214.905 Books and records corrective orders.
(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.
History: 1991 a. 221; 1995 a. 27.
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