DFI-SB 21.25(7)(d)1.
1. Indicate the maximum number of shares that may be purchased under the subscription rights.
DFI-SB 21.25(7)(d)2.
2. Indicate the time period within which the subscription rights must be exercised, which time period shall be no less than 20 days and no more than 45 days following the date of the mailing of the subscription offering order form.
DFI-SB 21.25(7)(d)4.
4. Indicate any requirements as to the minimum number of shares of capital stock which may be purchased.
DFI-SB 21.25(7)(d)5.
5. Provide a blank space for indicating the number of shares of capital stock which the person wishes to purchase.
DFI-SB 21.25(7)(d)6.
6. Indicate the manner of required payment and, if the payment may be made by withdrawal from a certificate of deposit, indicate that the withdrawal may be made without penalty. If payment is to be made by withdrawal from a savings account or certificate of deposit, a box to check shall be provided.
DFI-SB 21.25(7)(d)8.
8. Contain an acknowledgment by the account holder or other person signing the order form that he or she has received a final offering circular prior to signing.
DFI-SB 21.25(7)(d)9.
9. Indicate the consequences of failing to properly complete and return the order form, including a statement that the subscription rights are nontransferable and will become void at the end of the subscription period. The order form may, and the instructions shall, indicate the place or places to which the order form is to be returned and when the order form shall be considered received, such as by date and time of actual receipt at the address indicated or by date and time of postmark.
DFI-SB 21.25(7)(e)
(e) The order form may provide that it may not be modified without the applicant's consent after its receipt. If payment is to be made by withdrawal from a savings account or certificate of deposit, the applicant may, but need not, cause the withdrawal to be made upon receipt of the order form. If the withdrawal is made at any time prior to the closing date of the public offering, the applicant shall pay interest to the account holder on the amount withdrawn as if the amount had remained in the account from which it was withdrawn until the closing date.
DFI-SB 21.25(8)
(8)
Withdrawal from certificate accounts. Notwithstanding any regulatory provision regarding penalties for early withdrawal from certificate accounts, the applicant may allow payment for capital stock under the exercise of subscription rights by withdrawal from a certificate of deposit account without the assessment of penalties. In the case of early withdrawal of only a portion of a certificate of deposit account, the certificate evidencing the account shall be cancelled if the applicable minimum balance requirement ceases to be met and the remaining balance shall earn interest at the passbook rate.
DFI-SB 21.25(9)
(9)
Period for completion of sale. The sale of all shares of capital stock of the savings bank under the plan of conversion, including any sale in a public offering or direct community offering, shall be completed as promptly as possible and within 45 calendar days after the last day of the subscription period, unless extended by the division in writing for good cause shown.
DFI-SB 21.25(10)
(10)
Interest on subscriptions and direct community offering purchase orders. The savings bank shall pay interest at not less than the passbook rate on all amounts paid in cash, check or money order to the institution to purchase shares of capital stock in the subscription offering, direct community offering or public offering from the date payment is received until the conversion is completed or terminated.
DFI-SB 21.25(11)
(11)
Extensions of time; post-effective amendments to subscription offering circular; and public offering. DFI-SB 21.25(11)(a)(a) The division may grant one or more extensions of the time required to complete the sale of all shares of capital stock under sub. (9) if no single extension of time exceeds 90 days.
DFI-SB 21.25(11)(b)
(b) Within 10 days of the granting of an extension of time, the applicant shall distribute to each subscriber in the offering and, if applicable, each person who has ordered capital stock in the direct community offering, a post-effective amendment to the offering circular filed under an amendment to the application for conversion and declared effective by the division which shall notify each subscriber and each ordering person of the extension of time, and of the right of each subscriber and each ordering person to increase, decrease or rescind his or her subscription:
DFI-SB 21.25(11)(b)2.
2. At any time prior to the date of the commencement of the public offering or the direct community offering. If the public offering or the direct community offering is not completed within 20 days after its commencement, all instructions from subscribers and ordering persons to increase, decrease or rescind their subscriptions or orders received during the 20 day offering period shall be honored by the applicant.
DFI-SB 21.25(11)(c)
(c) In this section, the public offering shall be regarded as commencing upon the filing with the division of the preliminary offering circular for the public offering, and the direct community offering shall be regarded as commencing upon the declaration of effectiveness by the division of the final offering circular.
