214.345 Conduct of directors and officers.
203 words·~1 min read·
/wi/chapter-214/214-345A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
214.345 Conduct of directors and officers.
(1)Upon election, a director shall take an oath that the director will diligently and honestly perform the duties of that office and will not knowingly violate or willingly permit to be violated this chapter, any rules of the division, the articles of incorporation or bylaws under which the savings bank operates or any other state or federal law applicable to a savings bank.
(2)The division may require disclosure by directors, officers and employees of their personal interest, directly or indirectly, in any business or transaction on behalf of or involving the savings bank and of their control of or active participation in enterprises having activities related to the business of the savings bank.
(3)An officer, director and employee shall avoid conflict of interest situations in which a person in a decision-making position must decide between his or her personal financial interests and those of the savings bank. The board of directors shall establish written policies and procedures reasonably calculated to identify potential conflicts of interest and to avoid placing an officer, director or employee in such a position.
(4)All of the following restrictions govern the conduct of directors and officers of savings banks: