221.0707(2)
(2) Rights of beneficial shareholders. A beneficial shareholder may assert dissenters' rights as to shares held on his or her behalf only if the beneficial shareholder does all of the following:
221.0707(2)(a)
(a) Submits to the bank the shareholder's written consent to the dissent not later than the time that the beneficial shareholder asserts dissenters' rights.
221.0707(2)(b)
(b) Submits the consent under
par. (a) with respect to all shares of which he or she is the beneficial shareholder.
221.0707 History
History: 1995 a. 336.
221.0708
221.0708
Notice of dissenters' rights. 221.0708(1)
(1)
Action at shareholder meeting. If proposed corporate action creating dissenters' rights under
s. 221.0706 is submitted to a vote at a shareholders' meeting, the meeting notice shall state that shareholders and beneficial shareholders are or may be entitled to assert dissenters' rights under
ss. 221.0701 to
221.0718 and shall be accompanied by a copy of those sections.
221.0708(2)
(2) Action without shareholder vote. If corporate action creating dissenters' rights under
s. 221.0706 is authorized without a vote of shareholders, the bank shall notify, in writing and in accordance with
s. 221.0103, all shareholders entitled to assert dissenters' rights that the action was authorized and send them the dissenters' notice described in
s. 221.0710.
221.0708 History
History: 1995 a. 336.
221.0709
221.0709
Notice of intent to demand payment. 221.0709(1)(1)
Method of asserting dissenters' rights. If proposed corporate action creating dissenters' rights under
s. 221.0706 is submitted to a vote at a shareholders' meeting, a shareholder or beneficial shareholder who wishes to assert dissenters' rights shall do all of the following:
221.0709(1)(a)
(a) Deliver to the issuer bank before the vote is taken written notice that complies with
s. 221.0103 of the shareholder's or beneficial shareholder's intent to demand payment for his or her shares if the proposed action is effectuated.
221.0709(1)(b)
(b) Refrain from voting his or her shares in favor of the proposed action.
221.0709(2)
(2) Failure to comply. A shareholder or beneficial shareholder who fails to comply with
sub. (1) is not entitled to payment for his or her shares under
ss. 221.0701 to
221.0718.
221.0709 History
History: 1995 a. 336.
221.0710(1)
(1)
When required. If a proposed corporate action creating dissenters' rights under
s. 221.0706 is authorized at a shareholders' meeting, the bank shall deliver a written dissenters' notice to all shareholders and beneficial shareholders who satisfied
s. 221.0709 (1).
221.0710(2)
(2) Timing and content of notice. The dissenters' notice shall be sent no later than 10 days after the corporate action is authorized at a shareholders' meeting or without a vote of shareholders, whichever is applicable, and all necessary regulatory approvals are obtained. The dissenters' notice shall comply with
s. 221.0103 and shall include or have attached all of the following:
221.0710(2)(a)
(a) A statement indicating where the shareholder or beneficial shareholder must send the payment demand and where and when certificates for certificated shares must be deposited.
221.0710(2)(b)
(b) For holders of uncertificated shares, an explanation of the extent to which transfer of the shares will be restricted after the payment demand is received.
221.0710(2)(c)
(c) A form for demanding payment that includes the date of the first announcement to news media or to shareholders of the terms of the proposed corporate action and that requires the shareholder or beneficial shareholder asserting dissenters' rights to certify whether he or she acquired beneficial ownership of the shares before that date.
221.0710(2)(d)
(d) A date by which the bank must receive the payment demand, which may not be fewer than 30 days nor more than 60 days after the date on which the dissenters' notice is delivered.
221.0710 History
History: 1995 a. 336.
221.0711
221.0711
Duty to demand payment. 221.0711(1)
(1)
Manner of demanding payment. A shareholder or beneficial shareholder who is sent a dissenters' notice described in
s. 221.0710, or a beneficial shareholder whose shares are held by a nominee who is sent a dissenters' notice described in
s. 221.0710, must demand payment in writing and certify whether he or she acquired beneficial ownership of the shares before the date specified in the dissenters' notice under
s. 221.0710 (2) (c). A shareholder or beneficial shareholder with certificated shares must also deposit his or her certificates in accordance with the terms of the notice.
221.0711(2)
(2) Effect of demand on holders of certificated shares. A shareholder or beneficial shareholder with certificated shares who demands payment and deposits his or her share certificates under
sub. (1) retains all other rights of a shareholder or beneficial shareholder until these rights are canceled or modified by the effectuation of the corporate action.
221.0711(3)
(3) Effect of failure to demand. A shareholder or beneficial shareholder with certificated or uncertificated shares who does not demand payment by the date set in the dissenters' notice, or a shareholder or beneficial shareholder with certificated shares who does not deposit his or her share certificates where required and by the date set in the dissenters' notice, is not entitled to payment for his or her shares under
ss. 221.0701 to
221.0718.
221.0711 History
History: 1995 a. 336.
221.0712
221.0712
Restriction on uncertificated shares. 221.0712(1)(1)
When transfer restrictions permitted. The issuer bank may restrict the transfer of uncertificated shares from the date that the demand for payment for those shares is received until the corporate action is effectuated or the restrictions released under
s. 221.0714.
