Register, July, 1998, No. 511
Chapter DFI-SL 18
REQUIREMENTS TO ORGANIZE A NEW ASSOCIATION
DFI-SL 18.01 Minimum requirement for new associations.
Ch. DFI-SL 18 Note
Note: Chapter S-L 18 was renumbered chapter DFI-SL 18 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, July, 1998, No. 511. DFI-SL 18.01
DFI-SL 18.01 Minimum requirement for new associations. DFI-SL 18.01(1)(1)
Capital stock associations. Except as provided under
sub. (2), the division may approve the organization of a stock association and issue a certificate of incorporation only if:
DFI-SL 18.01(1)(a)
(a) Stockholders pay to the association capital and additional paid-in capital of at least $2,000,000 or a higher amount as the division may determine; and
DFI-SL 18.01(1)(b)
(b) At least one person subscribes for and is issued stock of the association.
DFI-SL 18.01(2)
(2) Interim stock association. The division may waive any portion of this chapter if the organization of a stock association is to facilitate the acquisition of 100% of the voting stock of an existing stock association by a newly formed or existing savings and loan holding company or to facilitate any other transaction which is approved by the division and involves an existing stock association.
DFI-SL 18.01(3)
(3) Mutual associations. The division may approve the organization of a mutual association and issue a certificate of incorporation only if:
DFI-SL 18.01(3)(a)
(a) Savings account subscriptions are obtained from at least 500 persons; and
DFI-SL 18.01 Note
Note: This section interprets or implements
ss.
215.40 and
215.60, Stats.
DFI-SL 18.01 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89.
