AB765,191,119
612.22
(1) (title)
Conditions for merger
or consolidation. One or more town
10mutuals may merge
or consolidate with a single domestic mutual under ch. 611. The
11surviving
or new corporation shall be a mutual under ch. 611.
AB765, s. 153
12Section
153. 612.22 (2) (intro.) of the statutes is amended to read:
AB765,191,1513
612.22
(2) (title)
Plan of merger or consolidation. (intro.) The board of each
14participating corporation shall adopt the same plan of merger under s.
181.42 (2) or
15plan of consolidation under s. 181.43 (2) 181.1101 (2), by resolution stating:
AB765, s. 154
16Section
154. 612.22 (2) (b) of the statutes is amended to read:
AB765,191,1817
612.22
(2) (b) The proposed terms, conditions and procedures for and estimated
18expenses of implementing the merger
or consolidation;
AB765, s. 155
19Section
155. 612.22 (5) of the statutes is repealed.
AB765, s. 156
20Section
156. 612.22 (6) of the statutes is amended to read:
AB765,192,221
612.22
(6) Reports to commissioner. Each participating town mutual shall file
22with the commissioner a copy of the resolution adopted under sub. (4), stating the
23number of members entitled to vote, the number of members voting and the number
24of votes cast in favor of the plan, stating separately in each case the mail votes and
1the votes cast in person.
Any election of directors under sub. (5) shall also be reported
2to the commissioner.
AB765, s. 157
3Section
157. 612.22 (7) of the statutes is amended to read:
AB765,192,94
612.22
(7) Certificate of authority. If the requirements of the law are met,
5the commissioner shall issue a certificate of authority to the surviving
or new 6mutual. Thereupon the nonsurviving corporations shall cease their legal existence
,
7the corporate existence of any new mutual shall begin, and the directors elected
8under sub. (5) shall take office. The surviving
or new mutual shall have all the assets
9and be liable for all of the obligations of each of the participating corporations.
AB765, s. 158
10Section
158. 612.70 of the statutes is amended to read:
AB765,192,14
11612.70 Waiver of notice and informal action. Sections
181.70 and 181.72 12181.0704, 181.0706, 181.0821 and 181.0823 apply to town mutuals.
Section
13181.0821 applies to a committee of the board except that references to "board" shall
14be read as "committee".
AB765, s. 159
15Section
159. 613.01 (1) of the statutes is amended to read:
AB765,192,1716
613.01
(1) Articles of incorporation. "Articles of incorporation" has the
17meaning designated under s.
181.02 181.0103 (1).
AB765, s. 160
18Section
160. 613.01 (2) of the statutes is amended to read:
AB765,192,2019
613.01
(2) Board of directors. "Board of directors" has the meaning
20designated
for "board" under s.
181.02 181.0103 (2).
AB765, s. 161
21Section
161. 613.01 (3) of the statutes is amended to read:
AB765,192,2322
613.01
(3) Bylaws. "Bylaws" has the meaning designated under s.
181.02 23181.0103 (3).
AB765, s. 162
24Section
162. 613.01 (5) of the statutes is amended to read:
AB765,193,2
1613.01
(5) Nonprofit corporation. "Nonprofit corporation" has the meaning
2designated under s.
181.02 (8) 181.0103 (17).
AB765, s. 163
3Section
163. 613.01 (6) of the statutes is amended to read:
AB765,193,54
613.01
(6) Nonstock corporation. "Nonstock corporation" has the meaning
5designated under s.
181.02 (9) 181.0103 (18).
AB765, s. 164
6Section
164. 613.07 (1) of the statutes is amended to read:
AB765,193,87
613.07
(1) Powers. Service insurance corporations have the powers specified
8under s.
181.04 (1) to (12), (14) and (16) 181.0302.
AB765, s. 165
9Section
165. 613.07 (2) of the statutes is amended to read:
AB765,193,1110
613.07
(2) Effect of unauthorized corporate acts. Section
181.057 181.0304 11applies to service insurance corporations.
AB765, s. 166
12Section
166. 613.07 (3) of the statutes is repealed.
AB765, s. 167
13Section
167. 613.07 (4) of the statutes is amended to read:
AB765,193,1814
613.07
(4) (title)
Waiver of notice and informal action by shareholders
15members or directors. Sections
181.70 and 181.72 181.0704 and 181.0706 apply to
16members of service insurance corporations and ss. 181.0821 and 181.0823 apply to
17the board of directors and committees of the board of directors of service insurance
18corporations.
