. 186.02 (2) (b) 3. of the statutes is amended to read:

AB569,17,22 186.02 (2) (b) 3. Employes of related or vicinal industries or industries that include employers which operate one or more facilities within a neighborhood or urban, suburban or rural community whose limits are not determined by any arbitrary physical standard.

AB569, s. 54 Section 54. 186.02 (2) (c) of the statutes is amended to read:

AB569,18,5 186.02 (2) (c) Members of the immediate family of all qualified persons are eligible for membership. In this paragraph, "members of the immediate family" include the wife, husband, parents and children of a member whether living together in the same household or not and any other relatives of the member or spouse of a member living together in the same household as the member Each credit union shall identify in its bylaws who is an eligible family member for membership purposes.

AB569, s. 55 Section 55. 186.02 (2) (d) of the statutes is amended to read:

AB569,18,13 186.02 (2) (d) Organizations and associations of individuals, the majority of whom are eligible for membership whether incorporated, unincorporated or voluntary, may be admitted to membership in the same manner and under the same conditions as individuals. An organization having a commonality of interest with the credit union and an organization that, as one of its principal functions, provides services to persons who are eligible for membership in the credit union may be admitted to membership as provided in the bylaws.

AB569, s. 56 Section 56. 186.02 (2) (em) of the statutes is amended to read:

AB569,18,17 186.02 (2) (em) A public depositor, as defined in s. 34.01 (4), who makes a public deposit in a credit union may become a member of the credit union if the bylaws permit membership of public depositors.

AB569, s. 57 Section 57. 186.02 (2) (f) of the statutes is amended to read:

AB569,18,22 186.02 (2) (f) If the bylaws require a member to purchase capital stock, an amount equivalent to the value of the required number of shares deposited by the member in any deposit account of the credit union may be treated as the member's share account deposit.

AB569, s. 58 Section 58. 186.02 (3) (title) of the statutes is created to read:

AB569,18,24 186.02 (3) (title) Articles and bylaws.

AB569, s. 59 Section 59. 186.02 (3) (a) of the statutes is amended to read:

AB569,19,10 186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the commissioner. If the commissioner approves the articles and bylaws, the commissioner shall return one approved duplicate original of the articles of incorporation to the incorporators endorsed with his or her approval, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the commissioner a certificate stating the date and time when the articles were recorded, and the commissioner shall issue a certificate of incorporation to the credit union.

AB569, s. 60 Section 60. 186.02 (3) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569,19,22 186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the office of credit unions. If the office of credit unions approves the articles and bylaws, the office of credit unions shall return one approved duplicate original of the articles of incorporation to the incorporators, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the office of credit unions a certificate stating the date and time when the articles were recorded, and the office of credit unions shall issue a certificate of incorporation to the credit union.

AB569, s. 61 Section 61. 186.02 (3) (b) of the statutes is amended to read:

AB569,20,3 186.02 (3) (b) If the commissioner refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227.

AB569, s. 62 Section 62. 186.02 (3) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569,20,8 186.02 (3) (b) If the office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227.

AB569, s. 63 Section 63. 186.02 (4) (title) of the statutes is created to read:

AB569,20,10 186.02 (4) (title) Amendments.

AB569, s. 64 Section 64. 186.02 (4) (a) of the statutes is amended to read:

AB569,20,17 186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the commissioner upon payment of a $5 $50 fee. If approved by the commissioner, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.

AB569, s. 65 Section 65. 186.02 (4) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569,20,25 186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the office of credit unions upon payment of a $50 fee. If approved by the office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.

AB569, s. 66 Section 66. 186.02 (4) (b) of the statutes is amended to read:

AB569,21,4 186.02 (4) (b) All amendments to the bylaws shall be filed with the commissioner and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the commissioner.

AB569, s. 67 Section 67. 186.02 (4) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569,21,9 186.02 (4) (b) All amendments to the bylaws shall be filed with the office of credit unions and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the office.

AB569, s. 68 Section 68. 186.02 (4) (c) of the statutes is created to read:

AB569,21,13 186.02 (4) (c) A credit union is not required to obtain the prior approval of its membership to move the credit union's principal office within a 20-mile radius of its present location, including to another county.

AB569, s. 69 Section 69. 186.03 of the statutes is repealed and recreated to read:

AB569,21,17 186.03 Use of name exclusive. (1) Limits. A person may not use a name containing the phrase "credit union", represent itself as a credit union or conduct business as a credit union unless the person is any of the following:

AB569,21,18 (a) A credit union.

AB569,21,19 (b) An association of credit unions.

AB569,21,21 (c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.

AB569,21,23 (2) Use required. A credit union shall use the phrase "credit union" in its corporate name.

AB569,22,3 (3) Name approval. The commissioner shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.

AB569,22,4 (4) Penalty. Whoever violates this section may be fined not more than $5,000.

AB569, s. 70 Section 70. 186.03 (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB569,22,9 186.03 (3) Name approval. The commissioner office of credit unions shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.

AB569, s. 71 Section 71. 186.04 of the statutes is renumbered 186.235 (14) and amended to read:

AB569,22,17 186.235 (14) (title) Examination and supervision fees Annual assessments and examination costs. (a) The commissioner, with the approval of the credit union review board, shall fix the amounts to be assessed against credit unions for their supervision and the examination examinations under and by virtue of this chapter. Such amounts Amounts shall be determined and paid as provided in this section subsection.

AB569,22,21 (b) On or before July 15 of each year, each credit union shall pay to the office of the commissioner an annual fee to be determined as provided in sub. (1) assessment, which shall represent as nearly as practicable its fair share of the maintenance of the office of the commissioner.

AB569,23,6 (c) In addition to the annual fee assessment, each credit union shall be assessed charged for the cost of every examination made, which cost shall be determined as provided in sub. (1) and. The examination charge shall include the prorated amount of salaries and expenses of all examiners and other employes actively engaged in the examination, the salaries and expenses of any other person whose services are required in connection with the examination and any reports thereof, examination report and any other expenses which may be directly attributable thereto. Any charge so made to the examination. The examination charge shall be paid within 30 days from the date the credit union receives notice of the assessment of such fee on the day on which the examination is completed.

AB569,23,9 (d) Failure of any credit union to pay any amount as provided in this section subsection shall be grounds for the revocation of the charter of the credit union failing to make the payment.

AB569,23,13 (e) If the amounts collected under this section are in excess of subsection exceed the actual amounts necessary for the supervision and examination of credit unions in each a year, the excess shall be retained by the commissioner and applied in reducing the amounts chargeable for ensuing years.

AB569, s. 72 Section 72. 186.06 (title), (1) and (2) of the statutes are repealed and recreated to read:

AB569,23,18 186.06 (title) Membership meetings, fiscal year. (1) Manner of meeting. The annual meeting and any special meeting of the members of a credit union shall be held in the manner provided by the bylaws.

AB569,23,21 (2) Representation. An organization, association or corporation member of a credit union may be represented by and have its vote cast by an authorized representative of its members or owners.

AB569, s. 73 Section 73. 186.06 (1m) of the statutes is created to read:

AB569,23,25 186.06 (1m) Voting. At a meeting, each member shall have one vote irrespective of the member's share total. Except as provided in sub. (2), a member may not vote by proxy.

AB569, s. 74 Section 74. 186.06 (2m) of the statutes is created to read:

AB569,24,3 186.06 (2m) Voting eligibility. The bylaws shall prescribe the terms by which a member is eligible to vote at a meeting.

AB569, s. 75 Section 75. 186.06 (3) of the statutes is repealed and recreated to read:

AB569,24,7 186.06 (3) Meeting issues. (a) At any meeting, if the notice so indicates, a majority of the members present may direct the board of directors to do any of the following: