221.0203 Certificate of authority.

210 words·~1 min read·/wi/chapter-221/221-0203-2

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

(1)Powers granted by certificate. If an application for authority to organize a banking corporation is approved, the division shall issue a certificate of authority to the applicants, who shall thereafter be known as the incorporators. The certificate of authority shall grant the incorporators such powers as are incidentally or necessarily preliminary to the organization of a banking corporation. These powers include all of the following:

(a)Creating a temporary organization, consisting of a chairperson, a secretary and a treasurer.

(b)Executing and filing articles of incorporation.

(c)Adopting rules for the conduct of meetings of the incorporators and of the first meeting of the shareholders.

(d)Opening subscription books for stock.

(e)Securing an option on real estate to be used as a bank office.

(f)Fixing an amount at which the stock shall be sold.

(g)Collecting subscriptions to the stock.

(h)Selecting a depository for funds as may be collected.

(i)Appointing any agent or agents.

(j)Compiling a set of bylaws for submission to the shareholders.

(2)Voting requirements. Following the incorporation of a bank, an action permitted by this chapter to be taken by its incorporators may be taken by the majority of its incorporators or the survivors of the incorporators.