Wisconsin Statutes & Annotations
Chapter 215 - Savings and loan associations.
215.43 - Members and voting rights in a mutual association.

215.43 Members and voting rights in a mutual association.
(1) Who may become a member. Any person, including but not limited to a partnership, corporation, fiduciary, association or federal agency, may become a member of any mutual association by owning a savings account in the association unless the savings account is evidenced by a negotiable certificate of deposit which is not in registered form. As of March 29, 1984, no person is a member of a state chartered mutual savings and loan association solely because the person has borrowed money from the association regardless of when the borrowing occurred.
(2) Ownership of savings accounts by minors. With respect to any account created before July 1, 1975:
(a) Minors under 14 years of age may own savings accounts held by a trustee or guardian.
(b) Minors above the age of 14 years may own savings accounts, and shall then be subject to the same duties and liabilities as adult members. Payment for the withdrawal of savings accounts may, in the discretion of the board, be made to such minor, the parents or guardian, and the payments made on such withdrawals shall be valid, as well as payments on forfeited savings accounts or redeemed savings accounts.
(3) Meetings of members. Annual and special meetings of members shall be held in accordance with the method prescribed in the bylaws.
(4) Voting rights.
(a) Each saver in a mutual association shall have one vote for each $100 or additional fraction of $100 of the withdrawal value of each of the saver's savings accounts as they appear on the books of the association at the end of a day determined by the board which shall be not more than 60 days preceding the first day of a meeting at which a vote is taken.
(b) At any meeting of members, voting may be in person or by proxy. Every proxy shall be in writing and signed by the member or the member's duly authorized attorney in fact.
(c) If a member appears at a meeting, the member's proxy shall be void for that meeting.
(d) Any proxy, when filed with the secretary, shall, unless otherwise specified in the proxy, continue in force from year to year until revoked by a written notice delivered to the secretary or until superseded by subsequent proxies.
(5) Termination of membership. Any member who has made a request for the withdrawal of the member's savings account remains a member and has all rights, privileges and duties of a member, until the withdrawal value of the savings account is paid.
History: 1971 c. 229; 1973 c. 291; 1975 c. 359 ss. 13, 47; 1975 c. 421; 1977 c. 140; 1983 a. 167; 1991 a. 316.

Structure Wisconsin Statutes & Annotations

Wisconsin Statutes & Annotations

Chapter 215 - Savings and loan associations.

215.01 - Definitions.

215.02 - Powers of the division.

215.03 - Supervision and control of associations.

215.04 - Review board.

215.11 - Surety bond of association's officers, directors and employees.

215.12 - Penalty for dishonest acts; falsification of records.

215.13 - Powers of savings and loan associations.

215.135 - Additional authority.

215.137 - Savings promotion prize programs.

215.14 - Savings accounts.

215.141 - Financially related services tie-ins.

215.15 - Evidence of ownership of savings accounts.

215.16 - Savings account earnings.

215.17 - Withdrawal of savings accounts.

215.18 - Closing of savings accounts.

215.19 - Loans on savings accounts.

215.20 - Property improvement loans.

215.205 - Other loans and investments.

215.21 - Mortgage loans.

215.215 - Nonconforming loans.

215.22 - Real estate owned by association.

215.23 - Limitations on investments in office buildings and related facilities.

215.24 - Minimum net worth.

215.25 - Annual audit requirement.

215.26 - Miscellaneous provisions.

215.32 - Possession by division; involuntary liquidation.

215.33 - Foreign associations.

215.35 - Conversion; or absorption; waiver.

215.36 - Interstate acquisition and merger of associations.

215.40 - Incorporation of a mutual savings and loan association.

215.41 - Articles of incorporation for mutual associations.

215.42 - Bylaws of mutual associations.

215.43 - Members and voting rights in a mutual association.

215.50 - Directors of a mutual association.

215.51 - Officers of a mutual association.

215.512 - Definitions applicable to indemnification and insurance provisions.

215.513 - Mandatory indemnification.

215.514 - Determination of right to indemnification.

215.515 - Allowance of expenses as incurred.

215.516 - Mutual association may limit indemnification.

215.517 - Additional rights to indemnification and allowance of expenses.

215.518 - Court-ordered indemnification.

215.519 - Indemnification and allowance of expenses of employees and agents.

215.521 - Insurance.

215.523 - Reliance by directors or officers.

215.524 - Consideration of interests in addition to members' interests.

215.525 - Limited liability of directors and officers.

215.528 - General operation of a mutual association.

215.53 - Absorption involving mutual associations.

215.56 - Voluntary liquidation of a mutual association.

215.57 - Jurisdictional conversion of mutual associations.

215.58 - Organizational conversion from mutual to stock form.

215.59 - Mutual savings and loan holding companies.

215.60 - Incorporation of a capital stock savings and loan association.

215.61 - Articles of incorporation for capital stock associations.

215.62 - Bylaws of stock associations.

215.64 - Control of association by holding company.

215.67 - Dividends.

215.70 - Directors of a stock association.

215.71 - Officers of stock association.

215.72 - General operations of a stock association.

215.73 - Absorption involving stock associations.

215.76 - Voluntary liquidation of a stock association.

215.77 - Jurisdictional conversion of capital stock associations.