DFI-SB 15.01(2)
(2) Conditions of investment. A savings bank may make an investment in a service corporation or subsidiary under s.
214.49, Stats., if:
DFI-SB 15.01(2)(b)2.
2. To be audited by a certified public accountant at least once each fiscal year and deliver a copy of the certified public accountant's certified report to the division simultaneously with the delivery of the report under
subd. 3. to the service corporation or subsidiary.
DFI-SB 15.01(2)(b)3.
3. To file any report requested by the division, submit to periodic examination or audit by the division and pay any expense of the examination or audit.
DFI-SB 15.01(2)(b)4.
4. Not to directly or indirectly enter into a business venture with an officer, director or employee of the savings bank or of a service corporation or subsidiary unless the division gives prior written approval.
DFI-SB 15.01(2)(b)5.
5. To maintain books in accordance with generally accepted accounting principles.
DFI-SB 15.01(2)(b)6.
6. To make all books and records available for examination by the division on a timely basis.
DFI-SB 15.01(3)(a)(a) Corporations. An application for approval of an investment in a corporation under this section shall contain:
DFI-SB 15.01(3)(a)4.
4. An agreement by the corporation and each of its service corporations and subsidiaries to comply with
sub. (2) (b).
DFI-SB 15.01(3)(b)
(b) Partnerships and joint ventures. An application for approval of an investment in a partnership or joint venture under this section shall contain the partnership or joint venture agreement and other information which the division may require.
DFI-SB 15.01(3)(c)
(c) LLC. An application for approval of an investment in an LLC shall contain:
DFI-SB 15.01(3)(c)4.
4. A list of officers, directions or other persons with managerial authority of the LLC.
DFI-SB 15.01(4)
(4) Special approval. A savings bank may make an investment in a service corporation or subsidiary in which it has less than a majority and controlling interest only if the division gives prior written approval.
DFI-SB 15.01(5)
(5) Approval considerations. In acting under this section, factors which the division shall consider include:
DFI-SB 15.01(5)(b)
(b) Compliance by the savings bank with
ch. 214, Stats., and rules promulgated under it.
DFI-SB 15.01(5)(c)
(c) The anticipated benefit to the savings bank and its depositors and other customers.
DFI-SB 15.01(5)(d)
(d) The managerial capabilities and expertise of the personnel of the savings bank and any service corporations or subsidiaries.
DFI-SB 15.01 Note
Note: This section interprets or implements ss.
214.345 and
214.49, Stats.
DFI-SB 15.01 History
History: Cr.
Register, February, 1994, No. 458, eff. 3-1-94;
CR 98-137: am. (1) (b) and (d), cr. (3) (c)
Register February 2003 No. 566, eff. 3-1-03.
