Wisconsin Statutes 221.0701 – Interest exchange
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Terms Used In Wisconsin Statutes 221.0701
- Acquire: when used in connection with a grant of power to any person, includes the acquisition by purchase, grant, gift or bequest. See Wisconsin Statutes 990.01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A bank or other corporation may acquire all of the outstanding shares of one or more classes or series of a bank organized under this chapter, with the approval of the division, if the board of directors of the bank, by resolution adopted by the board, approves a plan of interest exchange and its shareholders also approve a plan of interest exchange. This section does not limit the power of a corporation or bank to acquire all or part of the shares of one or more classes or series of a bank through a voluntary exchange or otherwise. Application for approval of an interest exchange shall be made to the division on a form prescribed by the division. The application shall be accompanied by a fee established by the division.