LRB-3434/2
ARG:med:jf
2011 - 2012 LEGISLATURE
December 30, 2011 - Introduced by Senators Grothman, Lassa, Schultz, S. Coggs,
Wanggaard, Moulton, Hansen and Cowles, cosponsored by Representatives
Kooyenga, Krug, Jacque, Spanbauer, Kerkman, A. Ott, Stroebel, Wynn,
Molepske Jr, Tauchen, Fields, C. Taylor, LeMahieu, Bewley, Kaufert and
Endsley. Referred to Committee on Financial Institutions and Rural Issues.
SB356,1,2
1An Act to amend 186.113 (8) of the statutes;
relating to: the authority of credit
2unions to make donations and grants.
Analysis by the Legislative Reference Bureau
Current law specifies various powers of credit unions. Among these powers, a
credit union may make donations and grants, subject to the limitation that the total
donations and grants may not exceed 0.5 percent of its regular reserves within the
year.
This bill increases, from 0.5 percent to 1.0 percent, the limitation on the amount
of donations and grants a credit union may make and requires that any donation or
grant be approved by the credit union's board of directors based on a determination
that the donation or grant is in the best interest of the credit union and is reasonable
given the size and financial condition of the credit union.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB356, s. 1
3Section
1. 186.113 (8) of the statutes is amended to read:
SB356,2,24
186.113
(8) Donations. Make donations and grants, the total of which may not
5exceed
0.5% 1.0 percent of regular reserves within a given year
, if the board of
6directors approves any such donation or grant and the approval is based on a
1determination that the donation or grant is in the best interest of the credit union
2and is reasonable given the size and financial condition of the credit union.
SB356,2,54
(1) This act first applies to donations and grants made on the effective date of
5this subsection.