221.0712(2)
(2) Effect of demand on holders of uncertificated shares. The shareholder or beneficial shareholder who asserts dissenters' rights as to uncertificated shares retains all of the rights of a shareholder or beneficial shareholder, other than those restricted under
sub. (1), until these rights are canceled or modified by the effectuation of the corporate action.
221.0712 History
History: 1995 a. 336.
221.0713(1)(1)
When payment made. Except as provided in
s. 221.0715, as soon as the corporate action is effectuated or upon receipt of a payment demand, whichever is later, the bank shall pay each shareholder or beneficial shareholder who has complied with
s. 221.0711 the amount that the bank estimates to be the fair value of his or her shares, plus accrued interest.
221.0713(2)
(2) Material to accompany payment. The payment shall be accompanied by all of the following:
221.0713(2)(a)
(a) The bank's latest available financial statements, including a balance sheet as of the end of a fiscal year ending not more than 16 months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year and the latest available interim financial statements, if any.
221.0713(2)(b)
(b) A statement of the bank's estimate of the fair value of the shares.
221.0713(2)(d)
(d) A statement of the dissenter's right to demand payment under
s. 221.0716 if the dissenter is dissatisfied with the payment.
221.0713 History
History: 1995 a. 336.
221.0714
221.0714
Failure to take action. 221.0714(1)
(1)
Action not taken. If an issuer bank does not effectuate the corporate action within 60 days after the date set under
s. 221.0710 for demanding payment, the issuer bank shall return the deposited certificates and release the transfer restrictions imposed on uncertificated shares.
221.0714(2)
(2) Action taken at a later date. If, after returning deposited certificates and releasing transfer restrictions, the issuer bank effectuates the corporate action, the bank shall deliver a new dissenters' notice under
s. 221.0710 and repeat the payment demand procedure.
221.0714 History
History: 1995 a. 336.
221.0715
221.0715
After-acquired shares. 221.0715(1)
(1)
Withholding for after-acquired shares. A bank may elect to withhold payment required by
s. 221.0713 from a dissenter unless the dissenter was the beneficial owner of the shares before the date specified in the dissenters' notice under
s. 221.0710 (2) (c) as the date of the first announcement to news media or to shareholders of the terms of the proposed corporate action.
221.0715(2)
(2) Payment. To the extent that the bank elects to withhold payment under
sub. (1) after effectuating the corporate action, the bank shall estimate the fair value of the shares, plus accrued interest, and shall pay this amount to each dissenter who agrees to accept it in full satisfaction of his or her demand. The bank shall send with its offer a statement of its estimate of the fair value of the shares, an explanation of how the interest was calculated, and a statement of the dissenter's right to demand payment under
s. 221.0716 if the dissenter is dissatisfied with the offer.
221.0715 History
History: 1995 a. 336.
221.0716
221.0716
Procedure if dissenter is dissatisfied with payment or offer. 221.0716(1)(1)
Rights of dissenter. A dissenter may, in the manner provided in
sub. (2), notify the bank of the dissenter's estimate of the fair value of his or her shares and the amount of interest due, and demand payment of his or her estimate, less any payment received under
s. 221.0713, or reject the offer under
s. 221.0715 and demand payment of the fair value of his or her shares and interest due, if any of the following applies:
221.0716(1)(a)
(a) The dissenter believes that the amount paid under
s. 221.0713 or offered under
s. 221.0715 is less than the fair value of his or her shares or that the interest due is incorrectly calculated.
221.0716(1)(c)
(c) The issuer bank, having failed to effectuate the corporate action, does not return the deposited certificates or release the transfer restrictions imposed on uncertificated shares within 60 days after the date set under
s. 221.0710 for demanding payment.
221.0716(2)
(2) Waiver of rights. A dissenter waives his or her right to demand payment under this section unless the dissenter notifies the bank of his or her demand under
sub. (1) in writing within 30 days after the bank makes or offers payment for his or her shares. The notice shall comply with
s. 221.0103.
221.0716 History
History: 1995 a. 336.
221.0717(1)(1)
When special proceeding required. If a demand for payment under
s. 221.0716 remains unsettled, the bank shall bring a special proceeding within 60 days after receiving the payment demand under
s. 221.0716 and petition the court to determine the fair value of the shares and accrued interest. If the bank does not bring the special proceeding within the 60-day period, it shall pay each dissenter whose demand remains unsettled the amount demanded.
221.0717(2)
(2) Where proceeding to be brought. The bank shall bring the special proceeding in the circuit court for the county where its principal office or, if none in this state, its registered office is located. If the bank is a foreign bank without a registered office in this state, it shall bring the special proceeding in the county in this state in which was located the registered office of the issuer bank that merged with or whose shares were acquired by the foreign bank.
221.0717(3)
(3) Parties to the proceeding. The bank shall make all dissenters, whether or not residents of this state, whose demands remain unsettled parties to the special proceeding. Each party to the special proceeding shall be served with a copy of the petition as provided in
s. 801.14.
221.0717(4)
(4) Jurisdiction. The jurisdiction of the court in which the special proceeding is brought under
sub. (2) is plenary and exclusive. The court may appoint one or more persons as appraisers to receive evidence and recommend a decision on the question of fair value. An appraiser has the power described in the order appointing him or her or in any amendment to the order. The dissenters are entitled to the same discovery rights as parties in other civil proceedings.
221.0717(5)
(5) Judgments. Each dissenter made a party to the special proceeding is entitled to judgment for any of the following:
221.0717(5)(a)
(a) The amount, if any, by which the court finds the fair value of his or her shares, plus interest, exceeds the amount paid by the bank.
221.0717(5)(b)
(b) The fair value, plus accrued interest, of his or her shares acquired on or after the date specified in the dissenters' notice under
s. 221.0710 (2) (c), for which the bank elected to withhold payment under
s. 221.0715.
221.0717 History
History: 1995 a. 336;
1999 a. 83.
221.0718
221.0718
Court costs and counsel fees. 221.0718(1)(a)(a) Notwithstanding
ss. 814.01 to
814.04, the court in a special proceeding brought under
s. 221.0717 shall determine all costs of the proceeding, including the reasonable compensation and expenses of appraisers appointed by the court and shall assess the costs against the bank, except as provided in
par. (b).
221.0718(1)(b)
(b) Notwithstanding
ss. 814.01 and
814.04, the court may assess costs against all or some of the dissenters, in amounts that the court finds to be equitable, to the extent that the court finds the dissenters acted arbitrarily, vexatiously or not in good faith in demanding payment under
s. 221.0716.
221.0718(2)
(2) When liable for fees and costs. The parties shall bear their own expenses of the proceeding, except that, notwithstanding
ss. 814.01 to
814.04, the court may also assess the fees and expenses of counsel and experts for the respective parties, in amounts that the court finds to be equitable, as follows:
221.0718(2)(a)
(a) Against the bank and in favor of any dissenter if the court finds that the bank did not substantially comply with
ss. 221.0708 to
221.0716.
221.0718(2)(b)
(b) Against the bank or against a dissenter, in favor of any other party, if the court finds that the party against whom the fees and expenses are assessed acted arbitrarily, vexatiously or not in good faith with respect to the rights provided by this chapter.
221.0718(3)
(3) Payment of counsel and experts from recovery. Notwithstanding
ss. 814.01 to
814.04, if the court finds that the services of counsel and experts for any dissenter were of substantial benefit to other dissenters similarly situated, the court may award to these counsel and experts reasonable fees to be paid out of the amounts awarded the dissenters who were benefited.
221.0718 History
History: 1995 a. 336.
DISSOLUTION AND LIQUIDATION
221.0801(1)(1)
When authorized. A bank organized or doing business under this chapter may go into liquidation by a vote of its shareholders owning a majority of the capital stock outstanding or such greater percentage required under the articles of incorporation or bylaws. If a vote is taken to go into liquidation, the board of directors shall give notice of this fact to the division, and the notice shall be certified by an officer of the bank. A liquidating bank may not transfer assets or liabilities to another bank until the transfer is approved by the division.
221.0801(2)
(2) Notice. The board of directors shall also give notice of this fact by certified mail to all persons whose names appear as creditors upon the books of the bank and by publication as a class 3 notice, under
ch. 985. The notice shall direct all persons who may have claims against the bank to file the claims.
221.0801 History
History: 1995 a. 336.
221.0802
221.0802
Banks may be placed in hands of division. A bank doing business under this chapter may place its affairs and assets under the control of the division by posting a notice on its front door, as follows: “This bank is in the hands of the Division of Banking of the Department of Financial Institutions". Immediately upon posting such notice, the bank shall notify the division of this action. The posting of the notice, or the taking possession of a bank by the division, places the bank's assets and property in the possession of the division, and bars any attachment proceedings. For each day the division is placed in possession of the bank, and until such time as a special deputy is appointed under
s. 220.08 (4), the bank shall pay to the division the actual cost of such liquidation proceedings. The division shall pay the amounts to the state treasurer and the percentage specified in
s. 20.144 (1) (g) shall be credited to the appropriation account under
s. 20.144 (1) (g).
221.0802 History
History: 1995 a. 336;
1997 a. 35.
221.0803
221.0803
Charter, how forfeited. If the board of directors or a quorum thereof or any committee of the board of any bank knowingly violates or knowingly permits any of the officers, agents or employees of the bank to violate this chapter, the directors are jointly and severally liable for the amount of the loss sustained by the bank. If, after a warning from the division, the directors shall fail to make good any loss or damage resulting from the violations, or continue such conduct, it shall constitute a ground for the forfeiture of the charter of the bank, and the division shall institute proceedings to enforce the forfeiture and to secure a dissolution and a winding up of the affairs of the bank.
221.0803 History
History: 1995 a. 336.
INTERSTATE BANKING AND FOREIGN BANKS
221.0901
221.0901
Acquisitions of banks and bank holding companies. 221.0901(1)(1)
Applicability. This section applies to acquisitions of an in-state bank or an in-state bank holding company by any company.
