5.01 OFFICERS. (1) Designation. Each year, at the board of directors meeting immediately following the annual meeting of stockholders, the board shall elect a director to serve as chairperson of the board and appoint a president, secretary, treasurer, one or more vice presidents, and any other association officers they deem necessary. The board will also designate the president or the chairperson of the board as the association's chief executive officer. One person may hold two or more offices, but the president and the chief executive officer may not hold the office of secretary, vice president, or treasurer.
(2) Term Of Office. The term of each officer is one year or until his or her death, resignation, removal or a successor is appointed and qualified, unless the officer is lawfully removed prior to that time.
(3) Vacancies. In case of a vacancy in any office the board of directors will, as soon as practical, fill the vacancy for the unexpired term.
(4) Duties. Each officer of the association is responsible for performing the duties assigned to his or her office by the board of directors, by law, the association's articles of incorporation, or these bylaws. The chief executive officer will serve on a full-time basis.
6.01
INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS. The association shall indemnify any present or former officer or director of the association to the extent permitted under ss.
180.0850 to
180.0859 of the Wisconsin statutes or any present or former employee or agent of the association to the extent permitted under chapter 180 of the Wisconsin statutes.
7.01 DELIVERY OF MATERIALS TO THE ASSOCIATION. All materials that these bylaws require to be delivered to the association may be delivered in person or by certified mail. When delivered by certified mail they are deemed to be delivered at the time they are deposited in the United States mail.
8.01 CERTIFICATES FOR SHARES AND THEIR TRANSFER. (1) Transfer Of Shares. Shares of the association may be transferred on the stock transfer books of the association only by their holder of record or a duly authorized representative. All certificates rendered for transfer will be cancelled and no new certificate will be issued until the former certificate for like number of shares has been surrendered. However, in the case of a lost, destroyed or mutilated certificate, a replacement may be issued on such terms and indemnity to the association as the board of directors may prescribe. The person in whose name shares stand on the books of the association will be deemed by the association to be the owner thereof for all purposes.
(2) Stock Regulations. The board of directors may make further rules governing the issue, transfer and registration of certificates representing the shares of the association.
9.01 FISCAL YEAR. The fiscal year of the association begins on and ends on .
(first day of fiscal year) (last day of fiscal year
10.01 SEAL. The corporate seal of the association consists of two concentric circles between which the name of the association appears. The words “corporate seal” appear at its center.
11.01 AMENDMENTS. (1) By Stockholders. The stockholders of the association may amend or repeal these bylaws or adopt new bylaws by the affirmative vote of a majority of all votes cast at a meeting of stockholders.
(2) By Directors. These bylaws may also be amended or repealed and new bylaws may be adopted by the board of directors upon an affirmative vote of at least two-thirds of the directors present at a meeting of directors at which a quorum is present.
(3) Effective Date. No change to these bylaws will take effect until it has been filed with and approved by the division of banking in the department of financial institutions.
DFI-SL 10.02 Note
Note: This section interprets or implements s.
215.62 (1), Stats.
DFI-SL 10.02 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89; correction made under s.
13.92 (4) (b) 7., Stats.,
Register December 2012 No. 684;
correction in (form) made under s. 13.92 (4) (b) 6., Stats., Register March 2020 No. 771. DFI-SL 10.03
DFI-SL 10.03 Optional board of directors' maximum age limitations. An association may add limitations on the maximum age at which persons may be nominated to the board of directors or at which persons may continue to serve as a board member. The limitations shall be stated in the association's bylaws, within article 4.01 (1) (c) (“qualifications of directors”), using one of the following forms:
DFI-SL 10.03(1)
(1) In addition, no person may be nominated for the office of director if he or she is more than
years of age.
DFI-SL 10.03(2)
(2) In addition, except for directors serving on the board at the time of the adoption of this bylaw, no person may be nominated for the office of director if he or she is more than
years of age.
DFI-SL 10.03(3)
(3) In addition, no director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age.
DFI-SL 10.03(4)
(4) In addition, no director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age, although persons serving as directors at the time of the adoption of this bylaw may continue to serve for the unexpired portion of their present terms.
DFI-SL 10.03(5)(a)
(a) No person may be nominated for the office of director if he or she is more than
years of age.
DFI-SL 10.03(5)(b)
(b) No director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age.
DFI-SL 10.03(6)(a)
(a) No person may be nominated for the office of director if he or she is more than
years of age.
DFI-SL 10.03(6)(b)
(b) No director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age, although persons serving as directors at the time of adoption of this bylaw may continue to serve for the unexpired portion of their present terms.
DFI-SL 10.03(7)(a)
(a) Except for directors serving on the board at the time of the adoption of this bylaw, no person may be nominated for the office of director if he or she is more than years of age.
DFI-SL 10.03(7)(b)
(b) No director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age.
DFI-SL 10.03(8)(a)
(a) Except for persons serving as directors at the time of the adoption of this bylaw, no person may be nominated for the office of director if he or she is more than
years of age.
DFI-SL 10.03(8)(b)
(b) No director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age, although persons serving as directors at the time of the adoption of this bylaw may continue to serve for the unexpired portion of their present terms.
DFI-SL 10.03(9)
(9) In addition, except for persons serving as directors at the time of the adoption of this bylaw:
DFI-SL 10.03(9)(a)
(a) No person may be nominated for the office of director if he or she is more than
years of age.
DFI-SL 10.03(9)(b)
(b) No director may serve beyond the annual meeting of the association following the date on which he or she becomes
years of age.
DFI-SL 10.03 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89.
DFI-SL 10.04
DFI-SL 10.04 Transition. Unless the division and the review board specifically approve a different form after July 1, 1989, each association shall conform its bylaws to the approved form under
s. DFI-SL 10.01 or
10.02 by the sooner of the following times:
DFI-SL 10.04 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89;
correction in (intro.) made under s. 13.92 (4) (b) 6., Stats., Register March 2020 No. 771.
