AB150-ASA, s. 4969 Section 4969. 186.29 (8) of the statutes is amended to read:

AB150-ASA,1564,6 186.29 (8) (title) Title passes to commissioner office. Immediately upon filing the notice as provided for in sub. (2), the possession of all assets and property of such credit union of every kind and nature, wheresoever situated shall be deemed to be transferred from such credit union to, and assumed by the commissioner office of credit unions; and filing of the notice mentioned herein, shall of itself, and without the execution or delivery of any instruments of conveyance, assignment, transfer or indorsement, vest the title to all such assets and property in the commissioner office of credit unions. Such filing shall also operate as a bar to any attachment, garnishment, execution or other legal proceedings against such credit union, or its assets and property, or its liabilities.

AB150-ASA, s. 4970 Section 4970. 186.29 (9) of the statutes is amended to read:

AB150-ASA,1564,11 186.29 (9) Effect of possession. No credit union shall have a lien, or charge for any payment, advance or clearance made, or liability thereafter incurred, against any of the assets of the credit union of whose property and business the commissioner office of credit unions shall have taken possession.

AB150-ASA, s. 4971 Section 4971. 186.29 (10) of the statutes is amended to read:

AB150-ASA,1565,2 186.29 (10) Appeal. Whenever any such credit union, whose property and business the commissioner office of credit unions has taken possession of, as aforesaid, deems itself aggrieved thereby, it may, at any time within 10 days after such taking, appeal to the credit union review board for relief from such possession by the commissioner office of credit unions. In the event the credit union review board sustains the commissioner office of credit unions, the said credit union may then at any time within 10 days after the decision of the credit union review board, apply to the circuit court of the county in which such credit union is located to enjoin further proceedings; and said court, after citing the commissioner office of credit unions to show cause why further proceedings should not be enjoined and hearing all allegations and proofs of the parties and determining the facts, may, upon the merits dismiss such application or enjoin the commissioner office of credit unions from further proceedings, and direct it to surrender such business and property to such credit union.

AB150-ASA, s. 4972 Section 4972. 186.29 (11) (intro.) of the statutes is amended to read:

AB150-ASA,1565,6 186.29 (11) Reinstatement. (intro.) Whenever the commissioner office of credit unions shall have taken over the possession and control of the business and property of any credit union the same may resume business when and if:

AB150-ASA, s. 4973 Section 4973. 186.29 (11) (a) of the statutes is amended to read:

AB150-ASA,1565,10 186.29 (11) (a) The owners of at least two-thirds of such credit union dollar value of outstanding shares, execute a petition to such effect, the form of which shall be prescribed by the commissioner office of credit unions, and

AB150-ASA, s. 4974 Section 4974. 186.29 (11) (b) of the statutes is amended to read:

AB150-ASA,1565,14 186.29 (11) (b) There is submitted to the commissioner office of credit unions by such shareholders or a committee duly selected by them, a plan for the reorganization and reinstatement of such credit union, and

AB150-ASA, s. 4975 Section 4975. 186.29 (11) (c) of the statutes is amended to read:

AB150-ASA,1565,18 186.29 (11) (c) The commissioner office of credit unions recommends that control of the business and property of such credit union be returned to the shareholders, and

AB150-ASA, s. 4976 Section 4976. 186.29 (11) (d) of the statutes is amended to read:

AB150-ASA,1565,24 186.29 (11) (d) The court in which such liquidation is pending, upon application of the commissioner office of credit unions, makes an order approving the commissioner's office's recommendations, which order shall contain a finding that such credit union will be in a safe and sound condition when control is resumed by the shareholders.

AB150-ASA, s. 4977 Section 4977. 186.29 (12) of the statutes is amended to read:

AB150-ASA,1566,11 186.29 (12) Reinstatement upon restricted basis. Such credit union may also resume business upon a restricted basis, and upon such limitations and conditions as may be prescribed by the commissioner office of credit unions when approved by the circuit court in and for the county in which such credit union is located, upon application of the commissioner office of credit unions. Such restrictions and conditions may include, among others, a prohibition against the selling of new shares, reasonable restrictions upon withdrawals and the payment of other liabilities. Such credit union shall thereupon be relieved from the control and supervision of the commissioner office of credit unions as provided in this section, but nothing herein shall, in any manner, prohibit the commissioner office from again proceeding against such credit union as provided herein.

AB150-ASA, s. 4978 Section 4978. 186.29 (13) (a) of the statutes is amended to read:

AB150-ASA,1566,23 186.29 (13) (a) The special deputy commissioner shall deposit unclaimed liquidating dividends and unclaimed funds remaining unpaid in the hands of the special deputy commissioner for 6 months after the order for final distribution in one or more central credit unions in the commissioner's office of credit unions' name in trust for the shareholders and creditors of the liquidated credit union. The commissioner office of credit unions shall annually report to the governor and the chief clerk of each house of legislature for distribution to the legislature under s. 13.172 (2) the names of credit unions of which the commissioner office has taken possession and liquidated, and the sums of unclaimed and unpaid liquidating dividends and unclaimed funds with respect to each of the credit unions respectively, including a statement of interest earned upon such funds.

AB150-ASA, s. 4979 Section 4979. 186.29 (13) (b) of the statutes is amended to read:

AB150-ASA,1567,9 186.29 (13) (b) The commissioner office of credit unions may pay over the moneys so held by the commissioner office to the persons respectively entitled thereto, upon being furnished satisfactory evidence of their right to the same. In case of doubt or conflicting claims, the commissioner office of credit unions may require an order of the circuit court authorizing and directing the payment thereof. The commissioner office of credit unions may apply the interest earned by the moneys so held by the commissioner office towards defraying the expenses in the payment and distribution of such unclaimed liquidating dividends and funds to the stockholders and creditors entitled to receive the same.

AB150-ASA, s. 4980 Section 4980. 186.29 (13) (c) of the statutes is amended to read:

AB150-ASA,1567,19 186.29 (13) (c) After one year from the time of the order for final distribution, the commissioner office of credit unions shall report and deliver to the state treasurer all unclaimed funds as provided in ch. 177. All claims subsequently arising shall be presented to the commissioner office of credit unions. If the commissioner office of credit unions determines that any claim should be allowed, he or she the office shall certify to the department of administration the name and address of the person entitled to payment and the amount thereof and shall attach the claim to the certificate. The department secretary of administration shall certify the claim to the state treasurer for payment.

AB150-ASA, s. 4981 Section 4981. 186.30 (1) of the statutes is amended to read:

AB150-ASA,1568,7 186.30 (1) Whenever from an examination or report, it shall appear to the commissioner office of credit unions that the capital of any credit union is impaired, or may in the near future become impaired, the commissioner office of credit unions may, with the approval of the credit union review board, issue an order to such credit union, requiring the directors to forthwith appoint, subject to the approval of the commissioner office of credit unions, 3 competent persons, not members of such credit union, who shall appraise such property owned by, or upon which such credit union has a loan or judgment, as the commissioner office shall designate. The appraisers so appointed and approved shall appraise and fix the current market value of all such property as aforesaid and report their findings to the commissioner office of credit unions and the directors. The value as found by such appraisers shall be the value from which all losses shall be determined.

AB150-ASA, s. 4982 Section 4982. 186.30 (2) of the statutes is amended to read:

AB150-ASA,1568,15 186.30 (2) Whenever the commissioner office of credit unions finds that the losses existing, or which it may reasonably be anticipated will be sustained in the near future, are more than two-thirds of the amount in the regular reserve of the credit union, the commissioner office of credit unions may, with the approval of the review board, issue an order to such credit union, which order shall provide that no further dividends be credited or paid and no moneys paid out for retiring shares, whether noticed for withdrawal, until the commissioner office otherwise orders.