(f) Removal. The board may remove a director or officer for a violation of chapter 215, Wisconsin Statutes, a rule or order of the division of banking in the department of financial institutions, the articles of incorporation or bylaws of the association, or any law governing savings and loan operations. A director may be removed only after affording him or her an opportunity to be heard by the board.
(2) Meetings Of The Board. (a) Regular meetings. Regular and annual meetings of the board of directors may be held without notice at a place, hour and date fixed by a resolution of the board. However, immediately following each annual meeting of stockholders, the directors shall convene and elect general officers for the ensuing year.
(b) Special meetings. Special meetings of the board of directors will be called by the secretary or person designated to act in the secretary’s absence, at the written request of the president, the chairperson of the board, or majority of the board’s members. All special meetings must be held upon at least three days notice to each director given either personally or by telegram or by five days notice by mail, unless notice is waived by each director at, before, or after the meeting.
(c) Quorum. A majority of the directors constitutes a quorum of the board of directors. A majority of the quorum may approve the business of the meeting. If a quorum is not present, the directors present may adjourn a meeting of the board of directors without notice other than announcement at the meeting until a quorum is present.
(d) Action by unanimous consent. Any action required or permitted to be taken by the board of directors or a committee of the board of directors at a meeting or by resolution may be taken without a meeting if all the directors consent to the action in writing.
(e) Conduct of meetings. Meetings of the board of directors will be conducted in accordance with the most recent available Robert’s Rules of Order, unless other written procedural rules are adopted by the board. The chairperson of the board, or in the chairperson’s absence a director designated by the chairperson, or in their absence any director chosen by the directors present, will chair the meeting.
(3) Committees. The board of directors may by resolution create committees and prescribe the duties and powers of committees. Committee members will be appointed by the chief executive officer with the approval of the board. A committee may not take action with respect to dividends to stockholders, election of principal officers or the filling of vacancies on the board of directors or committees of the board of directors.
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 NoteNote: This section interprets or implements s. 215.62 (1), Stats. DFI-SL 10.02 HistoryHistory: 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 10.03DFI-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 HistoryHistory: Cr. Register, June, 1989, No. 402, eff. 7-1-89. DFI-SL 10.04DFI-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 HistoryHistory: 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.
