DFI-SL 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 to it;
DFI-SL 15.01(2)(b)3.
3. To file any report requested by the division, submit to periodic examination by the division and pay the expense of the examinations and audits;
DFI-SL 15.01(2)(b)4.
4. Not to directly or indirectly enter into a business venture with an officer, director or employee of a the association or of a subsidiary unless the division gives prior written approval.
DFI-SL 15.01(2)(b)5.
5. To maintain books in accordance with generally accepted accounting principles.
DFI-SL 15.01(2)(b)6.
6. To make all books and records available for examination by the division on a timely basis.
DFI-SL 15.01(3)(a)(a) Corporations. An application for approval of investment in a corporation under this section shall contain:
DFI-SL 15.01(3)(a)1.
1. A copy of the corporation's articles of incorporation certified by an officer of the corporation;
DFI-SL 15.01(3)(a)4.
4. An agreement by the corporation and each of its subsidiaries to comply with sub. (2) (b); and
DFI-SL 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-SL 15.01(3)(c)
(c) LLC. An application for approval of an investment in an LLC shall contain:
DFI-SL 15.01(3)(c)4.
4. A list of officers, directors or other persons with managerial authority of the LLC.
DFI-SL 15.01(4)
(4)
Special approval. An association may make an investment in a subsidiary in which it has less than a majority and controlling interest only if the division gives prior written approval.
DFI-SL 15.01(5)
(5)
Approval considerations. In acting under this section, factors which the division shall consider include:
DFI-SL 15.01(5)(b)
(b) Compliance by the association with ch.
215, Stats. and all chapters beginning with DFI-SL.
DFI-SL 15.01(5)(c)
(c) The anticipated benefit to the association and its depositors and other customers.
DFI-SL 15.01(5)(d)
(d) The managerial capabilities and expertise of the personnel of the association and its subsidiaries.
DFI-SL 15.01 Note
Note: This section interprets or implements s.
215.13 (26) (f), Stats.
DFI-SL 15.01 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89;
CR 98-137: am. (1) (b) and (d), cr. (3) (c)
Register February 2003 No. 566, eff. 3-1-03;
CR 23-039: am. (5) (a) to (c) Register March 2024 No. 819, eff. 4-1-24.
