AB100: Bill Text Engrossed

AB100-engrossed, s. 3126m Section 3126m. 170.12 (6) (e) of the statutes is amended to read:

AB100-engrossed,1604,9 170.12 (6) (e) The procedure and times when the permit holder shall tender to the board, on behalf of the state, any amounts due the state for its net share of the value of any logs raised. The amounts due the state for its net share of the value of logs described under par. (dm) shall be separately identified by tribal mark or brand.

AB100-engrossed, s. 3126p Section 3126p. 170.12 (6) (g) of the statutes is amended to read:

AB100-engrossed,1604,12 170.12 (6) (g) Any requirements imposed recommended under s. 44.47 (5r) (b) that the board determines should be a condition of the permit.

AB100-engrossed, s. 3126s Section 3126s. 170.12 (7) of the statutes is repealed and recreated to read:

AB100-engrossed,1605,3 170.12 (7) Permit renewal. If a permit holder wishes to renew a permit issued under this section, the permit holder shall submit a request for renewal, together with a $500 renewal fee, to the board at least 30 days before the expiration date of the permit. The board shall renew the permit for a 5-year period unless the board determines, after notice to the permit holder and an opportunity for the permit holder to be heard, that the permit holder has knowingly or wilfully violated the terms, conditions or requirements of the permit; this section; s. 44.47; or rules promulgated under this section or s. 44.47. If the board determines that there are environmental or archaeological facts affecting the location specified in the permit that were unknown at the time that the original permit was granted, the board may attach additional conditions or restrictions to the permit. If the board determines that the permit holder has knowingly or wilfully violated the terms, conditions or requirements of the permit or a provision under this section or s. 44.47, the board may deny the renewal or may attach conditions or restrictions to the renewal necessary to ensure compliance with the requirements of the original permit.

AB100-engrossed, s. 3128m Section 3128m. 170.12 (8m) of the statutes is created to read:

AB100-engrossed,1605,6 170.12 (8m) Duties of permit holders. (a) A holder of a permit issued under this section shall do all of the following:

AB100-engrossed,1605,10 1. At the written request of the historical society, provide directly to the historical society a representative sample of company logging marks by sawing off the ends of the logs bearing the marks and by delivering them to the historical society.

AB100-engrossed,1605,12 2. Allow a historical society designee to observe log recovery activities under the permit.

AB100-engrossed,1605,14 (b) A person may not do any of the following while engaging in log recovery activities pursuant to a permit issued under this section:

AB100-engrossed,1605,15 1. Remove any object, as defined in s. 44.47 (1) (f).

AB100-engrossed,1605,16 2. Disturb any discernible archaeological site, as defined in s. 44.47 (1) (b).

AB100-engrossed,1605,17 3. Disturb any crib or dock.

AB100-engrossed, s. 3129 Section 3129. 170.12 (9) of the statutes is amended to read:

AB100-engrossed,1605,25 170.12 (9) Transfer of title. At such times as a permit holder tenders to the board any the amounts due under the state's reservation of value, pursuant to the terms and conditions of the permit, title to any logs covered by such tender shall pass to the permit holder. If the permit provides for an offset under sub. (6) (d), the board shall issue written findings at the conclusion of the term of the permit which describe the board's findings regarding compliance with the term of the permit and establish the proportion of the authorized offset to which the permit holder is entitled.

AB100-engrossed, s. 3129c Section 3129c. 170.12 (9m) of the statutes is created to read:

AB100-engrossed,1606,7 170.12 (9m) Use of revenue from program. (a) The board shall credit the amounts due the state for its net share of the value of logs described under sub. (6) (dm) to the appropriation account under s. 20.507 (1) (j). For each type of tribal mark or brand, the board shall identify the American Indian tribe or band which made the tribal mark or brand and shall distribute the moneys received for the state's net share of the value of those logs to that American Indian tribe or band.

AB100-engrossed,1606,10 (b) The application fee under sub. (3) (g), the renewal fee under sub. (7) and all amounts due the state for its net share of the value of logs not described under sub. (6) (dm) shall be deposited in the general fund as follows:

AB100-engrossed,1606,11 1. The first $100,000 in a fiscal year, as general purpose revenue — earned.

AB100-engrossed,1606,13 2. The next $300,000 in a fiscal year, as a credit to the appropriation account under s. 20.245 (4) (j).

AB100-engrossed,1606,14 3. Any remaining money in a fiscal year, as general purpose revenue — earned.

AB100-engrossed, s. 3129g Section 3129g. 170.12 (10) (title) of the statutes is amended to read:

AB100-engrossed,1606,16 170.12 (10) (title) Forfeiture Forfeitures and remedies.

AB100-engrossed, s. 3129m Section 3129m. 170.12 (10) of the statutes is renumbered 170.12 (10) (a) and amended to read:

AB100-engrossed,1606,22 170.12 (10) (a) Any logs subject to this section which are raised removed in violation of this section, or in violation of a permit issued under this section, shall be returned to the lakebed as directed by the board or shall be confiscated by the board and forfeited to the state.

AB100-engrossed, s. 3129r Section 3129r. 170.12 (10) (b) of the statutes is created to read:

AB100-engrossed,1607,3 170.12 (10) (b) Any person who removes for commercial gain sunken logs on submerged state lands without a permit issued under this section may be required to forfeit $500 or an amount equal to 2 times the gross value of the removed logs, whichever is greater, plus the reasonably incurred costs of investigation and prosecution.

AB100-engrossed, s. 3129w Section 3129w. 170.12 (10) (c) of the statutes is created to read:

AB100-engrossed,1607,8 170.12 (10) (c) Any person who intentionally interferes with a log recovery operation for which a permit has been issued under this section is liable to the permit holder for any actual losses resulting from the interference and may be required to forfeit not less than $100 nor more than $500.

AB100-engrossed, s. 3131b Section 3131b. 180.0122 (1) (r) of the statutes is amended to read:

AB100-engrossed,1607,11 180.0122 (1) (r) Application for reinstatement following administrative dissolution, $10 $90.

AB100-engrossed, s. 3131bm Section 3131bm. 180.0722 (8) (b) of the statutes is amended to read:

AB100-engrossed,1607,15 180.0722 (8) (b) Shall be solicited and appointed apart from the sale of or offer to purchase shares of the issuing public resident domestic corporation, as defined in s. 180.1150 (1) (a) 180.1150 (1) (c).

AB100-engrossed, s. 3131bs Section 3131bs. 180.0722 (8) (c) of the statutes is amended to read:

AB100-engrossed,1607,20 180.0722 (8) (c) May not be solicited sooner than 30 days before the meeting called under s. 180.1150 (5), unless otherwise agreed in writing by the person acting under s. 180.1150 and the directors of the issuing public resident domestic corporation, as defined in s. 180.1150 (1) (a) (c).

AB100-engrossed, s. 3131c Section 3131c. 180.1130 (1) (a) of the statutes is amended to read:

AB100-engrossed,1608,2 180.1130 (1) (a) An organization, other than the issuing public resident domestic corporation or a subsidiary of the issuing public resident domestic corporation, of which the person is an officer, director, manager or partner or is, directly or indirectly, the beneficial owner of 10% or more of a class of voting securities.

AB100-engrossed, s. 3131cm Section 3131cm. 180.1130 (1) (c) of the statutes is amended to read:

AB100-engrossed,1608,7 180.1130 (1) (c) A relative or spouse of the person, or a relative of the spouse, who has the same principal residence as the person who is a director or officer of the issuing public resident domestic corporation or of an affiliate of the issuing public resident domestic corporation.

AB100-engrossed, s. 3131d Section 3131d. 180.1130 (2) (b) of the statutes is amended to read:

AB100-engrossed,1608,11 180.1130 (2) (b) The existence of an option from, or other arrangement with, an issuing public a resident domestic corporation to acquire securities of the issuing public resident domestic corporation.

AB100-engrossed, s. 3131e Section 3131e. 180.1130 (3) (a) (intro.) of the statutes is amended to read:

AB100-engrossed,1608,18 180.1130 (3) (a) (intro.) Unless the merger or share exchange is subject to s. 180.1104, does not alter the contract rights of the shares as set forth in the articles of incorporation or does not change or convert in whole or in part the outstanding shares of the issuing public resident domestic corporation, a merger or share exchange of the issuing public resident domestic corporation or a subsidiary of the issuing public resident domestic corporation with any of the following:

AB100-engrossed, s. 3131em Section 3131em. 180.1130 (3) (b) of the statutes is amended to read:

AB100-engrossed,1609,2 180.1130 (3) (b) A sale, lease, exchange or other disposition, other than a mortgage or pledge if not made to avoid the requirements of ss. 180.1130 to 180.1134, to a significant shareholder, other than the issuing public resident domestic corporation or a subsidiary of the issuing public resident domestic corporation, or to an affiliate of the significant shareholder, of all or substantially all of the property and assets, with or without goodwill, of an issuing public a resident domestic corporation, if not made in the usual and regular course of its business.

AB100-engrossed, s. 3131f Section 3131f. 180.1130 (8) of the statutes is repealed.

AB100-engrossed, s. 3131g Section 3131g. 180.1130 (9) (a) 4. of the statutes is amended to read:

AB100-engrossed,1609,7 180.1130 (9) (a) 4. If no report or quote is available under subd. 1., 2. or 3., the fair market value as determined in good faith by the board of directors of the issuing public resident domestic corporation.

AB100-engrossed, s. 3131gm Section 3131gm. 180.1130 (10m) of the statutes is created to read:

AB100-engrossed,1609,12 180.1130 (10m) "Resident domestic corporation" means a resident domestic corporation, as defined in s. 180.1140 (9), if that corporation does not have a class of voting stock that is registered or traded on a national securities exchange or that is registered under section 12 (g) of the Securities Exchange Act.

AB100-engrossed, s. 3131h Section 3131h. 180.1130 (11) of the statutes is amended to read:

AB100-engrossed,1610,3 180.1130 (11) "Significant shareholder", with respect to an issuing public a resident domestic corporation, means a person that is the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the issuing public resident domestic corporation; or is an affiliate of the issuing public resident domestic corporation and within the 2-year period immediately before the date in question was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding voting shares of the issuing public resident domestic corporation. For the purpose of determining whether a person is a significant shareholder, the number of voting shares considered to be outstanding includes shares considered to be owned by the person as the beneficial owner but does not include any other voting shares which may be issuable under an agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise. In this paragraph, "person" includes 2 or more individuals or persons acting as a group for the purpose of acquiring, holding or voting securities of an issuing public a resident domestic corporation.

AB100-engrossed, s. 3131i Section 3131i. 180.1130 (13) (intro.) of the statutes is amended to read:

AB100-engrossed,1610,12 180.1130 (13) (intro.) "Take-over offer" means the offer to acquire or the acquisition of any equity security, as defined in s. 552.01 (2), of an issuing public a resident domestic corporation, pursuant to a tender offer or request or invitation for tenders, if after the acquisition thereof the offer or, as defined in s. 552.01 (3), would be directly or indirectly a beneficial owner of more than 5% of any class of the outstanding equity securities of the issuer. "Take-over offer" does not include an offer or acquisition of any equity security of an issuing public a resident domestic corporation pursuant to:

AB100-engrossed, s. 3131im Section 3131im. 180.1130 (13) (d) of the statutes is amended to read:

AB100-engrossed,1610,16 180.1130 (13) (d) An offer made to all the shareholders of the issuing public resident domestic corporation, if the number of its shareholders does not exceed 100 at the time of the offer.

AB100-engrossed, s. 3131j Section 3131j. 180.1130 (13) (f) of the statutes is amended to read:

AB100-engrossed,1610,19 180.1130 (13) (f) An offer by the issuing public resident domestic corporation to acquire its own equity securities.

AB100-engrossed, s. 3131k Section 3131k. 180.1131 (intro.) of the statutes is amended to read:

AB100-engrossed,1610,24 180.1131 Shareholder vote. (intro.) In addition to a vote otherwise required by law or the articles of incorporation of the issuing public resident domestic corporation, a business combination must be approved by the affirmative vote of at least all of the following, except as provided in s. 180.1132:

AB100-engrossed, s. 3131km Section 3131km. 180.1132 (1) (a) (intro.) of the statutes is amended to read:

AB100-engrossed,1611,4 180.1132 (1) (a) (intro.) The aggregate amount of the cash and the market value as of the valuation date of consideration other than cash to be received per share by shareholders of the issuing public resident domestic corporation in the business combination is at least equal to the highest of the following:

AB100-engrossed, s. 3131L Section 3131L. 180.1132 (2) (c) of the statutes is amended to read:

AB100-engrossed,1611,13 180.1132 (2) (c) An issuing public A resident domestic corporation whose shareholders adopt an amendment to the articles of incorporation on or after April 24, 1984, by a vote of at least 80% of the votes entitled to be cast by outstanding shares of voting shares of the issuing public resident domestic corporation, voting together as a single voting group and by two-thirds of the votes entitled to be cast by persons, if any, who are not significant shareholders of the issuing public resident domestic corporation, voting together as a single voting group, expressly electing not to be governed by ss. 180.1130 to 180.1134.

AB100-engrossed, s. 3131m Section 3131m. 180.1132 (3) of the statutes is amended to read:

AB100-engrossed,1611,20 180.1132 (3) Opt-in for certain corporations. A corporation that is not an issuing public a resident domestic corporation may elect, by express provision in its articles of incorporation, to be subject to ss. 180.1130 to 180.1134 as if it were an issuing public a resident domestic corporation unless its articles of incorporation contain a provision stating that the corporation is a close corporation under ss. 180.1801 to 180.1837.

