(1) INCORPORATION. Seven or more residents of this state may organize a credit union by filing with the office of credit unions the proposed articles of incorporation in duplicate and the proposed bylaws, together with a $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the county in which its initial principal office is located and the names and addresses of the incorporators. (2) BYLAWS. (a) The bylaws shall prescribe all of the following: 1. The conditions that determine eligibility for membership. 2. The par value of capital stock not exceeding $50 per share. 3. The conditions on which accounts may be paid in, transferred and withdrawn. 4. The method of receipting for money paid on accounts. 5. The number of directors and the length of their terms. 5d. The responsibilities and qualifications of the directors. 5h. The nomination and election procedures for directors. 5p. Meeting notification procedures. 5t. Procedures for removing directors from the board of directors. 6. The duties of the officers of the credit union. 7. The date of the annual membership meeting, to be held before July 1. 8. The manner by which members are notified of annual and special meetings. 9. The number of members constituting a quorum at an annual or special meeting. 11. The procedures for amending the bylaws. 11m. The terms required under s. 186.06 (2m). 12. Other necessary or appropriate provisions. (b) Credit unions shall be open to: 1. Groups having common or related bonds of occupation or association. 2. Except as otherwise provided in this subdivision, individuals who reside or are employed within well-defined and contiguous neighborhoods and communities. If the office of credit unions, subsequent to a credit union merger, determines that it would be inappropriate under the circumstances to require members of the credit union that results from the merger to reside or be employed in contiguous neighborhoods and communities, the requirement that these neighborhoods and communities be contiguous does not apply. 2m. Individuals who reside or are employed within well-defined and contiguous rural districts or multicounty regions. 3. Employees of related or vicinal industries. 4. Members of bona fide fraternal, religious, cooperative, labor, rural, educational, or similar organizations and employees of the credit union. (c) Members of the immediate family of all qualified persons are eligible for membership. (d) 1. An organization or association of individuals, the majority of the directors, owners, or members of which are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals. 2. An organization or association that has a business location within any geographic limits of the credit union’s field of membership may be admitted to membership. (e) An individual member who ceases to qualify for membership under the bylaws may retain his or her full membership in the credit union at the discretion of the board of directors. (em) A public depositor who makes a public deposit in a credit union may become a member of the credit union if the bylaws permit membership of public depositors. (f) If the bylaws require a member to purchase capital stock, an amount equivalent to the value of the required number of shares deposited by the member in any deposit account of the credit union may be treated as the member’s share deposit. (3) ARTICLES AND BYLAWS. (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the office of credit unions. If the office of credit unions approves the articles and bylaws, the office of credit unions shall return one approved duplicate original of the articles of incorporation to the incorporators, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the office of credit unions a certificate stating the date and time when the articles were recorded, and the office of credit unions shall issue a certificate of incorporation to the credit union. (b) If the office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227. (4) AMENDMENTS. (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the office of credit unions upon payment of a $50 fee. If approved by the office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles. (b) All amendments to the bylaws shall be filed with the office of credit unions and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the office. (c) A credit union is not required to obtain the prior approval of its membership to move the credit union’s principal office within a 20-mile radius of its present location, including to another county.
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