Section DFI-SB 22.05 - Membership rights(1) DEPOSITORS OF MUTUAL SAVINGS BANKS. The articles of incorporation or bylaws of a mutual holding company shall provide that:(a) On the effective date of reorganization or acquisition, the owners of deposit accounts in the resulting or acquiree savings bank become members of the mutual holding company, their membership rights in the mutual savings bank end and their membership rights in the mutual holding company begin.(b) A person becomes a member of a mutual holding company by owning a deposit account in a mutual savings bank that is a subsidiary of the mutual holding company unless the deposit account is evidenced by a negotiable certificate of deposit that is not in registered form.(c) A member of a mutual holding company shall have one vote for each $100 or additional fraction of $100 of the combined withdrawal value of the member's deposit accounts in a subsidiary mutual savings bank of the mutual holding company.(d) Members of a mutual holding company may vote in person or by proxy at any meeting. A proxy shall be in writing and signed by the member or the member's authorized representative. Unless specified in the proxy, a proxy filed with the secretary shall continue in force until revoked by a written notice to the secretary or superseded by another proxy.(e) Membership in a mutual holding company ends if the member withdraws the full withdrawal value of all deposit accounts in subsidiary mutual savings banks. A member who requests the full withdrawal value of the member's deposit accounts remains a member until the withdrawal value is paid in full.(2) DEPOSITORS OF STOCK SAVINGS BANKS. A mutual holding company that acquires a stock savings bank other than a resulting savings bank or an acquiree savings bank shall not confer any membership rights upon the depositors of that savings bank unless the savings bank is merged into a mutual savings bank from which the mutual holding company draws members, in which case the depositors of the stock savings bank shall receive the same membership rights as other depositors of the savings bank into which the stock savings bank is merged.Wis. Admin. Code Department of Financial Institutions DFI-SB 22.05
CR Register, February, 1994, No. 458, eff. 3-1-94.This section interprets or implements s. 214.095, Stats.