214.265 Temporary organization and capital subscriptions.
(1)
(a) If the division approves an application to organize, the division shall issue to the incorporators a certificate of authority to effect a temporary organization.
(b) Under a temporary organization, the incorporators shall do all of the following:
1. Elect directors and a chairperson, secretary and treasurer.
2. Conduct meetings.
3. If a stock savings bank open subscription books for the sale of stock.
4. Open subscription books for deposit accounts.
(2) During the temporary organization, incorporators of a savings bank may exercise such other powers as are conferred upon the incorporators of other corporations, if those powers are not in conflict with this chapter.
(3) The incorporators of a savings bank shall obtain a surety bond in a suitable amount that covers the treasurer and other officers who may handle funds of the temporary organization.
(4) If a stock savings bank, the officers and directors shall secure subscriptions for capital in the form of pledges to purchase stock.
(5) The directors shall prepare articles of incorporation, bylaws, and other documents and items as required by rule of the division.
(6) The directors shall apply for insurance of accounts with a deposit insurance corporation and provide the division with a copy of each filing and additional documents filed or received in connection with the filing.
(7) The officers and directors may take any other actions necessary to complete organization.
(8) If a stock savings bank, the officers and directors shall furnish the division with the names and addresses of all investors who subscribe to purchase stock.
(9) No business, other than that of completing the organization of the proposed savings bank, may be transacted until the division issues certificate of incorporation.
(10) A temporary certificate of authority issued under sub. (1) (a) shall be effective for 180 days after the date issued. The division may, for cause, extend the effective period of the certificate for such time as the division considers to be advisable.
History: 1991 a. 221; 1995 a. 27.