Wisconsin Statutes 214.905 – Books and records corrective orders
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 214.905
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(1) If an order under s. 214.90 specifies that the books and records of a savings bank are so incomplete and inaccurate that the division is unable to determine the financial condition of the savings bank or unable to determine the nature, details or purpose of any transaction that may have a material effect on the savings bank’s financial condition, the division shall issue an order that requires all of the following:
(a) Specific steps to restore, reconstruct or adjust the books and records to accuracy and compliance.
(b) Rescission or cessation of transactions or activities that led to the incomplete or inaccurate condition of the books and records.
(c) Establishment of reserves for any losses that the division finds were incurred due to the condition of the books and records.
(2) An order under sub. (1) shall be effective until the division determines through an examination that the condition has been corrected and rescinds the order.