AB765, s. 168
19Section
168. 613.10 of the statutes is amended to read:
AB765,193,22
20613.10 (title)
Reserved name and registered names. A service insurance
21corporation may reserve
or register a corporate name as provided in
s. 181.07 ss.
22181.0402 and 181.0403 (2), (3) and (3m).
AB765, s. 169
23Section
169. 613.12 (1) (intro.) of the statutes is amended to read:
AB765,193,2524
613.12
(1) Contents of articles. (intro.) The articles of a service insurance
25corporation shall conform to s.
181.31 181.0202, except that:
AB765, s. 170
1Section
170. 613.12 (1) (a) of the statutes is amended to read:
AB765,194,52
613.12
(1) (a) The name of the corporation shall include descriptive terms to
3indicate the general nature of the services or care to be provided, or a trade name that
4is generally understood as indicating such service or care, and shall comply with s.
5181.06 (3) 181.0401 (2) to (4);
AB765, s. 171
6Section
171. 613.12 (1) (am) of the statutes is created to read:
AB765,194,87
613.12
(1) (am) The articles shall include a statement that the corporation is
8a service insurance corporation organized under this chapter.
AB765, s. 172
9Section
172. 613.12 (2) of the statutes is amended to read:
AB765,194,1310
613.12
(2) Bylaws. The bylaws of a service insurance corporation shall comply
11with this chapter, and with
all except the first sentence of s. 181.13 ss. 181.0206,
12181.0207 and 181.1020 to 181.1022. A copy of any amendments to the bylaws shall
13be filed with the commissioner within 60 days after adoption.
AB765, s. 173
14Section
173. 613.29 (1) of the statutes is amended to read:
AB765,194,1815
613.29
(1) Right to amend articles. A service insurance corporation may
16amend its articles under ss.
181.35 to 181.37 and 181.39 181.1001 to 181.1007 in any
17desired respect including substantial changes of its original purposes not
18inconsistent with this chapter. No amendment may be made contrary to s. 613.12.
AB765, s. 174
19Section
174. 613.29 (3) of the statutes is amended to read:
AB765,194,2120
613.29
(3) Effect of amendment. Section
181.41 181.1008 applies to service
21insurance corporations.
AB765, s. 175
22Section
175. 613.40 (1) of the statutes is amended to read:
AB765,194,2423
613.40
(1) Meetings of members. Sections
181.14 and 181.15 181.0160,
24181.0701, 181.0702 and 181.0705 apply to service insurance corporations.
AB765, s. 176
25Section
176. 613.40 (2) of the statutes is amended to read:
AB765,195,3
1613.40
(2) Voting and quorum. Sections
181.16 and 181.71 181.0721, 181.0723
2and 181.0724 apply to service insurance corporations and s.
181.17 181.0722 applies
3to service insurance corporations except as modified by ss. 613.72 (4) and 613.75 (2).
AB765, s. 177
4Section
177. 613.40 (3) of the statutes is amended to read:
AB765,195,65
613.40
(3) (title)
Division into districts Delegates. Section
181.175 181.0640 6applies to service insurance corporations.
AB765, s. 178
7Section
178. 613.51 (1) of the statutes is repealed and recreated to read:
AB765,195,118
613.51
(1) General. The affairs of a corporation shall be managed by a board
9of directors. Directors need not be residents of this state or members of the
10corporation unless the articles of incorporation or bylaws so require. The articles of
11incorporation or bylaws may prescribe other qualifications for directors.
AB765, s. 179
12Section
179. 613.51 (2) of the statutes is amended to read:
AB765,195,1613
613.51
(2) Number, selection and classification of directors. Section 611.51
14(2) and the first sentence of s. 611.51 (5) apply to service insurance corporations.
15Sections
181.20 and 181.21 181.0803 to 181.0811 apply to service insurance
16corporations except as modified by ss. 613.53 and 613.54.
AB765, s. 180
17Section
180. 613.51 (4) of the statutes is amended to read:
AB765,195,2018
613.51
(4) Unlawful delegation. The board shall manage the business and
19affairs of the corporation and may not delegate its power or responsibility to do so,
20except to the extent authorized by ss.
181.25 (2)
181.0841 and 613.56.
AB765, s. 181
21Section
181. 613.51 (5) of the statutes is amended to read:
AB765,195,2322
613.51
(5) (title)
Quorum of directors and voting. Section
181.22 181.0824 23applies to service insurance corporations, except as modified by s. 613.60.
AB765, s. 182
24Section
182. 613.51 (6) of the statutes is amended to read:
AB765,196,2
1613.51
(6) Books and records. Section 181.27 applies Sections 181.1601 to
2181.1605 apply to service insurance corporations.
AB765, s. 183
3Section
183. 613.51 (7) of the statutes is amended to read:
AB765,196,54
613.51
(7) Place and notice of directors' meetings. Section 181.24 applies 5Sections 181.0820, 181.0822 and 181.0823 apply to service insurance corporations.
AB765, s. 184
6Section
184. 613.52 (1) of the statutes is amended to read:
AB765,196,87
613.52
(1) General. Section 181.25 applies Sections 181.0840 and 181.0841
8apply to service insurance corporations, as modified by s. 613.12 (3).
AB765, s. 185
9Section
185. 613.52 (2) of the statutes is amended to read:
AB765,196,1110
613.52
(2) Removal. Section 181.26 applies Sections 181.0843 and 181.0844
11apply to service insurance corporations.
AB765, s. 186
12Section
186. 613.56 (3) (d) of the statutes is amended to read:
AB765,196,1513
613.56
(3) (d) Merger
or consolidation under s. 613.72, conversion under s.
14613.75, voluntary dissolution under s. 613.74 or transfer of business or assets under
15s. 613.78;
AB765, s. 187
16Section
187. 613.56 (5) of the statutes is created to read:
AB765,196,2317
613.56
(5) Quorum and voting. Sections 181.0821 and 181.0824 apply to a
18committee of the board of a service insurance corporation, except that references to
19"board" shall be read as relating to "committee", references to "majority" in s.
20181.0824 (1) shall be read as referring to a majority of the members appointed to
21serve on the committee, and references to "majority" in s. 181.0824 (2) shall be read
22as referring to a majority of the members appointed to serve on the committee who
23are present at the meeting.
AB765, s. 188
24Section
188. 613.62 (1) of the statutes is amended to read:
AB765,197,2
1613.62
(1) Liability. Sections
181.283 to 181.29 181.0833 and 181.0850 to
2181.0855 apply to service insurance corporations.
AB765, s. 189
3Section
189. 613.62 (2) of the statutes is amended to read:
AB765,197,74
613.62
(2) Indemnification. Sections
181.041 to 181.051 181.0871 to 181.0881 5apply to service insurance corporations but no indemnification may be made until
6at least 30 days after notice to the commissioner, containing full details about the
7proposed indemnification.
AB765, s. 190
8Section
190. 613.62 (3) of the statutes is amended to read:
AB765,197,109
613.62
(3) Insurance. Section
181.053 181.0883 applies to service insurance
10corporations.
AB765, s. 191
11Section
191. 613.63 (1) of the statutes is amended to read:
AB765,197,1412
613.63
(1) Establishment of compensation. Section
181.19 181.0302 (11) to
13(14) applies to service insurance corporations, except as modified by ss. 613.60 and
14sub. (2).
AB765, s. 192
15Section
192. 613.63 (2) of the statutes is amended to read:
AB765,197,1716
613.63
(2) Restrictions. Sections 181.28 Subchapter XIII of ch. 181 and
s. 17611.63 (3) to (6) apply to service insurance corporations.
AB765, s. 193
18Section
193. 613.69 (title) of the statutes is repealed and recreated to read:
AB765,197,19
19613.69 (title)
Distributions.
AB765, s. 194
20Section
194. 613.69 (1) of the statutes is amended to read:
AB765,197,2221
613.69
(1) (title)
Stock and dividends general.
Section 181.28 Subchapter XIII
22of ch. 181 applies to service insurance corporations.
AB765, s. 195
23Section
195. 613.72 (title) of the statutes is amended to read:
AB765,197,25
24613.72 (title)
Merger and consolidation of service insurance
25corporations.
AB765, s. 196
1Section
196. 613.72 (1) of the statutes is amended to read:
AB765,198,92
613.72
(1) Authorization. Any 2 or more domestic service insurance
3corporations may merge
or consolidate, if they provide services of the same or a
4related nature, or if the services complement one another or there are other reasons
5that make it reasonable for a single corporation to render both. A written plan of
6merger
or consolidation shall be prepared, setting forth all the terms of the proposed
7merger
or consolidation and its effect on policyholders and members of both
8corporations. The plan shall also contain the articles and bylaws of the proposed new
9corporation.
AB765, s. 197
10Section
197. 613.72 (2) of the statutes is amended to read:
AB765,198,1311
613.72
(2) Commissioner's approval required. No proposed merger
or
12consolidation plan under this section may be submitted to the members until the
13commissioner approves it.