215.64 Control of association by holding company.
(1) A savings and loan holding company shall be deemed to be engaged in the savings and loan business and shall be subject to the supervision and control of the division. Such savings and loan holding company shall file reports of its financial condition when requested by the division, and the division may order an examination of its solvency and economic condition whenever, in the division's opinion, an examination is required. The cost of the examination shall be paid by the savings and loan holding company. Whenever in the opinion of the division, the condition of the savings and loan holding company shall endanger the safety of the savings capital of any savings and loan association which it owns or in any manner controls, or the operation of such savings and loan holding company shall be carried on in a manner which endangers the safety of such savings and loan association or its savers, or is contrary to the public interest, the division may order the savings and loan holding company to remedy such condition or policy within 90 days. If the division's order is not complied with, the division may fully direct the operation of such savings and loan association or savings and loan holding company until the order is complied with, and may withhold all dividends from the institution whose operation the division directs during the period in which the division exercises such authority.
(2) Subsection (1) shall apply to any foreign corporation, association, investment trust, or other form of trust which shall be authorized to do business in Wisconsin.
(3) All of the foregoing provisions of this section relating to companies shall apply equally to all other forms of organization, whether so specifically stated or not, but nothing contained in this section shall be construed to prohibit any trust company bank, or state or national bank, authorized to administer or execute trusts, to accept and carry out the provisions of any personal trust, or any trust created by will where the owner of savings and loan association stock shall create a trust for the owner's benefit during the owner's lifetime, or shall provide by will a trust in savings and loan association stock for the benefit of the owner's heirs, and trusts so created shall not be deemed to come within the provisions of this section.
History: 1971 c. 229; 1975 c. 359 s. 40; Stats. 1975 s. 215.64; 1989 a. 242; 1991 a. 316; 1995 a. 27.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 215 - Savings and loan associations.
215.02 - Powers of the division.
215.03 - Supervision and control of associations.
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.
215.141 - 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.
215.215 - Nonconforming loans.
215.22 - Real estate owned by association.
215.23 - Limitations on investments in office buildings and related facilities.
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.
215.523 - 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.
215.70 - 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.