DFI-SB 21.25(11)(d)
(d) After the expiration of subscription rights, the applicant shall file with and have declared effective by the division a post-effective amendment to the offering circular delivered to subscribers upon the occurrence of any event, circumstance or change of circumstance which would be material to the investment decision of a subscriber or, if applicable, a person who has ordered capital stock in the public or direct community offering.
DFI-SB 21.25(11)(e)
(e) Any post-effective amendment to an offering circular distributed to subscribers in the offering shall be distributed by the applicant immediately after the declaration of effectiveness to each subscriber, and, if applicable, each person who has ordered stock in the public or direct community offering, and the applicant shall grant to each subscriber and ordering person the right to increase, decrease or rescind his or her subscription or order for a period which shall be no less than the greater of 10 days from the date of the mailing of the post-effective amendment or the period remaining in an extension of time granted in writing by the division.
DFI-SB 21.25 History
History: Cr.
Register, February, 1994, No. 458, eff. 3-1-94; corrections in (1) (a) made under s.
13.92 (4) (b) 7., Stats.,
Register December 2012 No. 684.
DFI-SB 21.26
DFI-SB 21.26
Conversion of a savings bank in connection with the formation of a holding company. A mutual savings bank may convert to a stock savings bank under this chapter as part of a transaction in which a stock savings bank holding company is organized to acquire upon issuance all the capital stock of the stock savings bank. In this type of transaction, eligible account holders, supplemental eligible account holders, and members of the converting mutual savings bank shall receive, without payment, nontransferable rights under s.
DFI-SB 21.10 (3),
(5) and
(6), to purchase capital stock of the newly formed savings bank holding company in lieu of capital stock of the converted savings bank. Unless clearly inapplicable, all of the requirements of this chapter shall apply to a conversion under this section.
DFI-SB 21.26 Note
Note: This section interprets or implements s.
214.095, Stats.
DFI-SB 21.26 History
History: Cr.
Register, February, 1994, No. 458, eff. 3-1-94.
DFI-SB 21.27
DFI-SB 21.27
Conversion of a savings bank with an acquisition by an existing holding company; conversion through merger with an existing stock savings bank. DFI-SB 21.27(1)(1)
Conversion involving an existing holding company. A mutual savings bank may convert to a stock savings bank under this chapter as part of a transaction in which an existing savings bank holding company acquires upon issuance all the capital stock of the stock savings bank. In this type of transaction, the eligible account holders, supplemental eligible account holders, and members of the converting savings bank shall receive, without payment, nontransferable rights under s.
DFI-SB 21.10 (3),
(5) and
(6) from the savings bank holding company to purchase its capital stock in lieu of capital stock of the savings bank. Unless clearly inapplicable, all of the requirements of this chapter or ch.
DFI-SB 22 shall apply to a conversion under this subsection.
DFI-SB 21.27(2)
(2)
Merger involving the issuance of holding company capital stock. A savings bank may convert to the stock form under this chapter by merging into an existing stock savings bank which is a wholly-owned subsidiary of a holding company. In this type of transaction, the eligible account holders, supplemental eligible account holders and members of the converting savings bank shall receive, without payment, nontransferable rights under s.
DFI-SB 21.10 (3),
(5) and
(6) from the savings bank holding company to purchase its capital stock in lieu of capital stock of the savings bank. Unless clearly inapplicable, all of the requirements of this chapter, ch.
DFI-SB 22 or ss.
214.62 to
214.64, Stats., shall apply to a conversion under this subsection.
DFI-SB 21.27(3)
(3)
Merger with an existing stock savings bank. A savings bank may convert to stock form by merging with an existing stock savings bank as part of a transaction in which the equity securities of the existing stock savings bank are issued. In a transaction in which the existing stock savings bank is the surviving savings bank, the eligible account holders, supplemental eligible account holders, and members of the savings bank shall receive, without payment, nontransferable rights under s.
DFI-SB 21.10 (3),
(5) and
(6) from the existing stock savings bank to purchase its capital stock in lieu of capital stock of the converting savings bank. Unless clearly inapplicable, all of the requirements of this chapter, ch.
DFI-SB 22 or ss.
214.62 to
214.64, Stats., shall apply to a conversion under this subsection.
DFI-SB 21.27 History
History: Cr.
Register, February, 1994, No. 458, eff. 3-1-94.
