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2017 - 2018 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE BILL 281
October 19, 2017 - Offered by Senator Testin.
SB281-SA1,1,11 At the locations indicated, amend the bill as follows:
SB281-SA1,1,3 21. Page 7, line 14: delete the material beginning with that line and ending with
3page 8, line 20, and substitute:
SB281-SA1,1,4 4 Section 9c. 185.47 (title) of the statutes is amended to read:
SB281-SA1,1,6 5185.47 (title) Books Financial books and records; penalty for refusal to
6produce.
SB281-SA1,9e 7Section 9e. 185.47 (1) of the statutes is renumbered 185.47 (1) (a) and
8amended to read:
SB281-SA1,2,29 185.47 (1) (a) A cooperative shall keep correct and complete financial books and
10records of account, and shall also keep, including minutes of the proceedings of
11meetings of its members, board, and executive committee. The cooperative shall
12keep at its principal office records of the names and addresses of all members and

1stockholders with the amount of stock held by each, and of ownership of equity
2interests. At
SB281-SA1,2,7 3(b) 1. Except as provided in subds. 2. and 3. and par. (c), and subject to par. (d),
4at
any reasonable time, any member or stockholder, or his or her agent or attorney,
5upon written notice stating the purposes thereof, delivered or sent to the cooperative
6at least one week in advance, may examine for a proper purpose any books or of the
7cooperative's
records pertinent to the purpose specified in the notice.
SB281-SA1,2,11 8(c) The board may deny a request to examine any financial books and or records
9if the board determines that the purpose is not directly related to the requester's
10interest as a member or stockholder in the
business or affairs of the cooperative and
11or is otherwise contrary to the best interests of the cooperative.
SB281-SA1,9g 12Section 9g. 185.47 (1) (b) 2. and 3. and (d) of the statutes are created to read:
SB281-SA1,2,1813 185.47 (1) (b) 2. Except as provided in subd. 3. and par. (c), and subject to par.
14(d), at any reasonable time, any member or stockholder, or his or her agent or
15attorney, upon written notice stating the purposes thereof, delivered or sent to the
16cooperative at least one week in advance, may examine for a proper purpose any of
17the cooperative's financial books covering the current or preceding 5 fiscal years and
18that are pertinent to the purpose specified in the notice.
SB281-SA1,2,2119 3. No person is entitled to examine any financial books or records under subd.
201. or 2. if the cooperative is subject to any legal duty to preserve the confidentiality
21of, or protect the privacy of information contained in, the financial books or records.
SB281-SA1,2,2422 (d) The cooperative may condition examination of financial books or records on
23the member or stockholder reimbursing the cooperative for the reasonable costs to
24produce the financial books or records and make requested copies of them.
SB281-SA1,9i 25Section 9i. 185.47 (2) of the statutes is amended to read:
SB281-SA1,3,8
1185.47 (2) In any proceedings, or upon petition for such purpose any court of
2record may, upon notice and after hearing at which proper cause is shown, and upon
3suitable terms, order any of the cooperative's financial books or records, and any
4other pertinent documents in its possession, or duly authenticated copies thereof, to
5be brought within this state. Such documents shall be kept at such place and for such
6time and purposes as the order designates. Any cooperative failing to comply with
7the order is subject to dissolution, and its directors and officers are liable for
8contempt of court.
SB281-SA1,9k 9Section 9k. 185.47 (3) of the statutes is amended to read:
SB281-SA1,3,1410 185.47 (3) Subject to the time, notice and purpose all requirements of and
11limitations specified in
sub. (1), a member or stockholder of a cooperative may
12examine the financial books and records of any other cooperative or other person that
13is a wholly owned subsidiary of the cooperative or in which the cooperative owns a
14controlling interest.”.
SB281-SA1,3,15 152. Page 8, line 23: delete “ books, financial" and substitute “ financial books,".
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