214.775 Procedure upon the impairment of capital. If the division finds from a report, examination or other source that a savings bank's capital is impaired, the division may do any of the following:
(1) Direct the board of directors to do any of the following:
(a) Require stockholders to contribute an amount at least sufficient to eliminate the impairment.
(b) Reduce the amount of additional paid-in capital by at least the amount of the impairment and allocate the reduction to undivided profits or reserves to absorb the loss that created the impairment.
(2) Take custody of the savings bank under subch. XI, establish a conservatorship and proceed to merge, sell or otherwise dispose of the savings bank in a manner that will remove the capital impairment, remove operating losses and restore compliance with capital requirements.
(3) Declare the stock worthless and order the directors to cancel the stock or order the directors to sell, merge or otherwise restructure the savings bank in a manner that will remove the capital impairment, eliminate operating losses and restore compliance with capital requirements.
History: 1991 a. 221; 1995 a. 27.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
214.025 - Insurance of accounts.
214.04 - General corporate powers.
214.045 - Status as internal revenue service qualified thrift lender.
214.07 - Authorized activities.
214.085 - Reporting requirements.
214.095 - Reorganization as a holding company.
214.155 - In-state institutions.
214.16 - In-state holding companies.
214.165 - Regional institutions and regional holding companies.
214.175 - Condition on acquisition.
214.18 - Standards for disapproval.
214.19 - Branching not limited.
214.195 - Subchapter severability.
214.24 - Application for permission to organize.
214.245 - Content of application to organize.
214.25 - Articles of incorporation.
214.265 - Temporary organization and capital subscriptions.
214.27 - Completion of organization.
214.305 - Annual and special meetings.
214.315 - Quorum for annual or special meetings.
214.325 - Record date for voting and other purposes.
214.34 - Bonds of officers and directors.
214.345 - Conduct of directors and officers.
214.37 - Access to books and records; communication with members and stockholders.
214.405 - Evidence of capital.
214.41 - Capital stock; nature.
214.42 - Retirement or reduction of capital stock.
214.44 - Loans or discounts on capital stock.
214.485 - Investment in loans.
214.495 - Lien priority; advances.
214.50 - General loan contract provisions.
214.502 - Nonconforming loans.
214.505 - Modification agreements.
214.507 - Customer access to credit reports.
214.51 - Sale, assignment, and servicing of loans and contracts.
214.515 - Purchase of real estate at forced sale.
214.52 - Purchase of real estate for office and rental purposes.
214.53 - Effect of unauthorized investments.
214.54 - Loans to one borrower.
214.575 - Deposit accounts subject to liens.
214.585 - Holders of deposit accounts.
214.59 - Prohibited activities.
214.592 - Financially related services tie-ins.
214.595 - Savings promotion prize programs.
214.62 - Merger; adoption of plan.
214.625 - Merger; stockholder vote of approval.
214.65 - Procedure to effect sale of all assets.
214.655 - Authority to form interim institution.
214.66 - Conversion of an existing institution to a savings bank.
214.67 - Emergency sale of assets.
214.675 - Acquisition of control.
214.68 - Jurisdictional conversion.
214.685 - Organizational conversion of mutual savings bank to stock savings bank.
214.715 - Powers of the division.
214.72 - Prohibited business relationships.
214.74 - Orders of the division.
214.745 - Division's notice to members or stockholders.
214.75 - Record keeping and retention.
214.755 - Disclosure of examination reports and other records.
214.76 - Annual audit requirement.
214.765 - Unsafe and unsound practices; orders of prohibition and removal.
214.772 - Foreign savings banks.
214.775 - Procedure upon the impairment of capital.
214.785 - Review of acts, orders or determinations.
214.82 - Division's authority to take custody and appoint a conservator or a receiver.
214.825 - Purposes of taking custody.
214.83 - Division's powers during custody.
214.835 - Custody of savings banks.
214.84 - Notice of custody; action to enjoin.
214.845 - Segregation of collections during custody.
214.85 - Redelivery of possession.
214.855 - Limitations upon custody.
214.90 - Action to correct conditions.
214.905 - Books and records corrective orders.
214.91 - Removal and prohibition authority.
214.915 - Participation prohibition.
214.92 - Effect of termination or resignation.
214.925 - Unauthorized participation by convicted individual.