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Code · Wisconsin · Chapter 222 — Universal banks

222.0207 Voluntary termination of certification.

111 words·~1 min read·/wi/chapter-222/222-0207

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222.0207 Voluntary termination of certification. A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days’ prior written notice of the termination to the division. A termination under this section is effective only with the written approval of the division. A financial institution shall, as a precondition to termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification.
The division’s written approval of a financial institution’s termination under this section is void if the financial institution fails to satisfy the precondition to termination under this section.
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