186.41 Interstate acquisitions and mergers of credit unions.

267 words·~1 min read·/wi/chapter-186/186-41-2

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

(1)Definitions. In this section:

(am)“Out-of-state credit union” means a state or federal credit union, the principal office of which is located in a state other than this state.

(bm)“Wisconsin credit union” means a credit union having its principal office located in this state.

(2)Wisconsin credit union.

(a)A Wisconsin credit union may do any of the following:

1. Acquire an interest in, or some or all of the assets and liabilities of, one or more out-of-state credit unions.

2. Merge with one or more out-of-state credit unions.

(b)A Wisconsin credit union proposing any action under par.

(a)shall provide the office of credit unions a copy of any original application seeking approval by a federal agency or by an agency of another state and of any supplemental material or amendments filed in connection with any application.

(3)Out-of-state credit unions. Except as provided in sub.

(4), an out-of-state credit union may do any of the following:

(a)Acquire an interest in, or some or all of the assets of, one or more Wisconsin credit unions.

(b)Merge with one or more Wisconsin credit unions.

(4)Limitations. An out-of-state credit union may not take any action under sub.

(3)until all of the following conditions have been met:

(a)The office of credit unions finds that the statutes of the state in which the out-of-state credit union has its principal office permit Wisconsin credit unions to both acquire out-of-state credit union assets and merge with one or more out-of-state credit unions in that state.