LRB-5762/1
KSH:skg&kaf:kat
1995 - 1996 LEGISLATURE
May 1, 1996 - Introduced by
Committee on Assembly Organization. Referred to
Committee on Rules.
AB1098,1,3
1An Act relating to: the period of time during which a stock corporation or a
2nonstock, nonprofit corporation may apply for reinstatement after being
3administratively dissolved.
Analysis by the Legislative Reference Bureau
Under current law, a corporation that is administratively dissolved may apply
to the secretary of state (or, after July 1, 1996, to the department of financial
institutions) for reinstatement within 2 years after the effective date of dissolution.
The secretary of state has the power to reinstate a corporation only during the 2-
year period following dissolution of the corporation. Avenue, Inc. v. La Follette, 183
Wis. 2d 409, 515 N.W. 2d 339 (Ct. App. 1994). Nonstock, nonprofit corporations are
subject to a similar limit on the time permitted to apply for reinstatement.
This bill creates a 30-day window immediately following the bill's enactment
and publication during which the reinstatement period is lengthened for both stock
corporations and nonstock, nonprofit corporations. During this 30-day window, a
stock corporation or a nonstock, nonprofit corporation that has been
administratively dissolved may apply for reinstatement if the effective date of its
dissolution is within 4 years of the date of application.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB1098,2,55
(1)
Reinstatement amnesty period for stock corporations. Notwithstanding
6section 180.1422 (1) (intro.) of the statutes, for the period beginning on the effective
1date of this subsection and ending on the 30th day after the effective date of this
2subsection, a corporation, as defined under section 180.0103 (5) of the statutes, that
3has been administratively dissolved may apply for reinstatement under section
4180.1422 (1) of the statutes within 4 years after the effective date of the
5administrative dissolution.
AB1098,2,126
(2)
Reinstatement amnesty period for nonstock, nonprofit corporations.
7Notwithstanding section 181.563 (1) (intro.) of the statutes, for the period beginning
8on the effective date of this subsection and ending on the 30th day after the effective
9date of this subsection, a corporation, as defined under section 181.02 (4) of the
10statutes, that has been administratively dissolved may apply for reinstatement
11under section 181.563 (1) of the statutes within 4 years after the effective date of the
12administrative dissolution.
