Ask Reggi Your Question Now
Can you summarize WIAC DFI-SB Chapter 22?
Department of Financial Institutions-Savings Banks > Savings Bank Mutual Holding Companies
Short Summary
This legal document provides definitions for various terms and concepts related to savings bank mutual holding companies. It outlines two methods of reorganization: organizing subsidiary stock savings banks and transferring assets, insured deposits, and liabilities, or organizing a first-tier subsidiary stock savings bank, which then organizes a second-tier subsidiary stock savings bank and transfers assets, insured deposits, and liabilities through a merger. The document also mentions the possibility of organizing a mutual holding company with the approval of the division, which then organizes a subsidiary stock savings bank and transfers assets, insured deposits, and liabilities through a merger. The document governs the approval process for reorganizing a savings bank into a mutual holding company, including obtaining approval of a reorganization plan from the board of directors and voting members of both banks, as well as approval from the division and other regulatory bodies. It specifies the requirements for a reorganization plan, disapproval grounds, membership rights, stock issuance by savings bank subsidiaries, articles of incorporation and bylaws, permitted activities, registration, reports, examinations, and conversion or liquidation of mutual holding companies. The document falls under the jurisdiction of the Wisconsin Administrative Code and was last updated in February 1994.
Whom does it apply to?
Savings banks, savings bank affiliates, mutual holding companies, and other related entities involved in mutual holding company reorganizations and operations
What does it govern?
Reorganization of mutual savings banks into mutual holding companies
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No penalties are mentioned in the document.
Jurisdiction
Wisconsin