181.0708(4)(a)
(a) The number of responses needed to meet the quorum requirements.
181.0708(4)(b)
(b) The percentage of approvals necessary to approve each matter other than election of directors.
181.0708(4)(c)
(c) The time by which a ballot must be received by the corporation in order to be counted.
181.0708(5)
(5) Revocation. Except as otherwise provided in the articles of incorporation or bylaws, a written ballot may not be revoked.
181.0708 History
History: 1997 a. 79.
181.0720
181.0720
Members' list for meeting. 181.0720(1)
(1)
List of members. After fixing a record date for a notice of a meeting, a corporation shall prepare an alphabetical list of the names of all of its members who are entitled to notice of the meeting. The list must show the address and number of votes each member is entitled to vote at the meeting. The corporation shall prepare on a current basis through the time of the membership meeting a list of members, if any, who are entitled to vote at the meeting, but not entitled to notice of the meeting. This list shall be prepared on the same basis as and be part of the list of members.
181.0720(2)
(2) Inspection before meeting. The list of members must be available for inspection by any member for the purpose of communication with other members concerning the meeting, beginning 2 business days after notice is given of the meeting for which the list was prepared and continuing through the meeting, at the corporation's principal office or at a reasonable place identified in the meeting notice in the city where the meeting will be held. A member, a member's agent or a member's attorney is entitled on written demand to inspect and, subject to
ss. 181.1602 (3) and
181.1605, to copy the list, at a reasonable time and at the member's expense, during the period it is available for inspection.
181.0720(3)
(3) Inspection at meeting. The corporation shall make the list of members available at the meeting, and any member, a member's agent or a member's attorney is entitled to inspect the list at any time during the meeting or any adjournment.
181.0720(4)
(4) Refusal to allow inspection. If the corporation refuses to allow a member, a member's agent or a member's attorney to inspect the list of members before or at the meeting or to copy the list as permitted under
sub. (2), the circuit court for the county where a corporation's principal office, or if none in this state, its registered office, is located, on application of the member, may summarily order the inspection or copying at the corporation's expense and may postpone the meeting for which the list was prepared until the inspection or copying is complete and may order the corporation to pay the member's costs, including reasonable attorney fees, incurred to obtain the order.
181.0720(5)
(5) Effect of noncompliance. Refusal or failure to prepare or make available the list of members does not affect the validity of action taken at the meeting.
181.0720 History
History: 1997 a. 79.
181.0721
181.0721
Voting entitlement generally. 181.0721(1)
(1)
In general. Unless the articles of incorporation or bylaws provide otherwise, each member is entitled to one vote on each matter voted on by the members.
181.0721(2)
(2) Membership in the name of multiple persons. Unless the articles of incorporation or bylaws provide otherwise, if a membership stands of record in the names of 2 or more persons, their acts with respect to voting shall have the following effect:
181.0721(2)(b)
(b) If more than one votes, the vote shall be divided on a prorated basis.
181.0721 History
History: 1997 a. 79.
181.0722(1)
(1)
In general. Unless this chapter, the articles of incorporation, or bylaws provide for a higher or lower quorum, 10% of the votes entitled to be cast on a matter must be represented at a meeting of members to constitute a quorum on that matter.
181.0722(2)
(2) Bylaw amendment to decrease quorum requirements. A bylaw amendment to decrease the quorum for any member action may be approved by the members or, unless prohibited by the bylaws, by the board.
181.0722(3)
(3) Bylaw amendment to increase quorum requirements. A bylaw amendment to increase the quorum required for any member action must be approved by the members.
181.0722(4)
(4) Quorum to take up additional matters. The only matters that may be voted upon at an annual or regular meeting of members are those matters that are described in the meeting notice, unless at least one of the following conditions is met:
181.0722(4)(a)
(a) One-third or more of the voting power of the membership is present in person or by proxy.
181.0722(4)(b)
(b) The meeting notice contains a general statement that matters other than those specifically described in the notice may be considered at the meeting.
181.0722 History
History: 1997 a. 79.
181.0723(1)
(1)
In general. A majority of the votes entitled to be cast by the members present in person or represented by proxy at a meeting at which a quorum is present shall be necessary for the adoption of any matter voted upon by the members, unless a greater proportion is required by this chapter, the articles of incorporation or the bylaws.
181.0723(2)
(2) Amendment to change voting requirements. A bylaw amendment to increase or decrease the vote required for any member action must be approved by the members.
181.0723(3)
(3) Votes by corporations and limited liability companies. A corporate member's vote may be cast by the president of the member corporation, or by any other officer or proxy appointed by the president of such corporation, in the absence of express notice of the designation of some other person by the board of directors or bylaws of the member corporation. A limited liability company member's vote may be cast by a manager of the member limited liability company.
181.0723 History
History: 1997 a. 79.
181.0724(1)(1)
Right to vote by proxy. Unless the articles of incorporation or bylaws prohibit or limit proxy voting, a member may appoint a proxy to vote or otherwise act for the member by signing an appointment form either personally or by an attorney-in-fact.
181.0724(2)
(2) When effective. An appointment of a proxy is effective when received by the secretary or other officer or agent authorized to tabulate votes. An appointment is valid for 11 months unless a different period is expressly provided in the appointment form.
181.0724(3)
(3) Effect of death or incapacity. The death or incapacity of the member appointing a proxy does not affect the right of the corporation to accept the proxy's authority unless notice of the death or incapacity is received by the secretary or other officer or agent authorized to tabulate votes before the proxy exercises authority under the appointment.
181.0724(4)
(4) Revocability. An appointment of a proxy is revocable by the member unless the appointment form conspicuously states that it is irrevocable.
181.0724(5)
(5) Methods of revocation. Appointment of a proxy is revoked by the person appointing the proxy in any of the following ways:
181.0724(5)(b)
(b) Signing and delivering to the secretary or other officer or agent authorized to tabulate proxy votes either a writing stating that the appointment of the proxy is revoked or a subsequent appointment form.
181.0724(6)
(6) Acceptance by corporation. Subject to
s. 181.0727 and any express limitation on the proxy's authority appearing on the face of the appointment form, a corporation is entitled to accept the proxy's vote or other action as that of the member making the appointment.
181.0724 History
History: 1997 a. 79.
181.0725
181.0725
Cumulative voting for directors. 181.0725(1)
(1)
In general. If the articles of incorporation or bylaws provide for cumulative voting by members, members may so vote, by multiplying the number of votes the members are entitled to cast by the number of directors for whom they are entitled to vote, and cast the product for a single candidate or distribute the product among 2 or more candidates.
181.0725(2)
(2) When not authorized. Cumulative voting is not authorized at a particular meeting unless any of the following occurs:
181.0725(2)(a)
(a) The meeting notice or statement accompanying the notice states that cumulative voting will take place.
181.0725(2)(b)
(b) A member gives notice during the meeting and before the vote is taken of the member's intent to cumulate votes, and if one member gives this notice all other members participating in the election are entitled to cumulate their votes without giving further notice.
181.0725(3)
(3) Removal of directors. A director elected by cumulative voting may be removed by the members without cause if the requirements of
s. 181.0808 are met unless the votes cast against removal, or not consenting in writing to such removal, would be sufficient to elect such director if voted cumulatively at an election at which the same total number of votes were cast, or, if such action is taken by written ballot, all memberships entitled to vote were voted, and the entire number of directors authorized at the time of the director's most recent election were then being elected.
181.0725(4)
(4) Identical membership and directors. Members may not cumulatively vote if the directors and members are identical.
181.0725 History
History: 1997 a. 79.
181.0726
181.0726
Other methods of electing directors. A corporation may provide in its articles of incorporation or bylaws for election of directors by members or delegates on the basis of chapter or other organizational unit; by region or other geographic unit; by preferential voting; or by any other reasonable method.
181.0726 History
History: 1997 a. 79.
181.0727
181.0727
Acceptance of instruments showing member action. 181.0727(1)(1)
When name corresponds to member. If the name signed on a vote, consent, waiver, or proxy appointment corresponds to the name of a member, the corporation if acting in good faith is entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the member.
181.0727(2)
(2) When name does not correspond to member. If the name signed on a vote, consent, waiver, or proxy appointment does not correspond to the record name of a member, the corporation if acting in good faith is nevertheless entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the member if any of the following conditions exists:
181.0727(2)(a)
(a) The member is an entity and the name signed purports to be that of an officer or agent of the entity.
181.0727(2)(b)
(b) The name signed purports to be that of an attorney-in-fact of the member and if the corporation requests, evidence acceptable to the corporation of the signatory's authority to sign for the member has been presented with respect to the vote, consent, waiver, or proxy appointment.
181.0727(2)(c)
(c) Two or more persons hold the membership as cotenants or fiduciaries and the name signed purports to be the name of at least one of the coholders and the person signing appears to be acting on behalf of all of the coholders.
181.0727(3)
(3) When corporation is entitled to reject. The corporation is entitled to reject a vote, consent, waiver, or proxy appointment if the secretary or other officer or agent authorized to tabulate votes, acting in good faith, has reasonable basis for doubt about the validity of the signature on it or about the signatory's authority to sign for the member.
181.0727(4)
(4) Liability. The corporation and its officer or agent who accepts or rejects a vote, consent, waiver, or proxy appointment in good faith and in accordance with the standards of this section are not liable in damages to the member for the consequences of the acceptance or rejection.
181.0727(5)
(5) Validity of action. Corporate action based on the acceptance or rejection of a vote, consent, waiver, or proxy appointment under this section is valid unless a court of competent jurisdiction determines otherwise.
181.0727 History
History: 1997 a. 79.
181.0730(1)(1)
Permissible agreements. Unless prohibited by a corporation's articles of incorporation or bylaws, two or more members may provide for the manner in which they will vote by signing an agreement for that purpose.
181.0730(2)
(2) Enforceability. A voting agreement created under this section is specifically enforceable.
181.0730 History
History: 1997 a. 79.
181.0735
181.0735
Voting power. Voting power is determined by taking the total number of votes entitled to be cast for the election of directors at the time the determination of voting power is made, excluding a vote which is contingent upon the happening of a condition or event that has not occurred at the time. Where a class is entitled to vote as a class for directors, the determination of voting power of the class shall be based on the percentage of the number of directors the class is entitled to elect out of the total number of authorized directors.
181.0735 History
History: 1997 a. 79.
181.0740 History
History: 1997 a. 79.
181.0741
181.0741
Derivative proceedings; standing. A derivative proceeding may be brought in the right of a corporation or foreign corporation to procure a judgment in its favor by one or more members having 5% or more of the voting power or by 50 members, whichever is less, if each of these members meets all of the following conditions:
181.0741(1)
(1) Membership. The member was a member of the corporation at the time of the act or omission complained of or became a member through transfer by operation of law from a person who was a member at that time.
181.0741(2)
(2) Representing corporation's interests. The member fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
181.0741 History
History: 1997 a. 79.
181.0742
181.0742
Derivative proceedings; demand. No member may commence a derivative proceeding until all of the following occur:
181.0742(1)
(1) Written demand. A written demand is made upon the corporation to take suitable action.
181.0742(2)
(2) Expiration of 90-day period. Ninety days expire from the date on which a demand under
sub. (1) was made, unless the member is notified before the expiration of the 90 days that the corporation has rejected the demand or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period.
181.0742 History
History: 1997 a. 79.
181.0743
181.0743
Derivative proceedings; stay of proceedings. If the corporation or foreign corporation commences an inquiry into the allegations made in the demand under
s. 181.0742 (1) or in the complaint, the court may stay any derivative proceeding for the period that the court considers appropriate.
181.0743 History
History: 1997 a. 79.
181.0744
181.0744
Derivative proceedings; dismissal. 181.0744(1)(1)
When dismissal required. The court shall dismiss a derivative proceeding on motion by the corporation if the court finds, subject to the burden of proof assigned under
sub. (5) or
(6), that one of the groups specified in
sub. (2) or
(6) has determined, acting in good faith after conducting a reasonable inquiry upon which its conclusions are based, that maintenance of the derivative proceeding is not in the best interests of the corporation.
181.0744(2)
(2) Independent director determination. Unless a panel is appointed under
sub. (6), the determination in
sub. (1) shall be made by any of the following:
181.0744(2)(a)
(a) A majority vote of independent directors present at a meeting of the board of directors if the independent directors constitute a quorum.
181.0744(2)(b)
(b) A majority vote of a committee consisting of 2 or more independent directors appointed by a majority vote of the independent directors present at a meeting of the board of directors, whether or not the voting independent directors constitute a quorum.
181.0744(3)
(3) Who is considered an independent director. Whether a director is independent for purposes of this section may not be determined solely on the basis of any one or more of the following factors:
181.0744(3)(a)
(a) The nomination or election of the director by persons who are defendants in the derivative proceeding or against whom action is demanded.
181.0744(3)(b)
(b) The naming of the director as a defendant in the derivative proceeding or as a person against whom action is demanded.
181.0744(3)(c)
(c) The approval by the director of the act being challenged in the derivative proceeding or demand if the act resulted in no personal benefit to the director.
181.0744(4)
(4) Pleadings when demand rejected. If a derivative proceeding is commenced after a determination was made rejecting a demand by a member, the complaint shall allege with particularity facts establishing any of the following:
