178.1155
178.1155
Effect of domestication. 178.1155(1)(1)
When a domestication becomes effective, all of the following apply:
178.1155(1)(a)
(a) The domesticating entity becomes a domestic entity under and becomes subject to the governing law of the jurisdiction in which it has domesticated while continuing to be a domestic organization under and subject to the governing law of the domesticating entity.
178.1155(1)(am)1.1. Except as provided in this paragraph, no interest holder shall have interest holder liability with respect to the domesticating or domesticated entity.
178.1155(1)(am)2.
2. If, under the governing law of the domesticating entity, one or more of the interest holders thereof has interest holder liability with respect to the domesticating entity, such interest holder or holders shall continue to have such liability and any associated contribution and other rights to the extent provided in such governing law with respect to the debts, obligations, and other liabilities of the domesticating entity.
178.1155(1)(am)3.
3. If, under the governing law of the domesticated entity, one or more of the interest holders thereof will have interest holder liability after the domestication with respect to the domesticated entity, such interest holder or holders will have such liability and associated contribution and other rights to the extent provided in such governing law with respect to the debts, obligations, and other liabilities of the domesticated entity that accrue after the domestication.
178.1155(1)(am)4.
4. This paragraph does not affect liability under any taxation laws.
178.1155(1)(b)
(b) The title to all property owned by the domesticating entity is vested in the domesticated entity without transfer, reversion, or impairment.
178.1155(1)(c)
(c) The domesticated entity has all debts, obligations, or other liabilities of the domesticating entity.
178.1155(1)(d)
(d) A civil, criminal, or administrative proceeding pending by or against the domesticating entity may be continued as if the domestication did not occur, or the domesticated entity may be substituted in the proceeding for the domesticating entity.
178.1155(1)(e)
(e) The non-United States organizational documents of the domesticated entity are amended to the extent, if any, provided in the plan of domestication and, to the extent such amendments are to be reflected in a public record, as provided in the articles of domestication.
178.1155(1)(f)
(f) The United States organizational documents of the domesticated entity are as provided in the plan of domestication and, to the extent such organizational documents are to be reflected in a public record, as provided in the articles of domestication.
178.1155(1)(g)
(g) Except as prohibited by other law or as otherwise provided in the articles and plan of domestication, all of the rights, privileges, immunities, powers, and purposes of the domesticating entity vest in the domesticated entity.
178.1155(2)
(2) Except as otherwise provided in the articles and plan of domestication, if the domesticating entity is a partnership, limited liability company, or other entity subject to dissolution under its governing law, the domestication does not dissolve the domesticating entity for the purposes of its governing law.
178.1155(3)
(3) A domesticated Wisconsin entity consents to the jurisdiction of the courts of this state to enforce any debt, obligation, or other liability owed by the domesticating or domesticated entity.
178.1155 History
History: 2015 a. 295.
178.1161
178.1161
Restrictions on approval of mergers, interest exchanges, conversions and domestications. 178.1161(1)(1)
Except as provided in sub.
(2), a merger, interest exchange, conversion, or domestication of a domestic partnership may not do any of the following with respect to a partner:
178.1161(1)(a)
(a) Materially increase the current or potential obligations of the partner in the constituent, acquiring, acquired, converting, or domesticating partnership, whether as a result of becoming subject to interest holder liability with respect to the obligations of the surviving, acquiring, converted, or domesticated entity as a consequence of being an owner of the entity, becoming subject to affirmative or negative obligations under the organizational documents of the entity, becoming subject to tax on the income of the entity, or otherwise.
178.1161(1)(b)
(b) Treat the partner's interests in the partnership in a manner different from the interests of the same class held by any other partner.
178.1161(2)
(2) Subsection
(1) shall not apply with respect to a partner if any of the following is applicable:
178.1161(2)(a)
(a) The partner consents to the merger, interest exchange, conversion, or domestication.
178.1161(2)(b)
(b) The partnership offers to have the partner's interest in the partnership purchased, prior to the merger, interest exchange, conversion, or domestication, in the manner provided in s.
178.0701 for a partner who has not wrongfully dissociated, without taking into account any modification of this provision under the partnership agreement.
178.1161 History
History: 2015 a. 295.
MISCELLANEOUS PROVISIONS
178.1201
178.1201
Uniformity of application and construction. In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the uniform law.
178.1201 History
History: 2015 a. 295.
178.1202
178.1202
Relation to electronic signatures in global and national commerce act. This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act,
15 USC 7001 to
7031, but does not modify, limit, or supersede section 101 (c) of that act,
15 USC 7001 (c), or authorize electronic delivery of any of the notices described in section 103 (b) of that act,
15 USC 7003 (b).
178.1202 History
History: 2015 a. 295.
