Wisconsin § 215.56 - Voluntary liquidation of a mutual association.

§ 215.56. Voluntary liquidation of a mutual association.

215.56(1) (1) Procedure for voluntary liquidation. 215.56(1)(a) (a) A mutual association may go into liquidation by a majority vote of the dollar value of the outstanding savings accounts at a members’ meeting held especially for that purpose, after 30 days’ notice to each saver. 215.56(1)(b) (b) When an association has voted to liquidate, the board shall cause notice of this fact to be: 215.56(1)(b)1. 1. Certified to the division under the seal of the association by its president and secretary; 215.56(1)(b)2. 2. Published as a class 3 notice, under ch. 985 , in each county in which an office of the association is located, calling on all persons who have claims against the association to present them to the association and make proof thereof at a specified place and time; and 215.56(1)(b)3. 3. Mailed to all persons who appear as creditors on its books. 215.56(2) (2) Period of liquidation. A mutual association so liquidating shall dispose of all its assets within 10 years from the date of liquidation, unless the division orders otherwise. 215.56(3) (3) Status of board of directors. The board shall remain a body corporate until the association is fully liquidated. 215.56(4) (4) Filling vacancies on board of directors. In case of a vacancy on the board, the remaining directors may fill the vacancy by electing a director from the association’s savers. 215.56(5) (5) Applicability of other sections. Any association so liquidating shall be subject to ss. 215.02 (16) and