Chapter DFI-SL 10

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 These bylaws may also be amended or repealed and new bylaws may be adopted by the board of directors upon an affirmative vote of at least two-thirds of the directors present at a meeting of directors at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) (5) In addition:

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) (6) In addition:

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) (7) In addition:

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) (8) In addition:

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(1) (1) The next time an association amends its bylaws; or

DFI-SL 10.04(2) (2) July 1, 1991.

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.