Wisconsin Statutes & Annotations
Chapter 215 - Savings and loan associations.
215.515 - Allowance of expenses as incurred.

215.515 Allowance of expenses as incurred. Upon written request by a director or officer who is a party to a proceeding, a mutual association may pay or reimburse his or her reasonable expenses as incurred if the director or officer provides the mutual association with all of the following:
(1) A written affirmation of his or her good faith belief that he or she has not breached or failed to perform his or her duties to the mutual association.
(2) A written undertaking, executed personally or on his or her behalf, to repay the allowance and, if required by the mutual association, to pay reasonable interest on the allowance to the extent that it is ultimately determined under s. 215.514 that indemnification under s. 215.513 (2) is not required and that indemnification is not ordered by a court under s. 215.518 (2) (b). The undertaking under this subsection shall be an unlimited general obligation of the director or officer and may be accepted without reference to his or her ability to repay the allowance. The undertaking may be secured or unsecured.
History: 1987 a. 13.

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.