reglab/housing_qa huggingface dataset:
WI Stat § 215.18 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.18 - Closing of savings accounts.

215.18  Closing of savings accounts. (1) Except as provided in sub. (3), an association may close a savings account by delivering notice of the closing to the saver or mailing notice to the last-known address of the saver. (2) On the date the notice required under sub. (1) is delivered or mailed, all rights of the saver in the savings account terminate except the right to receive the withdrawal value of the account calculated as of the date of delivery or mailing of the notice. A saver remains a member until the withdrawal value of the savings account is paid. (3) An association may agree in writing not to close a savings account. The division may promulgate rules restricting the authority of an association to close savings accounts.History:  1975 c. 359; 1983 a. 167; 1995 a. 27.
WI Stat § 215.19 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.19 - Loans on savings accounts.

215.19  Loans on savings accounts. (1) An association may make loans on the security of its savings accounts. (2) In no event shall a savings account loan exceed the withdrawal value of the savings account pledged as security therefor. (3) Each savings account loan shall be evidenced by a savings account loan note and a pledge of the savings account books or savings account certificates securing said loan. (5) Any corporation, owning savings accounts in an association, and whose officers, directors or employees are officers, directors or employees of said association, may obtain a savings account loan on the security of said saving accounts.History:  1975 c. 359; 1983 a. 167.
WI Stat § 215.20 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.20 - Property improvement loans.

215.20  Property improvement loans. (1) For the purpose of this section, a property improvement loan means a loan, the proceeds of which are used to repair, modernize, alter, furnish, equip or improve the real estate or the structure upon it, or both. As used in this section, loans made for the purpose of furnishing or equipping a structure shall be made to the owners thereof only. (2) An association may make, buy, sell and hold property improvement loans to such persons, for such purposes, in such individual and aggregate amounts, and upon such terms as the division by rule prescribes.History:  1975 c. 359; 1977 c. 140; 1995 a. 27.
WI Stat § 215.205 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.205 - Other loans and investments.

215.205  Other loans and investments. Subject to such rules as the division prescribes, an association may make, buy, sell and hold the following loans and investments: (1) Loans or obligations, or interests therein, for the purpose of mobile home or manufactured home financing. (2) Housing project loans or interests therein, having the benefit of any guaranty under sec. 221 of the foreign assistance act of 1961, as now or hereafter in effect, or loans or interests therein, having the benefit of any guaranty under sec. 224 of such act, or any commitment or agreement with respect to such loans or interests therein, made pursuant to either of such sections. (3) Loans or obligations or interests therein, which the association has the benefit of any guaranty under Title IV of the housing and urban development act of 1968, as now or hereafter in effect, or of a commitment or agreement therefor. (4) Loans or interests in loans to financial institutions with respect to which the United States, or any agency or instrumentality thereof, has any function of examination or supervision, or to any broker or dealer registered with the securities and exchange commission, secured by loans, obligations or investments in which it has any statutory authority to invest directly, subject to such rules as the division may issue. (5) Notwithstanding any other statutory provision relating to investments in or ownership of real property, an association may invest in, or in interests in, real property located within urban renewal areas as defined in the national housing act of 1949 as now or hereafter in effect, and in obligations secured by first liens on real property so located. (6) Loans to building contractors for the purpose of the development and construction of residential property.History:  1975 c. 11; 1995 a. 27; 2007 a. 11.
WI Stat § 215.215 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.215 - Nonconforming loans.

215.215  Nonconforming loans. Notwithstanding generally accepted underwriting standards, an association may make loans secured by real property used primarily for residential or farming purposes, even if those loans do not comply with one or more of the requirements under those provisions, if the total amount of loans made under this section does not exceed 5 percent of the association's total assets.History:  1997 a. 144.
WI Stat § 215.22 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.22 - Real estate owned by association.

215.22  Real estate owned by association. (1) A savings and loan association may acquire such real estate, by purchase, exchange or otherwise, as may be necessary to protect or enforce its securities and to collect claims or debts due the association. (2) All real estate acquired pursuant to this section shall be sold within 10 years from acquiring title thereto, unless the division grants extensions of time within which such real estate shall be sold. (3) All real estate owned by the association shall be assessed for taxation.History:  1975 c. 359; 1995 a. 27.
WI Stat § 215.23 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.23 - Limitations on investments in office buildings and related facilities.

215.23  Limitations on investments in office buildings and related facilities. An association's aggregate investment in the following may not exceed the association's net worth without the prior written approval of the division: (1) Land used or intended to be used as the site of an office of the association. (2) Buildings used in whole or in part as an office of the association. (3) Leasehold improvements to properties rented or leased by the association for use as an office of the association. (4) Parking facilities used by the association in connection with an office of the association.History:  1973 c. 205; 1975 c. 59; 1975 c. 359 ss. 36, 51; 1979 c. 287; 1995 a. 27.
WI Stat § 215.24 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.24 - Minimum net worth.

215.24  Minimum net worth. An association shall maintain net worth at an amount not less than the minimum amount established by the division. If an association fails to maintain the minimum net worth required under this section, the division may take appropriate action, including but not limited to ordering the association to take corrective action or to restrict payment of dividends.History:  1973 c. 205; 1975 c. 359; 1983 a. 167; 1995 a. 27.
WI Stat § 215.25 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.25 - Annual audit requirement.

215.25  Annual audit requirement. (1) Except as provided in sub. (2), the board of directors of an association shall hire a certified public accountant licensed or certified under ch. 442 or other qualified person to conduct a comprehensive annual audit of the records, accounts, and affairs of the association. (2) The board of directors of an association may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the association and to verify customer accounts. Verification procedures shall be conducted according to the association's auditing program or the rules of the division. (3) Audit reports under this section shall be submitted to the association's board of directors and retained as records of the association.History:  1973 c. 205; 1983 a. 167; 1995 a. 27; 2011 a. 182.
WI Stat § 215.35 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.35 - Conversion; or absorption; waiver.

215.35  Conversion; or absorption; waiver. (1) The division may waive any portion of s. 215.53, 215.57, 215.58, 215.73 or 215.77 if the division makes written findings of both of the following:(a) The net worth of an association is equal to less than one percent of the assets of the association or is reasonably expected to be less than one percent within one year.(b) The waiver is in the best interest of savers of the association and the public. (2) (a) An acquisition under this section is not subject to s. 215.36.(b) Section 215.36 does not limit any authority of the federal regulatory agency or deposit insurance corporation in connection with an acquisition under this section.History:  1983 a. 167, 538; 1985 a. 325; 1995 a. 27, 104.
WI Stat § 215.41 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.41 - Articles of incorporation for mutual associations.

215.41  Articles of incorporation for mutual associations. (1) Form. The articles of incorporation of a mutual association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing articles of incorporation. (2)  Filing and approval. Duplicate originals of the articles of incorporation executed by the incorporators, and any subsequent amendments thereto adopted by the members of the association, shall be filed with and approved by the division. (3)  Recording. Upon their approval by the division, articles of incorporation and amendments thereto shall be recorded in the office of the register of deeds of the county in which the home office of the association is located. (4)  Amendment procedure. Amendments to the articles of incorporation may be made at any annual or special meeting of the members duly called for that purpose, provided that a statement of the nature of the proposed amendment is included in the notice of meeting. The proposed amendment shall be adopted upon receiving the affirmative vote of a majority of the total eligible votes thereon, pursuant to s. 215.43 (4). (5)  Effective date. The effective date of articles of incorporation and amendments thereto shall be the date when left for record in the office of the register of deeds. The register of deeds shall forward a certificate of recording to the division.History:  1975 c. 359 s. 8; Stats. 1975 s. 215.41; 1979 c. 287; 1983 a. 167 ss. 54, 112; 1991 a. 316; 1995 a. 27.
WI Stat § 215.42 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.42 - Bylaws of mutual associations.

215.42  Bylaws of mutual associations. (1) Form. The bylaws of a mutual association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing bylaws. (2)  Filings and approval. Duplicate originals of the bylaws and any subsequent amendments thereto shall be filed with and approved by the division. (3)  Effective date. The effective date of bylaws and amendments thereto shall be the date when approved by the division. (4)  Bylaws available to members. Each association shall have its bylaws prepared in convenient form and upon request shall furnish a copy to any member. (5)  Amendments to bylaws. The bylaws of the association may be amended as prescribed therein.History:  1975 c. 359 s. 9; Stats. 1975 s. 215.42; 1983 a. 167; 1991 a. 316; 1995 a. 27.
WI Stat § 215.43 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.43 - Members and voting rights in a mutual association.

