AB867: Bill Text

AB867,6,6 180.0202 (1) (d) 2. The number of shares of each class that the corporation is authorized to issue, except that an investment company may declare that each class has an indefinite number of authorized shares.

AB867, s. 10 Section 10. 180.0202 (1) (e) 2. of the statutes is amended to read:

AB867,6,10 180.0202 (1) (e) 2. The number of shares of each series that the corporation is authorized to issue, except that an investment company may declare that each series has an indefinite number of authorized shares.

AB867, s. 11 Section 11. 180.0601 (1) of the statutes is amended to read:

AB867,6,20 180.0601 (1) The articles of incorporation shall prescribe the classes of shares and the number of shares of each class that the corporation is authorized to issue, except that an investment company may prescribe that each class has an indefinite number of authorized shares. If more than one class of shares is authorized, the articles of incorporation shall prescribe a distinguishing designation for each class. Before the issuance of shares of a class, the corporation shall describe in its articles of incorporation the preferences, limitations and relative rights of that class. All shares of a class shall have preferences, limitations and relative rights identical with those of other shares of the same class unless the class is divided into series.

AB867, s. 12 Section 12. 180.0601 (2) of the statutes is amended to read:

AB867,7,6 180.0601 (2) The articles of incorporation may create series of shares within a class of shares, except that an investment company may prescribe that each series has an indefinite number of authorized shares. Before the issuance of shares of a series, the corporation shall describe in its articles of incorporation the number of shares of each series that the corporation is authorized to issue or that there is an indefinite number of authorized shares, a distinguishing designation for each series within a class and the preferences, limitations and relative rights of that series. All shares of a series shall have preferences, limitations and relative rights identical with those of other shares of the same series and, except to the extent otherwise provided in the description of the series, with those of other series of the same class.

AB867, s. 13 Section 13. 180.0602 (1) (b) of the statutes is amended to read:

AB867,7,12 180.0602 (1) (b) Create one or more series within a class, and, with respect to any series, determine the number of shares of the series, the distinguishing designation and the preferences, limitations and relative rights, in whole or in part, before the issuance of any shares of that series, except that an investment company may prescribe that each series has an indefinite number of authorized shares.

AB867, s. 14 Section 14. 180.0602 (1) (c) of the statutes is created to read:

AB867,7,17 180.0602 (1) (c) In the case of an investment company, change the distinguishing designation of a class or series of shares, whether or not shares of the class are issued and outstanding, if the change does not affect the preferences, limitations and relative rights, in whole or in part, of the class or series.

AB867, s. 15 Section 15. 180.0602 (2) (c) of the statutes is amended to read:

AB867,7,21 180.0602 (2) (c) The number of shares of the class or series of shares created, except that an investment company may prescribe that each class and each series have an indefinite number of authorized shares.

AB867, s. 16 Section 16. 180.0602 (2) (d) of the statutes is amended to read:

AB867,7,25 180.0602 (2) (d) A statement that none of the shares of the class or series has been issued, except that this statement is not required if the only amendment to the articles of incorporation is made pursuant to sub. (1) (c).

AB867, s. 17 Section 17. 180.0603 (1) of the statutes is amended to read:

AB867,8,6 180.0603 (1) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. If an investment company has authorized an indefinite number of shares, there is no limit on the number of shares that the investment company may issue. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted or canceled.

AB867, s. 18 Section 18. 180.0631 (3) (b) (intro.) of the statutes is amended to read:

AB867,8,14 180.0631 (3) (b) (intro.) If the articles of incorporation prohibit the reissuance of acquired shares, the number of authorized shares is reduced by the number of shares acquired by the corporation, effective upon amendment of the articles of incorporation, except in the case of an investment company that has authorized an indefinite number of shares. The board of directors may adopt articles of amendment under this paragraph without shareholder action and deliver them to the secretary of state for filing. The articles shall include all of the following information:

AB867, s. 19 Section 19. 180.0631 (3) (b) (intro.) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB867,8,23 180.0631 (3) (b) (intro.) If the articles of incorporation prohibit the reissuance of acquired shares, the number of authorized shares is reduced by the number of shares acquired by the corporation, effective upon amendment of the articles of incorporation, except in the case of an investment company that has authorized an indefinite number of shares. The board of directors may adopt articles of amendment under this paragraph without shareholder action and deliver them to the department for filing. The articles shall include all of the following information:

AB867, s. 20 Section 20. 180.0701 (4) (intro.) of the statutes is amended to read:

AB867,9,6 180.0701 (4) (intro.) If so provided in the articles of incorporation or bylaws of a corporation registered under the federal investment company act of 1940, as amended, the corporation an investment company, the investment company is not required to hold an annual meeting of shareholders in any year in which none of the following matters is required to be acted on by the shareholders under the federal investment company act of 1940, as amended 15 USC 80a-1 to 80a-64:

AB867, s. 21 Section 21. 180.1002 (7m) of the statutes is created to read:

AB867,9,10 180.1002 (7m) In the case of an investment company, to change the corporate name, if the investment company notifies shareholders of the change in corporate name not less than 30 days before the effective date of the change.

AB867, s. 22 Section 22. 180.1002 (8) of the statutes is amended to read:

AB867,9,16 180.1002 (8) If the articles of incorporation so provide, to create a series of shares, to determine the numbers of shares of a series, the distinguishing designation and the preferences, limitations and relative rights of a series of shares, or to determine the preferences, limitations and relative rights of a class of shares, to the extent make a change permitted by s. 180.0602.

AB867, s. 23 Section 23. 180.1002 (8m) of the statutes is created to read:

AB867,9,19 180.1002 (8m) In the case of an investment company, to declare an indefinite number of authorized shares.

AB867, s. 24 Section 24. 180.1002 (8n) of the statutes is created to read:

AB867,9,25 180.1002 (8n) In the case of a company that is registered, or is organized for the purpose of registering, as a management investment company under 15 USC 80a-1 to 80a-64, to state that the corporation is registered or is organized for the purposes of registering as a management investment company under 15 USC 80a-1 to 80a-64.

AB867, s. 25 Section 25. 180.1622 (1) (f) of the statutes is amended to read:

AB867,10,7 180.1622 (1) (f) The total number of authorized shares, itemized by class and series, if any, within each class and, with respect to a. A foreign corporation, shall itemize the total number of authorized shares by par value of shares and shares without par value. An investment company that has an indefinite number of authorized shares shall state that it has declared an indefinite number of authorized shares.

AB867, s. 26 Section 26. Effective dates. This act takes effect on the first day of the first month beginning after publication, except as follows:

AB867,10,13 (1) The amendment of section 180.0122 (1m) (intro.) of the statutes and the repeal and recreation of section 180.0631 (3) (b) (intro.) of the statutes take effect on July 1, 1996, or on the first day of the first month beginning after publication, whichever is later.

AB867,10,14 (End)