215.40 Incorporation of a mutual savings and loan association.
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215.40 Incorporation of a mutual savings and loan association.
(1)Use of name.
(a)A corporation organized under this subchapter shall be known as a mutual savings and loan association. The words “savings and loan association” or “savings association” shall form part of the name of every mutual association so organized.
(b)No corporation other than a corporation organized under this subchapter or subch. III may use a name embodying those words. No association may adopt a name identical to that of any other association or so similar to an existing association name as to be misleading.
(c)An association shall include the word “savings” in its name if its name includes the word “bank”. This paragraph does not apply to an association name if the association obtained approval for use of the name from the division before February 12, 1992.
(2)Minimum membership and savings accounts. The division shall determine:
(a)The minimum number of persons required to organize a mutual savings and loan association in any locality.