CHAPTER 222
Universal BANKS
SUBCHAPTER I
GENERAL PROVISIONS
SUBCHAPTER II
CERTIFICATION
222.0205 Certificate of authority.
222.0207 Voluntary termination of certification.
SUBCHAPTER III
ORGANIZATION
222.0301 Articles of incorporation and bylaws.
222.0305 Capital and assets.
222.0307 Acquisitions, mergers, and asset purchases.
SUBCHAPTER IV
POWERS
222.0401 Federal financial institution powers.
222.0405 Investment powers.
222.0407 Universal bank purchase of its own stock.
222.0409 Stock in bank-owned banks.
222.0411 General deposit powers.
222.0413 Necessary or convenient powers, reasonably related or incidental activities, and other approved activities.
GENERAL PROVISIONS
222.0101
222.0101
Title. This chapter may be cited as the "Wisconsin universal bank law."
222.0101 History
History: 2003 a. 63.
222.0102
222.0102
Definitions. In this chapter:
222.0102(1)
(1) "Capital" of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division:
222.0102(1)(a)
(a) For a universal bank organized as a stock organization, the universal bank's capital stock, preferred stock, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital of the universal bank by a deposit insurance corporation.
222.0102(1)(b)
(b) For a universal bank organized as a mutual organization, the universal bank's net worth, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital by a deposit insurance corporation.
222.0102(2)
(2) "Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of, or corporation chartered by, the United States that insures deposits of financial institutions and that is supported by the full faith and credit of the U.S. government as stated in a congressional resolution.
222.0102(3)
(3) "Division" means the division of banking.
222.0102(4)
(4) "Financial institution" means a savings bank organized under
ch. 214, savings and loan association organized under
ch. 215, or bank chartered under
ch. 221.
222.0102(5)
(5) "Universal bank" means a financial institution that has been issued a certificate of authority under
s. 222.0205.
222.0102 History
History: 2003 a. 63.
222.0103(1)(1)
Savings banks. A universal bank that is a savings bank organized under
ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103(2)
(2) Savings and loan associations. A universal bank that is a savings and loan association organized under
ch. 215 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings and loan association, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103(3)
(3) Banks. A universal bank that is a bank chartered under
ch. 221 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103 History
History: 2003 a. 63.
222.0105
222.0105
Fees. The division may establish such fees as it determines are appropriate for documents filed with the division under this chapter and for services provided by the division under this chapter.
222.0105 History
History: 2003 a. 63.
222.0107(1)(1)
Powers of division. The division shall administer this chapter for all universal banks.
222.0107(2)
(2) Rule-making authority. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements on universal banks, if the division determines that the limits or requirements are necessary for the protection of depositors, members, investors, or the public.
222.0107 History
History: 2003 a. 63.
CERTIFICATION