214.52 Purchase of real estate for office and rental purposes. - Wisconsin Statutes

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Statutes > Wisconsin > 214 > 214.52

214.52

214.52 Purchase of real estate for office and rental purposes.

214.52(1)

(1) A savings bank may acquire and hold real estate on which a building exists or may be built that is suitable for the transaction of the savings bank's business. A savings bank may own all or part of the stock, shares or interest in a corporation, limited liability company, association or trust engaged solely in holding all or part of that real estate. A savings bank may derive rents from any portion of a building not required for the savings bank's own use.

214.52(2)

(2) The amount invested under sub. (1) may not exceed 100% of a savings bank's capital.

214.52(3)

(3) Unless prior written approval of the division is obtained, a savings bank may not purchase, lease or acquire a site for an office building or an interest in real estate from an officer, director, employee, from a stockholder holding more than 10% of the stock of the savings bank, or from any firm, corporation, entity, or family in which an officer, director, employee or stockholder holding more than 10% of the stock of a savings bank has a direct or indirect interest.

214.52 - ANNOT.

History: 1991 a. 221; 1993 a. 112; 1995 a. 27.

State Codes and Statutes

Statutes > Wisconsin > 214 > 214.52

214.52

214.52 Purchase of real estate for office and rental purposes.

214.52(1)

(1) A savings bank may acquire and hold real estate on which a building exists or may be built that is suitable for the transaction of the savings bank's business. A savings bank may own all or part of the stock, shares or interest in a corporation, limited liability company, association or trust engaged solely in holding all or part of that real estate. A savings bank may derive rents from any portion of a building not required for the savings bank's own use.

214.52(2)

(2) The amount invested under sub. (1) may not exceed 100% of a savings bank's capital.

214.52(3)

(3) Unless prior written approval of the division is obtained, a savings bank may not purchase, lease or acquire a site for an office building or an interest in real estate from an officer, director, employee, from a stockholder holding more than 10% of the stock of the savings bank, or from any firm, corporation, entity, or family in which an officer, director, employee or stockholder holding more than 10% of the stock of a savings bank has a direct or indirect interest.

214.52 - ANNOT.

History: 1991 a. 221; 1993 a. 112; 1995 a. 27.

State Codes and Statutes

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State Codes and Statutes

Statutes > Wisconsin > 214 > 214.52

214.52

214.52 Purchase of real estate for office and rental purposes.

214.52(1)

(1) A savings bank may acquire and hold real estate on which a building exists or may be built that is suitable for the transaction of the savings bank's business. A savings bank may own all or part of the stock, shares or interest in a corporation, limited liability company, association or trust engaged solely in holding all or part of that real estate. A savings bank may derive rents from any portion of a building not required for the savings bank's own use.

214.52(2)

(2) The amount invested under sub. (1) may not exceed 100% of a savings bank's capital.

214.52(3)

(3) Unless prior written approval of the division is obtained, a savings bank may not purchase, lease or acquire a site for an office building or an interest in real estate from an officer, director, employee, from a stockholder holding more than 10% of the stock of the savings bank, or from any firm, corporation, entity, or family in which an officer, director, employee or stockholder holding more than 10% of the stock of a savings bank has a direct or indirect interest.

214.52 - ANNOT.

History: 1991 a. 221; 1993 a. 112; 1995 a. 27.