Wis. Admin. Code Department of Financial Institutions § DFI-SB 21.12 - Determination of amount of qualifying deposits

Current through March 28, 2022

Unless otherwise provided in the plan of conversion, the amount of the qualifying deposit of an eligible account holder or a supplemental eligible account holder shall be the total of the deposit balances in the person's deposit accounts in the savings bank as of the close of business on the eligibility record date or the supplemental eligibility record date respectively. However, the plan of conversion may provide that any savings accounts with total deposit balances of less than $500 or any lesser amount shall not constitute a qualifying deposit. In this section, "deposit account" includes a predecessor or successor account of a given deposit account which is held only in the same right and capacity and on the same terms and conditions as the given deposit account. However, the plan of conversion may provide for lesser requirements for consideration as a predecessor or successor account.

Notes

Wis. Admin. Code Department of Financial Institutions § DFI-SB 21.12
CR Register, February, 1994, No. 458, eff. 3-1-94.

This section interprets or implements s. 214.685, Stats.

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