Section 3.05. Directors, officers and employees.

 

(1)   Composition of board of directors.

(a) Requirement. The composition of a savings bank's board of directors is limited as follows:

1. A majority of the directors may not be salaried officers or employees of the savings bank or of any subsidiary or, except in the case of a savings bank having 50% or more of any class of voting shares owned by a holding company.

2. Members of the same immediate family may not constitute a majority of a board of directors.

3. No 2 or more directors may be attorneys practicing with or employed by the same law firm.

(b) Prospective application. If a savings bank's board of directors does not conform with par. (a) on February 1, 1994, the service of any person serving on the board of directors on that date, including service through re-election and re-appointment, may not be interrupted.

(2)   Other employment. No savings bank or subsidiary may permit any salaried officer or employee to work during the hours of his or her employment by the savings bank or subsidiary for any affiliated person of the savings bank unless the affiliated person compensates the savings bank or subsidiary for the time during which the officer or employee is engaged in the work.

History: Cr. Register, February, 1994, No. 458 , eff. 3-1-94.

Note

This section interprets or implements ss. 214.335 , 214.342 and 214.345 , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1 This section parallels 12 CFR 563.33 , an OTS regulation applying to savings and loan associations. Microsoft Windows NT 6.1.7601 Service Pack 1