AB100-engrossed, s. 3131n Section 3131n. 180.1134 (intro.) of the statutes is amended to read:

AB100-engrossed,1612,5 180.1134 Actions during take-over offer. (intro.) In addition to a vote otherwise required by law or the articles of incorporation of the issuing public resident domestic corporation, approval by vote of holders of a majority of the shares of the issuing public resident domestic corporation entitled to vote on the proposal is required at a shareholders' meeting held in conformance with ss. 180.0705 and 180.0725 before any of the following actions may be taken by the officers or board of directors of the issuing public resident domestic corporation, while a take-over offer is being made, or after a take-over offer has been publicly announced and before it is concluded, for the issuing public resident domestic corporation's voting shares:

AB100-engrossed, s. 3131nm Section 3131nm. 180.1134 (1) of the statutes is amended to read:

AB100-engrossed,1612,12 180.1134 (1) Acquiring more than 5% of the issuing public resident domestic corporation's voting shares at a price above the market value from any individual who or organization which holds more than 3% of the voting shares and has held the shares for less than 2 years, unless the issuing public resident domestic corporation makes at least an equal offer to acquire all voting shares and all securities which may be converted into voting shares.

AB100-engrossed, s. 3131o Section 3131o. 180.1134 (2) of the statutes is amended to read:

AB100-engrossed,1612,17 180.1134 (2) Selling or optioning assets of the issuing public resident domestic corporation which amount to at least 10% of the market value of the issuing public resident domestic corporation. This subsection does not apply to an issuing public a resident domestic corporation if all of the following are satisfied:

AB100-engrossed,1612,20 (a) The issuing public resident domestic corporation has at least 3 directors who are not either officers or employes of the issuing public resident domestic corporation.

AB100-engrossed,1612,23 (b) A majority of the directors who are not either officers or employes of the issuing public resident domestic corporation vote to not be governed by this subsection.

AB100-engrossed, s. 3131p Section 3131p. 180.1150 (1) (a) of the statutes is repealed.

AB100-engrossed, s. 3131pm Section 3131pm. 180.1150 (1) (b) of the statutes is amended to read:

AB100-engrossed,1613,7 180.1150 (1) (b) "Person" includes 2 or more individuals or persons acting as a group for the purpose of acquiring or holding securities of an issuing public a resident domestic corporation, but does not include a bank, broker, nominee, trustee or other person that acquires or holds shares in the ordinary course of business for others in good faith and not for the purpose of avoiding this section unless the person may exercise or direct the exercise of votes with respect to the shares at a meeting of shareholders without further instruction from another.

AB100-engrossed, s. 3131r Section 3131r. 180.1150 (1) (c) of the statutes is created to read:

AB100-engrossed,1613,10 180.1150 (1) (c) "Resident domestic corporation" has the meaning given in s. 180.1130 (10m).

AB100-engrossed, s. 3131s Section 3131s. 180.1150 (2) of the statutes is amended to read:

AB100-engrossed,1613,18 180.1150 (2) Unless otherwise provided in the articles of incorporation of an issuing public a resident domestic corporation and except as provided in sub. (3) or as restored under sub. (5), the voting power of shares of an issuing public a resident domestic corporation held by any person, including shares issuable upon conversion of convertible securities or upon exercise of options or warrants, in excess of 20% of the voting power in the election of directors shall be limited to 10% of the full voting power of those shares.

AB100-engrossed, s. 3131sm Section 3131sm. 180.1150 (3) (intro.) of the statutes is amended to read:

AB100-engrossed,1613,22 180.1150 (3) (intro.) Shares of an issuing public a resident domestic corporation held, acquired or to be acquired in any of the following circumstances are excluded from the application of this section:

AB100-engrossed, s. 3131t Section 3131t. 180.1150 (3) (e) of the statutes is amended to read:

AB100-engrossed,1614,3 180.1150 (3) (e) Shares acquired under s. 180.1101, 180.1102, 180.1104 or 180.1107 if the issuing public resident domestic corporation is a party to the merger or share exchange.

AB100-engrossed, s. 3131u Section 3131u. 180.1150 (3) (f) of the statutes is amended to read:

AB100-engrossed,1614,6 180.1150 (3) (f) Shares acquired from the issuing public resident domestic corporation.

AB100-engrossed, s. 3131um Section 3131um. 180.1150 (3) (g) of the statutes is amended to read: