Section DFI-SB 17.16 - Surrender of trust powers(1) RESOLUTION. Any savings bank may surrender its rights to exercise trust powers by filing with the division a certified copy of a resolution of its board of directors.(2) INVESTIGATION; CERTIFICATE. Upon receipt of the resolution under sub. (1), the division shall make an investigation and if satisfied that the savings bank has been discharged from all fiduciary duties which it has undertaken, the division shall issue a certificate to the savings bank certifying that it is no longer authorized to exercise fiduciary powers. (3) CANCELLATION OF AUTHORITY. On issuance of a certificate under sub. (2) by the division, a savings bank: (a) Is no longer subject to this chapter;(b) Is entitled to have returned to it the indemnity fund required by s. DFI- Bkg 15.04; and(c) Shall not exercise any of the powers granted by this chapter without first applying for and obtaining new authorization to exercise trust powers.Wis. Admin. Code Department of Financial Institutions DFI-SB 17.16
CR Register, February, 1994, No. 458, eff. 3-1-94.This section parallels 12 CFR 550.14 and s. DFI-SL 17.16.