Section DFI-Bkg 3.07 - Procedure for chartering a savings and loan as a bank(1) A savings and loan association may be converted into a state chartered bank with the approval of the administrator of the division of banking.(2) A savings and loan association seeking to convert into a state chartered bank shall pay the administrator of the division of banking a fee of $2,000 plus the actual costs incurred by the administrator of the division of banking in investigating the proposed reorganization.(3) The stockholders or members of the savings and loan association shall make, execute and acknowledge articles of organization as required by ch. 221, Stats., and set forth the written consent of the stockholders or members.(4) Upon the filing of the articles as provided by ch. 221, Stats., and upon the approval of the administrator of the division of banking, the savings and loan association shall be deemed to be converted and thereupon all assets, real and personal, of the converted savings and loan association shall be vested in and become the property of the new bank, subject to all the liabilities of the savings and loan association not converted.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 3.07
CR Register, July, 1990, No. 415, eff. 8-1-90.Amended by, CR 23-039: am. (1) Register February 2024 No. 819, eff. 4/1/2024