215.59 Mutual savings and loan holding companies.

347 words·~2 min read·/wi/chapter-215/215-59

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

(1)Formation.

(a)Reorganization. A mutual association may reorganize as a mutual savings and loan holding company under this section.

(b)Plan. A reorganizing mutual association shall prepare a reorganization plan. Under a reorganization plan, a mutual association shall do all of the following:

1. Charter a stock association.

2. Transfer to the stock association a substantial part of its assets and liabilities, including all of its savings account liabilities.

3. Prepare articles of incorporation and bylaws for the mutual savings and loan holding company.

(c)Capital asset retention. Subject to the approval of the division, if the net worth of the stock association chartered under the reorganization plan exceeds the minimum net worth under s. 215.24 , a plan may permit a mutual savings and loan holding company to retain capital assets of the reorganizing mutual association.

(d)Approval required. A mutual association may not implement a reorganization plan unless the plan is approved by all of the following:

1. Two-thirds of the directors of the mutual association.

2. The members of the mutual association under par.

(e).

3. The division under par.

(f).

(e)Member approval.

1. Notice of a meeting to vote on a reorganization plan shall be sent to members at least 10 days before the meeting. The notice shall state the time, place and purpose of the meeting, shall provide a summary of the reorganization plan and shall provide any other information that the division requires.

2. An affirmative vote by a majority of all votes entitled to be cast by members shall be required to approve a reorganization plan.

3. Within 10 days after a reorganization plan receives member approval, the mutual association shall submit to the division a copy of the minutes of the meeting at which the plan is approved. The secretary of the mutual association shall certify that the minutes show that the members approved the reorganization plan.

(f)Division approval. The division may approve a reorganization plan if the division finds that all of the following conditions exist: