The board of directors holds the powers of the corporation. The members of the board of directors shall annually elect a chairperson and may elect other officers as they consider appropriate. Five members of the board of directors constitute a quorum for the purpose of conducting the business and exercising the powers of the corporation, notwithstanding the existence of any vacancy. The board of directors may take action upon a vote of a majority of the members present, unless the bylaws of the corporation require a larger number.
No member of the board of directors may receive compensation for performing his or her duties. Each member shall be reimbursed for actual or necessary expenses, including travel expenses, incurred in performing those duties.
Powers, duties and restrictions. 232.05(1)
Except as provided otherwise in this chapter, the corporation has all the powers necessary and convenient to carry out its duties under sub. (2)
, including the powers to do all of the following:
To make, amend and repeal bylaws for the conduct of its affairs.
To execute contracts and other instruments.
To employ legal, financial, technical or other experts and any other necessary employees and to fix their qualifications, duties and compensation, without regard to ch. 230
except s. 230.40
Receive from the Bradley center corporation a sports and entertainment facility, including any related or auxiliary structure or facility, known as the "Bradley Center".
Own and operate the Bradley center for the benefit of the citizens of this state.
Adequately provide for the long-term maintenance of the Bradley center.
Seek to enter into contracts for the purchase of goods and services with minority businesses.
Seek to enter into contracts for the purchase of goods and services with Wisconsin-based businesses.
Annually submit to the governor and to the presiding officer in each house of the legislature an audited financial statement on the operations of the Bradley center, prepared in accordance with generally accepted accounting principles.
Maintain, and make available to the public within a reasonable time after each meeting, the minutes of the meetings of the board of directors. The minutes shall do all of the following:
Report the number of votes for and against each action.
Summarize the discussion relating to the actions taken.
Within a reasonable time after execution, make available to the public copies of all contracts for the purchase of goods or services, or both, if under the contract the payment for the goods or services, or both, exceeds $20,000.
Within a reasonable time after execution, make available to the public copies of each contract to use the Bradley center on 10 or more days within a 12-month period.
This paragraph does not apply to any contract permitting a concessionaire to operate on the premises of the Bradley center.
Sell, exchange or otherwise divest itself of the Bradley center.
Dissolve and wind up its affairs, unless the legislature enacts a law ordering dissolution or except as provided in s. 232.07
The corporation may charge a reasonable fee for providing copies of minutes and contracts under sub. (2) (f)
History: 1985 a. 26
; 1989 a. 31
The secretary of state shall, on July 1, 1993, issue a certificate of involuntary dissolution for the corporation if the corporation fails to submit to the secretary of state by June 30, 1993, evidence that it has received the Bradley center under s. 232.05 (2) (a)
. Notwithstanding ss. 232.03
, upon issuance of the certificate of involuntary dissolution, the corporation shall cease to exist and may not transact business or exercise the powers under s. 232.05
except as provided in sub. (2)
Promptly upon issuance of the certificate of involuntary dissolution, the corporation shall pay, discharge or make adequate provision for its debts, liabilities and obligations, including any judgment, order or decree which may be entered against it in any pending legal action, and shall transfer all remaining assets to the state. The corporation's existence shall continue, subject to the limitations on its activities under s. 181.1405
Neither the state, any political subdivision of the state nor any officer, employee or agent of the state or a political subdivision who is acting within the scope of employment is liable for any debt, obligation, act or omission of the corporation.
History: 1985 a. 26