215.60 Incorporation of a capital stock savings and loan association.
237 words·~1 min read·
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215.60 Incorporation of a capital stock savings and loan association.
(1)Use of name.
(a)A corporation organized under this subchapter shall be known as a capital stock association. The words “savings and loan association” or “savings association” shall form part of the name of every capital stock association so organized.
(b)No corporation other than a corporation organized under this subchapter or subch. II 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 requirements. The division by rule shall determine:
(a)The minimum number of stockholders required to organize a capital stock association in any locality.
(b)The minimum amount of capital stock and additional paid-in capital.
(c)Such other requirements as the division deems necessary or desirable.
(3)Who may organize. Any individual who is a resident of this state may apply to the division for authority to incorporate a stock association under this section. The individual applying is the incorporator.
(4)Application to organize. The application to organize a capital stock association shall set forth: