AB569-ASA1,39,18 186.117 (2) (title) Funds availability.

AB569-ASA1, s. 164 Section 164. 186.118 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes are created to read:

AB569-ASA1,39,21 186.118 (1) (title) Disclosure statement.

AB569-ASA1,39,22 (2) (title) When required.

AB569-ASA1,39,23 (3) (title) Available on request.

AB569-ASA1,39,24 (4) (title) Other information.

AB569-ASA1, s. 165 Section 165. 186.119 of the statutes is repealed.

AB569-ASA1, s. 166 Section 166. 186.12 (1) (title), (2) (title) and (3) (title) of the statutes are created to read:

AB569-ASA1,40,3 186.12 (1) (title) Board members.

AB569-ASA1,40,4 (2) (title) Sureties.

AB569-ASA1,40,5 (3) (title) Expenditures.

AB569-ASA1, s. 167 Section 167. 186.13 of the statutes is amended to read:

AB569-ASA1,40,16 186.13 Expulsion. The If the board of directors adopts a written policy, a credit union may expel a member from the credit union who if the member neglects or refuses to comply with this chapter or the credit union bylaws, or for any if the board has other just cause; but no member may be expelled until the member has been informed in writing of the charges against the member, and given an opportunity, after reasonable notice, to be heard thereon. The credit union shall provide notice to the member in writing of the reason for expulsion. The notice shall include a description of the member's right to a hearing. If a member requests a hearing in writing, the board shall give the member an opportunity to be heard on the expulsion within 90 days after the date of the expulsion notice.

AB569-ASA1, s. 168 Section 168. 186.14 of the statutes is amended to read:

AB569-ASA1,40,23 186.14 (title) Expelled member, rights and liabilities. The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them, but in the order of withdrawal or expulsion and only as funds therefor become available and after deducting any amounts due by said from the members to the credit union; but such expulsion. Expulsion or withdrawal shall not operate to relieve a member from any remaining liability to the credit union.

AB569-ASA1, s. 169 Section 169. 186.15 of the statutes is repealed and recreated to read:

AB569-ASA1,41,4 186.15 Auditing. (1) Annual audit. Except as provided in sub. (2), the board of directors shall hire a licensed public accountant or other qualified person to conduct a comprehensive annual audit of the records, accounts and affairs of the credit union.

AB569-ASA1,41,8 (2) Audit committee. The board of directors may appoint an auditing committee of one or more capable persons to annually audit the records, accounts and cash of the credit union and to verify member accounts. Verification procedures shall be conducted according to the credit union's bylaws or the rules of the commissioner.

AB569-ASA1,41,11 (3) Independent audit. The commissioner may order an independent audit at the credit union's expense if the commissioner finds an annual audit to be unsatisfactory.

AB569-ASA1,41,13 (4) Audit reports. Audit reports under this section shall be submitted to the board of directors and retained as records of the credit union.

AB569-ASA1, s. 170 Section 170. 186.15 (2) and (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), are amended to read:

AB569-ASA1,41,20 186.15 (2) Audit committee. The board of directors may appoint an auditing committee of one or more capable persons to annually audit the records, accounts and cash of the credit union and to verify member accounts. Verification procedures shall be conducted according to the credit union's bylaws or the rules of the commissioner office of credit unions.

AB569-ASA1,41,23 (3) Independent audit. The commissioner office of credit unions may order an independent audit at the credit union's expense if the commissioner office of credit unions finds an annual audit to be unsatisfactory.

AB569-ASA1, s. 171 Section 171. 186.16 (1) (title) of the statutes is created to read:

AB569-ASA1,41,25 186.16 (1) (title) Board establishes dividends.

AB569-ASA1, s. 172 Section 172. 186.16 (2) of the statutes is amended to read:

AB569-ASA1,42,4 186.16 (2) (title) Maximum set by commissioner. The commissioner may establish the maximum dividend that a credit union and a corporate central credit union may pay in each classification of its savings.

AB569-ASA1, s. 173 Section 173. 186.16 (2) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,42,9 186.16 (2) Maximum set by office of credit unions. The office of credit unions may establish the maximum dividend that a credit union and a corporate central credit union may pay in each classification of its savings.