215.32 Possession by division; involuntary liquidation.

226 words·~1 min read·/wi/chapter-215/215-32-4

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

(1)Definition. In this section, “circuit court” means the circuit court of Dane County, notwithstanding s. 801.50 .

(1m)Conditions for taking possession. The division may take possession of the business and property of any association to which this chapter applies if the division finds that the association:

(a)Is conducting its business contrary to law; or

(b)Has violated its charter or any law; or

(c)Is conducting its business in an unauthorized or unsafe manner; or

(d)Is in an unsound or unsafe condition to transact its business; or

(e)Has an impairment of its savings accounts; or

(f)Cannot with safety and expediency continue business; or

(g)Has suspended payment of its obligations; or

(h)Has failed to comply with an order of the division; or

(i)Has refused to submit its books, papers, records or affairs for inspection; or

(j)Has refused to be examined upon oath regarding its affairs.

(2)Procedure after taking possession. After taking possession of the business and property of an association, the division shall immediately:

(a)Serve written notice on an officer of the association stating that the division has taken possession and control of the business and property of the association. A copy of the notice and proof of service thereof shall be filed with the clerk of circuit court.