AB570: Bill Text

Note: Inserts preferred spelling for "percent."

AB570, s. 49 Section 49. 225.03 of the statutes is amended to read:

AB570,17,22 225.03 Capital stock. At least 25 per cent percent of the capital stock authorized in the articles of incorporation shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization. At least a majority of the common stock shall at all times be held by residents of this state or by persons, firms or corporations engaged in doing business therein. Common stock shall at all times be held by stockholder members who have their residences or principal places of business in not less than 36 counties in this state.

Note: Inserts preferred spelling for "percent."

AB570, s. 50 Section 50. 225.04 of the statutes is amended to read:

AB570,18,11 225.04 Directors. The corporate powers of any such corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than 5 directors. The initial board of directors shall consist of the incorporators and they shall serve until the first annual meeting. The first annual meeting shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of 25 per cent percent of the capital stock of the corporation is paid into its treasury and a minimum of 10 stockholder members of the corporation have qualified as provided in s. 225.05; and such annual meeting and subsequent annual meetings shall be called and the directors shall be elected in the manner provided in the bylaws.

Note: Inserts preferred spelling for "percent."

AB570, s. 51 Section 51. 225.06 of the statutes is amended to read:

AB570,18,18 225.06 Finance. Any such corporation shall set apart as a surplus not less than 10 per cent percent of its net earnings each year until such surplus, with any unimpaired surplus paid in, shall amount to one-half of the capital stock. The surplus shall be kept to secure against losses and contingencies, and whenever it becomes impaired it shall be reimbursed in the manner provided for its accumulation.

Note: Inserts preferred spelling for "percent."

AB570, s. 52 Section 52. 340.01 (6) of the statutes is amended to read:

AB570,18,22 340.01 (6) "Business district" means the territory contiguous to a highway when 50 per cent percent or more of the frontage thereon for a distance of 300 feet or more is occupied by buildings in use for business.

Note: Inserts the preferred spelling for "percent."

AB570, s. 53 Section 53. 347.45 (2) (c) (intro.) of the statutes is amended to read:

AB570,19,9 347.45 (2) (c) (intro.) A pneumatic tire may have embedded in it wire or wire coils for improving traction on ice and snow, but such tire shall be so constructed that the per cent percentage of wire or wire coils in contact with the roadway does not exceed, after the first 1,000 miles of use or operation, 5% 5 percent of the total tire area in contact with the roadway. During the first 1,000 miles of use or operation of any such tire the wire or wire coils in contact with the roadway shall not exceed 20% 20 percent of the total tire area in contact with the roadway. Tires equipped with tungsten carbide studs shall be limited in usage and design as follows:

Note: Inserts "percentage" to correct grammar, inserts the preferred spelling for "percent," and replaces percent symbols consistent with current style.

AB570, s. 54 Section 54. 348.16 (2) of the statutes is amended to read:

AB570,19,15 348.16 (2) Except as provided in sub. (3) and s. 348.175 and subject to any modifications made by a city of the first class pursuant to s. 349.15 (3), no person, without a permit therefor, shall operate on a class "B" highway any vehicle or combination of vehicles imposing wheel, axle, group of axles, or gross weight on the highway exceeding 60 per cent percent of the weights authorized in s. 348.15 (3).

Note: Inserts preferred spelling for "percent."

AB570, s. 55 Section 55. 402.603 (2) of the statutes is amended to read:

AB570,19,21 402.603 (2) When the buyer sells goods under sub. (1), the buyer is entitled to reimbursement from the seller or out of the proceeds for reasonable expenses of caring for and selling them, and if the expenses include no selling commission then to such commission as is usual in the trade or if there is none to a reasonable sum not exceeding 10 per cent percent of the gross proceeds.

Note: Inserts preferred spelling for "percent."

AB570, s. 56 Section 56. 402.718 (2) (b) of the statutes is amended to read:

AB570,20,3 402.718 (2) (b) In the absence of such terms, 20 per cent percent of the value of the total performance for which the buyer is obligated under the contract or $500, whichever is smaller.

Note: Inserts preferred spelling for "percent."

AB570, s. 57 Section 57. 422.201 (2) (b) 1. of the statutes is amended to read:

AB570,20,6 422.201 (2) (b) 1. Eighteen per cent percent per year on that part of the unpaid balance of the amount financed which is $500 or less; and

Note: Inserts preferred spelling for "percent."

AB570, s. 58 Section 58. 422.201 (2) (b) 2. of the statutes is amended to read:

AB570,20,9 422.201 (2) (b) 2. Twelve per cent percent per year on that part of the unpaid balance of the amount financed which is more than $500.

Note: Inserts preferred spelling for "percent."

AB570, s. 59 Section 59. 611.34 of the statutes is amended to read:

AB570,21,2 611.34 Corporate repurchase of shares. No stock corporation may repurchase any of its own shares within 5 years after initial issuance of the certificate of authority, except pursuant to a plan for the repurchase which has been approved by the commissioner. After 5 years a stock corporation may repurchase its own shares under ss. 180.0631, 180.0640, and 180.1708 (2), but within 10 days after the end of any month in which it purchases more than one per cent percent of any class of its outstanding shares the corporation shall report the price and the names of the registered shareholders from whom the shares are acquired and of any other persons beneficially interested, so far as the latter are known to the corporation. The corporation shall make a like report within 10 days after the end of any 3-month period in which it purchases more than 2% 2 percent of any class of its outstanding shares or within 10 days after the end of any 12-month period in which it purchases more than 5% 5 percent of any class of its outstanding shares.

Note: Inserts preferred spelling for "percent" and replaces percent symbols consistent with current style.

AB570, s. 60 Section 60. 618.41 (9) (a) of the statutes is amended to read:

AB570,21,14 618.41 (9) (a) Required information. Every new or renewal insurance policy procured and delivered under this section shall bear the name and address of the insurance agent or broker who procured it and, except for ocean marine insurance, shall have stamped or affixed upon it the following: "This insurance contract is with an insurer which has not obtained a certificate of authority to transact a regular insurance business in the state of Wisconsin, and is issued and delivered as a surplus line coverage pursuant to s. 618.41 of the Wisconsin Statutes. Section 618.43 (1), Wisconsin Statutes, requires payment by the policyholder of 3% 3 percent tax on gross premium"." Every ocean marine insurance policy shall have stamped or affixed upon it the above statement except that the tax shall be one-half of one per cent percent on gross premium.

Note: Inserts preferred spelling for "percent" and replaces percent symbols consistent with current style. The quotation mark is moved for consistency with current style.

AB570, s. 61 Section 61. 632.43 (6) (a) of the statutes is amended to read:

AB570,22,10 632.43 (6) (a) Except as otherwise provided in par. (b) or (c), all adjusted premiums and present values referred to in this section shall for all policies of ordinary insurance be calculated on the basis of the commissioners 1941 standard ordinary mortality table, except that for any category of ordinary insurance issued on female risks adjusted premiums and present values may be calculated according to an age not more than 3 years younger than the actual age of the insured, and such calculations for all policies of industrial insurance shall be made on the basis of the 1941 standard industrial mortality table. All calculations shall be made on the basis of the rate of interest, not exceeding 3 1/2 per cent 3.5 percent per year, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; provided, that in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may not be more than 130 per cent percent of the rates of mortality according to such applicable table. For insurance issued on a substandard basis, the calculation of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the commissioner.

Note: Inserts preferred spelling for "percent." A fraction is replaced with a decimal consistent with current style.

AB570, s. 62 Section 62. 632.43 (6) (c) of the statutes is amended to read:

AB570,23,7 632.43 (6) (c) In the case of industrial policies issued on or after the operative date of this paragraph as defined herein, all adjusted premiums and present values referred to in this section shall be calculated on the basis of the commissioners 1961 standard industrial mortality table and the rate of interest, not exceeding 3 1/2 per cent 3.5 percent per year, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; provided, that in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the commissioners 1961 industrial extended term insurance table, and for insurance issued on a substandard basis, the calculations of any such adjusted premiums and present values may be based on such other table of mortality as is specified by the company and approved by the commissioner. After May 19, 1963, any company may file with the commissioner a written notice of its election to comply with this paragraph after a specified date before January 1, 1968. After the filing of such notice, then upon such specified date (, which shall be the operative date of this paragraph for such company), this paragraph shall become operative with respect to the industrial policies thereafter issued by such company. If a company makes no such election, the operative date of this paragraph for such company shall be January 1, 1968.

Note: Inserts preferred spelling for "percent." Replaces parentheses and a fraction consistent with current style.

AB570, s. 63 Section 63. 705.04 (2g) of the statutes, as affected by 2007 Wisconsin Act 20, section 9121 (6) (a), is amended to read:

AB570,23,19 705.04 (2g) Notwithstanding subs. (1) and (2), the department of health services may collect, from funds of a decedent that are held by the decedent immediately before death in a joint account or a P.O.D. account, an amount equal to the medical assistance that is recoverable under s. 49.496 (3) (a), an amount equal to aid under s. 49.68, 49.683 or 49.685 that is recoverable under s. 49.682 (2) (a), an amount equal to long-term community support services under s. 46.27 that is recoverable under s. 46.27 (7g) (c) 1. and that was paid on behalf of the decedent or the decedent's spouse or an amount equal to the family care benefit under s. 46.286 that is recoverable under rules promulgated under s. 46.286 (7) and that was paid on behalf of the decedent or the decedent's spouse.

Note: Inserts missing "s." The change is printed in the 2007-08 statutes.

AB570, s. 64 Section 64. 813.28 (2) (b) of the statutes is amended to read:

AB570,24,2 813.28 (2) (b) By then deducting for the insurance fund provided in s. 813.31 a sum equal to 5 per cent percent of the total value of the property remaining, including amounts paid to the receivership estate from policies of insurance on the absentee's life;

Note: Inserts preferred spelling for "percent."

AB570, s. 65 Section 65. 985.08 (3) of the statutes is amended to read:

AB570,24,7 985.08 (3) The publisher may increase rates allowed by this section up to 15 per cent for each 4,000 of circulation or fraction thereof above 8,000 of circulation, based on previous year-end circulation figures, but not to exceed an additional increase of 75 per cent percent.

Note: Inserts preferred spelling for "percent."

AB570,24,8 (End)