The Division of Banking, under Wis. Stat. s. 222.0401(2), has approved the following federal powers to be exercised by a universal bank. A universal bank need not request the permission of the division under this subsection to exercise any power described below.
With the prior approval of the division, the appropriate federal regulatory agency, and 2/3 of the bank’s shareholders, a universal bank may transfer funds from the capital surplus account directly to the institution’s shareholder(s), as permitted by 12 CFR § 5.46.
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