215.43  Members and voting rights in a mutual association. (1) Who may become a member. Any person, including but not limited to a partnership, corporation, fiduciary, association or federal agency, may become a member of any mutual association by owning a savings account in the association unless the savings account is evidenced by a negotiable certificate of deposit which is not in registered form. As of March 29, 1984, no person is a member of a state chartered mutual savings and loan association solely because the person has borrowed money from the association regardless of when the borrowing occurred. (2)  Ownership of savings accounts by minors. With respect to any account created before July 1, 1975:(a) Minors under 14 years of age may own savings accounts held by a trustee or guardian.(b) Minors above the age of 14 years may own savings accounts, and shall then be subject to the same duties and liabilities as adult members. Payment for the withdrawal of savings accounts may, in the discretion of the board, be made to such minor, the parents or guardian, and the payments made on such withdrawals shall be valid, as well as payments on forfeited savings accounts or redeemed savings accounts. (3)  Meetings of members. Annual and special meetings of members shall be held in accordance with the method prescribed in the bylaws. (4)  Voting rights. (a) Each saver in a mutual association shall have one vote for each $100 or additional fraction of $100 of the withdrawal value of each of the saver's savings accounts as they appear on the books of the association at the end of a day determined by the board which shall be not more than 60 days preceding the first day of a meeting at which a vote is taken.(b) At any meeting of members, voting may be in person or by proxy. Every proxy shall be in writing and signed by the member or the member's duly authorized attorney in fact.(c) If a member appears at a meeting, the member's proxy shall be void for that meeting.(d) Any proxy, when filed with the secretary, shall, unless otherwise specified in the proxy, continue in force from year to year until revoked by a written notice delivered to the secretary or until superseded by subsequent proxies. (5)  Termination of membership. Any member who has made a request for the withdrawal of the member's savings account remains a member and has all rights, privileges and duties of a member, until the withdrawal value of the savings account is paid.History:  1971 c. 229; 1973 c. 291; 1975 c. 359 ss. 13, 47; 1975 c. 421; 1977 c. 140; 1983 a. 167; 1991 a. 316.
WI Stat § 215.51 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.51 - Officers of a mutual association.

215.51  Officers of a mutual association. (1) General officers. (a) The general officers of a mutual association shall be:1. A president;2. One or more vice presidents;3. A secretary;4. A treasurer; and5. Such other officers as the directors by resolution designate.(b) The president shall also be a director. (2)  When elected. Immediately following each annual meeting of members, the directors shall convene and elect general officers for the ensuing year, in accordance with the bylaws. (3)  Duties of officers. The officers shall, in addition to the duties and functions prescribed in the articles of incorporation and the bylaws, perform such other duties as are delegated by the directors. (4)  Filling vacancies. Whenever any vacancy occurs in any general office, the directors shall, as soon as practicable, fill such vacancy by an election for the then unexpired term.History:  1975 c. 359 ss. 20, 51; Stats. 1975 s. 215.51; 1983 a. 167.
WI Stat § 215.512 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.512 - Definitions applicable to indemnification and insurance provisions.

215.512  Definitions applicable to indemnification and insurance provisions. In ss. 215.512 to 215.521: (1) “Director or officer" means any of the following:(a) A natural person who is or was a director or officer of a mutual association.(b) A natural person who, while a director or officer of a mutual association, is or was serving at the mutual association's request as a director, officer, partner, trustee, member of any governing or decision-making committee, manager, employee or agent of another mutual association or foreign association, corporation, limited liability company, partnership, joint venture, trust or other enterprise.(c) A natural person who, while a director or officer of a mutual association, is or was serving an employee benefit plan because his or her duties to the mutual association also imposed duties on, or otherwise involved services by, the person to the plan or to participants in or beneficiaries of the plan.(d) Unless the context requires otherwise, the estate or personal representative of a director or officer. (2) “Expenses" include fees, costs, charges, disbursements, attorney fees and any other expenses incurred in connection with a proceeding. (3) “Liability" includes the obligation to pay a judgment, settlement, forfeiture, or fine, including any excise tax assessed with respect to an employee benefit plan, plus costs, fees, and surcharges imposed under ch. 814, and reasonable expenses. (4) “Mutual association" means a mutual savings and loan association organized under this subchapter and any domestic or foreign predecessor of the mutual association where the predecessor mutual association's existence ceased upon the consummation of a merger or other transaction. (5) “Party" means a natural person who was or is, or who is threatened to be made, a named defendant or respondent in a proceeding. (6) “Proceeding" means any threatened, pending or completed civil, criminal, administrative or investigative action, suit, arbitration or other proceeding, whether formal or informal, which involves foreign, federal, state or local law and which is brought by or in the right of the mutual association or by any other person.History:  1987 a. 13; 1993 a. 112, 491; 2003 a. 139.
WI Stat § 215.513 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.513 - Mandatory indemnification.

215.513  Mandatory indemnification. (1) A mutual association shall indemnify a director or officer, to the extent he or she has been successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding if the director or officer was a party because he or she is a director or officer of the mutual association. (2) (a) In cases not included under sub. (1), a mutual association shall indemnify a director or officer against liability incurred by the director or officer in a proceeding to which the director or officer was a party because he or she is a director or officer of the mutual association, unless liability was incurred because the director or officer breached or failed to perform a duty he or she owes to the mutual association and the breach or failure to perform constitutes any of the following:1. A willful failure to deal fairly with the mutual association or its members in connection with a matter in which the director or officer has a material conflict of interest.2. A violation of criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or no reasonable cause to believe his or her conduct was unlawful.3. A transaction from which the director or officer derived an improper personal profit.4. Willful misconduct.(b) Determination of whether indemnification is required under this subsection shall be made under s. 215.514.(c) The termination of a proceeding by judgment, order, settlement or conviction, or upon a plea of no contest or an equivalent plea, does not, by itself, create a presumption that indemnification of the director or officer is not required under this subsection. (3) A director or officer who seeks indemnification under this section shall make a written request to the mutual association. (4) (a) Indemnification under this section is not required to the extent limited by the articles of incorporation under s. 215.516.(b) Indemnification under this section is not required if the director or officer has previously received indemnification or allowance of expenses from any person, including the mutual association, in connection with the same proceeding.History:  1987 a. 13.Cooperative indemnification. La Rowe and Weine. WBB Sept. 1988.
WI Stat § 215.514 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.514 - Determination of right to indemnification.

215.514  Determination of right to indemnification. Unless otherwise provided by the articles of incorporation or bylaws or by written agreement between the director or officer and the mutual association, the director or officer seeking indemnification under s. 215.513 (2) shall select one of the following means for determining his or her right to indemnification: (1) By majority vote of a quorum of the board consisting of directors not at the time parties to the same or related proceedings. If a quorum of disinterested directors cannot be obtained, by majority vote of a committee duly appointed by the board and consisting solely of 2 or more directors not at the time parties to the same or related proceedings. Directors who are parties to the same or related proceedings may participate in the designation of members of the committee. (2) By independent legal counsel selected by a quorum of the board or its committee in the manner prescribed in sub. (1) or, if unable to obtain such a quorum or committee, by a majority vote of the full board, including directors who are parties to the same or related proceedings. (3) By a panel of 3 arbitrators consisting of one arbitrator selected by those directors entitled under sub. (2) to select independent legal counsel, one arbitrator selected by the director or officer seeking indemnification and one arbitrator selected by the 2 arbitrators previously selected. (4) By members by an affirmative vote of a majority of votes cast in person or by proxy as provided in s. 215.43 (4). Voting rights owned by, or voted under the control of, persons who are at the time parties to the same or related proceedings, whether as plaintiffs or defendants or in any other capacity, may not be voted in making the determination. (5) By a court under s. 215.518. (6) By any other method provided for in any additional right to indemnification permitted under s. 215.517.History:  1987 a. 13.
WI Stat § 215.515 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 215 - Savings and loan associations.|215.515 - Allowance of expenses as incurred.

215.515  Allowance of expenses as incurred. Upon written request by a director or officer who is a party to a proceeding, a mutual association may pay or reimburse his or her reasonable expenses as incurred if the director or officer provides the mutual association with all of the following: (1) A written affirmation of his or her good faith belief that he or she has not breached or failed to perform his or her duties to the mutual association. (2) A written undertaking, executed personally or on his or her behalf, to repay the allowance and, if required by the mutual association, to pay reasonable interest on the allowance to the extent that it is ultimately determined under s. 215.514 that indemnification under s. 215.513 (2) is not required and that indemnification is not ordered by a court under s. 215.518 (2) (b). The undertaking under this subsection shall be an unlimited general obligation of the director or officer and may be accepted without reference to his or her ability to repay the allowance. The undertaking may be secured or unsecured.History:  1987 a. 13.