221.0216 Preferred stock.
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/wi/chapter-221/221-0216-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
221.0216 Preferred stock.
(1)Issuance.
(a)Except as provided in sub.
(2), a bank may issue preferred stock of one or more classes by providing for the issuance in the original articles of incorporation, or by providing for the issuance by an amendment to these articles of incorporation that is approved by the division and by shareholders owning a majority of the stock of the bank entitled to vote, or such greater percentage as may be required in the bank’s articles of incorporation or bylaws. An issue of preferred stock is not valid until the par value of all preferred stock is paid in.
(b)Preferred stock issued under par.
(a)may be issued in such amount and with such par value as may be approved by the division and may provide for any of the following, subject to the approval of the division:
1. Payment of dividends at a specified rate on the preferred stock before dividends are paid on the capital stock.
2. The cumulation of dividends under subd. 1.
3. A preference over the capital stock in the distribution of the assets of the bank.
4. Conversion of the preferred stock into capital stock.
5. Redemption of the preferred stock.