215.43 Members and voting rights in a mutual association.

429 words·~2 min read·/wi/chapter-215/215-43

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

(1)Who may become a member. Any person, including but not limited to a partnership, corporation, fiduciary, association or federal agency, may become a member of any mutual association by owning a savings account in the association unless the savings account is evidenced by a negotiable certificate of deposit which is not in registered form. As of March 29, 1984, no person is a member of a state chartered mutual savings and loan association solely because the person has borrowed money from the association regardless of when the borrowing occurred.

(2)Ownership of savings accounts by minors. With respect to any account created before July 1, 1975:

(a)Minors under 14 years of age may own savings accounts held by a trustee or guardian.

(b)Minors above the age of 14 years may own savings accounts, and shall then be subject to the same duties and liabilities as adult members. Payment for the withdrawal of savings accounts may, in the discretion of the board, be made to such minor, the parents or guardian, and the payments made on such withdrawals shall be valid, as well as payments on forfeited savings accounts or redeemed savings accounts.

(3)Meetings of members. Annual and special meetings of members shall be held in accordance with the method prescribed in the bylaws.

(4)Voting rights.

(a)Each saver in a mutual association shall have one vote for each $100 or additional fraction of $100 of the withdrawal value of each of the saver’s savings accounts as they appear on the books of the association at the end of a day determined by the board which shall be not more than 60 days preceding the first day of a meeting at which a vote is taken.

(b)At any meeting of members, voting may be in person or by proxy. Every proxy shall be in writing and signed by the member or the member’s duly authorized attorney in fact.

(c)If a member appears at a meeting, the member’s proxy shall be void for that meeting.

(d)Any proxy, when filed with the secretary, shall, unless otherwise specified in the proxy, continue in force from year to year until revoked by a written notice delivered to the secretary or until superseded by subsequent proxies.

(5)Termination of membership. Any member who has made a request for the withdrawal of the member’s savings account remains a member and has all rights, privileges and duties of a member, until the withdrawal value of the savings account is paid.