186.02 Incorporation, bylaws, amendment, fees.

381 words·~2 min read·/wi/chapter-186/186-02

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.

(2)Bylaws.

(a)The bylaws shall prescribe all of the following:

1. The conditions that determine eligibility for membership.

2. The par value of capital stock not exceeding $50 per share.

3. The conditions on which accounts may be paid in, transferred and withdrawn.

4. The method of receipting for money paid on accounts.

5. The number of directors and the length of their terms.

5d. The responsibilities and qualifications of the directors.

5h. The nomination and election procedures for directors.

5p. Meeting notification procedures.

5t. Procedures for removing directors from the board of directors.

6. The duties of the officers of the credit union.

7. The date of the annual membership meeting, to be held before July 1.

8. The manner by which members are notified of annual and special meetings.

9. The number of members constituting a quorum at an annual or special meeting.

11. The procedures for amending the bylaws.

11m. The terms required under s. 186.06

(2m).

12. Other necessary or appropriate provisions.

(b)Credit unions shall be open to:

1. Groups having common or related bonds of occupation or association.

2. Except as otherwise provided in this subdivision, individuals who reside or are employed within well-defined and contiguous neighborhoods and communities. If the office of credit unions, subsequent to a credit union merger, determines that it would be inappropriate under the circumstances to require members of the credit union that results from the merger to reside or be employed in contiguous neighborhoods and communities, the requirement that these neighborhoods and communities be contiguous does not apply.

2m. Individuals who reside or are employed within well-defined and contiguous rural districts or multicounty regions.

3. Employees of related or vicinal industries.

4. Members of bona fide fraternal, religious, cooperative, labor, rural, educational, or similar organizations and employees of the credit union.