Section 60.06. Credit union dissolution.

Latest version.

The liability for dividends declared by the board of directors on term share accounts and passbook savings accounts shall terminate without penalty to the credit union upon the credit union entering an involuntary dissolution procedure, or if the director shall take possession of the credit union under s. 186.235 (11) , Stats. Upon dissolution, the director shall determine the priority of payout of the various classifications of savings.

History: Cr. Register, April, 1982, No. 316 , eff. 5-1-82; correction made under s. 13.93 (2m) (b) 7., Stats., Register, June, 2000, No. 534 ; correction made under s. 13.93 (2m) (b) 7., Stats., Register February 2004 No. 578 ; 2013 Wis. Act 277 : am. Register May 2014 No. 701 , eff. 6-1-14.

                    
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