DFI-SB 17.16(3)(3) Cancellation of authority. On issuance of a certificate under sub. (2) by the division, a savings bank: DFI-SB 17.16(3)(c)(c) Shall not exercise any of the powers granted by this chapter without first applying for and obtaining new authorization to exercise trust powers. DFI-SB 17.16 HistoryHistory: Cr. Register, February, 1994, No. 458, eff. 3-1-94. DFI-SB 17.17DFI-SB 17.17 Effect of trust accounts of appointment of conservator or receiver or voluntary dissolution of savings bank. DFI-SB 17.17(1)(1) Appointment of liquidator, conservator or receiver. Whenever a liquidator, conservator or receiver is appointed for a savings bank, the liquidator, receiver or conservator shall, pursuant to the instructions of the division and the orders of the court having jurisdiction, close such of the savings bank’s trust accounts as can be closed promptly and transfer all other trust accounts to substitute fiduciaries. DFI-SB 17.17(2)(2) Voluntary dissolution. Whenever a savings bank exercising trust powers is placed in voluntary dissolution, the liquidating agent shall, in accordance with local law, proceed at once to liquidate the affairs of the trust department as follows: DFI-SB 17.17(2)(a)(a) All trusts and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the order or instructions of the court; and DFI-SB 17.17(2)(b)(b) All other accounts which can be closed promptly shall be closed as soon as practicable and final accounting made for the closed accounts and all remaining accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries. DFI-SB 17.17 HistoryHistory: Cr. Register, February, 1994, No. 458, eff. 3-1-94. DFI-SB 17.18(1)(1) Notice of intent. In addition to the other sanctions available, if, in the opinion of the division, a savings bank is unlawfully or unsoundly exercising, or has failed for a period of 5 consecutive years to exercise, the powers granted by this chapter or otherwise fails to comply with the requirements of this chapter, the division may issue and serve upon the savings bank a notice of intent to revoke the authority of the savings bank to exercise the powers granted by this chapter. The notice shall contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply with the requirements of this chapter, and shall fix a time and place at which a hearing will be held to determine whether an order revoking authority to exercise trust powers should be issued against the savings bank. DFI-SB 17.18(2)(2) Hearing. A hearing under sub. (1) shall be conducted as a contested class 2 hearing under ch. 227, Stats. DFI-SB 17.18(3)(3) Revocation order. Unless the savings bank served under sub. (1) appears at the hearing by a duly authorized representative, it is deemed to have consented to the issuance of the revocation order. In the event of consent or if, upon the record made at the hearing, the division finds that any allegation specified in the notice of charges has been established, the division may issue and serve upon the savings bank an order prohibiting it from accepting any new or additional trust accounts and revoking authority to exercise powers granted by this chapter except that the order shall permit the savings bank to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination. DFI-SB 17.18(4)(4) Effective period. A revocation order is effective not earlier than the expiration of 30 days after service of the order upon the savings bank, except a consent revocation order which is effective at the time specified in the order, and shall remain effective and enforceable, except to the extent it is stayed, modified, terminated, or set aside by action of the division or a reviewing court. DFI-SB 17.18 HistoryHistory: Cr. Register, February, 1994, No. 458, eff. 3-1-94.