DFI-SB 22.09(2)(2)Filing. Duplicate originals of the articles of incorporation and bylaws of a mutual holding company and any amendments to them shall be filed with and approved by the division.
DFI-SB 22.09(3)(3)Effective date.
DFI-SB 22.09(3)(a)(a) Articles of incorporation. The effective date of the articles of incorporation and amendments to them shall be the date of recording in the office of the register of deeds or a later date if the document provides one.
DFI-SB 22.09(3)(b)(b) Bylaws. The effective date of bylaws or any amendment to the bylaws is the date of written approval by the division or a later date if the document provides one.
DFI-SB 22.09(4)(4)Availability of articles and bylaws.
DFI-SB 22.09(4)(a)(a) Holding company. A mutual holding company shall make available to its members during regular office hours in each office of each subsidiary savings bank from which the mutual holding company draws members a copy of its articles of incorporation and bylaws, including any amendments, and shall deliver a copy to any member upon request without charge.
DFI-SB 22.09(4)(b)(b) Savings bank. A savings bank that is a subsidiary of a mutual holding company shall make available to any requesting stockholder or any member of its parent mutual holding company, at each office in which it transacts business, a copy of its articles of incorporation and bylaws, including any amendments, for inspection or retention or both without charge.
DFI-SB 22.09 NoteNote: This section interprets or implements s. 214.095, Stats.
DFI-SB 22.09 HistoryHistory: Cr. Register, February, 1994, No. 458, eff. 3-1-94; CR 23-039: am. (2) Register March 2024 No. 819, eff. 4-1-24.
DFI-SB 22.10DFI-SB 22.10Activities of mutual holding companies.
DFI-SB 22.10(1)(1)Permitted activities. A mutual holding company may:
DFI-SB 22.10(1)(a)(a) Invest in or acquire control of a savings bank or savings and loan association or their holding companies.
DFI-SB 22.10(1)(b)(b) Acquire a mutual savings bank or mutual savings and loan association by merger with an interim or existing subsidiary savings bank of the mutual holding company from which the mutual holding company draws members under subch. IX of ch. 214, Stats.
DFI-SB 22.10(1)(c)(c) With the consent of the division and subject to conditions as the division may prescribe, upon an affirmative vote of at least two-thirds of the board of each entity, acquire control of another mutual holding company by merging with or into it or by merging it with or into a subsidiary interim holding company.
DFI-SB 22.10(1)(d)(d) Acquire control of a savings bank holding company or savings and loan association holding company in the stock form with the written approval of the division. An acquired holding company may be held as a subsidiary or merged into the mutual holding company.
DFI-SB 22.10(1)(e)(e) Invest in or acquire control of any corporation which is engaged exclusively in activities approved by the division.
DFI-SB 22.10(1)(f)(f) Invest in securities a savings bank may invest in under subch. VII of ch. 214, Stats.
DFI-SB 22.10(1)(g)(g) Engage in activities a savings bank may engage in under ch. 214, Stats.
DFI-SB 22.10(1)(h)(h) Furnish or perform management services for a subsidiary.
DFI-SB 22.10(1)(i)(i) Hold, manage or liquidate assets owned by or acquired from a subsidiary.
DFI-SB 22.10(1)(j)(j) Hold or manage property which it or a subsidiary uses.
DFI-SB 22.10(1)(k)(k) Unless limited or prohibited by the division, engage in any activity that the federal reserve board permits a bank holding company to engage in under 12 CFR 225, subpart C.
DFI-SB 22.10(1)(L)(L) Convert itself and any savings bank subsidiary into a mutual savings bank under a plan, approved by the division, that provides that the converting mutual holding company ceases to engage in activities that the converted savings bank may not engage in and that provides that stock in a subsidiary savings bank that is not held by the converting mutual holding company is redeemed.
DFI-SB 22.10(2)(2)Restrictions on pledging stock.
DFI-SB 22.10(2)(a)(a) To collateralize an obligation of it or any of its subsidiaries or affiliates, without the prior approval of the division, a mutual holding company may pledge any stock which comprises a minority interest in any subsidiary or that it holds in:
DFI-SB 22.10(2)(a)1.1. A subsidiary savings bank, if the proceeds or other benefit of the obligation collateralized are received by the savings bank whose stock is pledged;
DFI-SB 22.10(2)(a)2.2. A subsidiary savings bank;
DFI-SB 22.10(2)(a)3.3. Any nondepository subsidiary.
DFI-SB 22.10(2)(b)(b) No pledge of stock that is not described in par. (a) may be made without the prior written approval of the division.