181.1533(3)
(3) Effect of domestication. When a domestication under this section takes effect,
s. 181.1106 applies to the domesticating corporation as if the domesticating corporation had merged with a newly incorporated domestic corporation, with the domesticating corporation being the surviving corporation.
181.1533(4)
(4) Effective date of domestication. A domestication under this section takes effect on the effective date of the articles of domestication under
sub. (1). The department shall establish the date of incorporation of a domesticating corporation on its records from the information supplied in the certificate of authentication filed under
sub. (1) (c).
181.1533(5)
(5) Notice of effective date of filing in foreign jurisdiction. 181.1533(5)(a)(a) Within 60 days of the effective date of the filing described under
sub. (1) (b) 4., the corporation shall file with the department a notice indicating the effective date of that filing in the foreign jurisdiction.
181.1533(5)(b)
(b) Failure of the domesticating corporation to file the notice under
par. (a) does not affect the validity of a domestication under this section. A domesticating corporation that fails to file the notice within the time required under
par. (a) may be required to forfeit not more than $100. Each day of continued violation constitutes a separate offense.
181.1533 History
History: 1997 a. 79.
RECORDS AND REPORTS
181.1601(1)(1)
Minutes and records of action. A corporation shall keep as permanent records minutes of all meetings of its members and board, a record of all actions taken by the members or directors without a meeting, and a record of all actions taken by committees of the board as authorized under
s. 181.0825.
181.1601(2)
(2) Accounting records. A corporation shall maintain appropriate accounting records.
181.1601(3)
(3) Membership records. A corporation or its agent shall maintain a record of its members in a form that permits preparation of a list of the name and address of all members, in alphabetical order by class, showing the number of votes each member is entitled to cast.
181.1601(4)
(4) Form. A corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.
181.1601(5)
(5) Copies at principal office. A corporation shall keep a copy of all of the following records at its principal office:
181.1601(5)(a)
(a) Its articles of incorporation and all amendments to them currently in effect.
181.1601(5)(b)
(b) Its bylaws or restated bylaws and all amendments to them currently in effect.
181.1601(5)(c)
(c) Resolutions adopted by its board relating to the characteristics, qualifications, rights, limitations and obligations of members or any class or category of members.
181.1601(5)(d)
(d) The minutes of all meetings of members and records of all actions approved by the members for the past 3 years.
181.1601(5)(f)
(f) A list of the names and business or home addresses of its current directors and officers.
181.1601 History
History: 1997 a. 79.
181.1602
181.1602
Inspection of records by members. 181.1602(1)(1)
Records at principal office. Subject to
s. 181.1603 (3), a member is entitled to inspect and copy, at a reasonable time and location specified by the corporation, any of the records of the corporation described in
s. 181.1601 (5) if the member gives the corporation written notice or a written demand at least 5 business days before the date on which the member wishes to inspect and copy.
181.1602(2)
(2) Other records that may be inspected. A member is entitled to inspect and copy, at a reasonable time and reasonable location specified by the corporation, any of the following records of the corporation if the member meets the requirements of
sub. (3) and gives the corporation written notice at least 5 business days before the date on which the member wishes to inspect and copy:
181.1602(2)(a)
(a) Excerpts from any records required to be maintained under
s. 181.1601 (1), to the extent not subject to inspection under
sub. (1).
181.1602(3)
(3) When other records may be inspected. A member may inspect and copy the records identified in
sub. (2) only if all of the following apply:
181.1602(3)(a)
(a) The member's demand is made in good faith and for a proper purpose.
181.1602(3)(b)
(b) The member describes with reasonable particularity the purpose and the records the member desires to inspect.
181.1602(3)(c)
(c) The records are directly connected with this purpose.
181.1602(4)
(4) Applicability. This section does not affect any of the following:
181.1602(4)(a)
(a) The right of a member to inspect records under
s. 181.0720 or, if the member is in litigation with the corporation, to the same extent as any other litigant.
181.1602(4)(b)
(b) The power of a court, independently of this chapter, to compel the production of corporate records for examination.
181.1602 History
History: 1997 a. 79.
181.1603
181.1603
Scope of inspection rights. 181.1603(1)
(1)
Agents and attorneys. A member's agent or attorney has the same inspection and copying rights as the member who the agent or attorney represents.
181.1603(2)
(2) Copies. The right to copy records under
s. 181.1602 includes, if reasonable, the right to receive copies made by photographic, xerographic, or other means.
181.1603(3)
(3) Reasonable charges. The corporation may impose a reasonable charge, covering the costs of labor and material, for copies of any documents provided to the member. The charge may not exceed the estimated cost of production or reproduction of the records.
181.1603(4)
(4) Date of membership list. The corporation may comply with a member's demand to inspect the record of members under
s. 181.1602 (2) (c) by providing the member with a list of its members that was compiled no earlier than the date of the member's demand.
181.1603 History
History: 1997 a. 79.
181.1604
181.1604
Court-ordered inspection. 181.1604(1)
(1)
Records at principal office. If a corporation does not allow a member who complies with
s. 181.1602 (1) to inspect and copy any records required by that subsection to be available for inspection, the circuit court for the county where the corporation's principal office or, if none in this state, its registered office is located may summarily order inspection and copying of the records demanded at the corporation's expense upon application of the member.
181.1604(2)
(2) Other records. If a corporation does not within a reasonable time allow a member to inspect and copy any other record, the member who complies with
s. 181.1602 (2) and
(3) may apply to the circuit court for the county where the corporation's principal office or, if none in this state, its registered office is located for an order to permit inspection and copying of the records demanded. The court shall dispose of an application under this subsection on an expedited basis.
181.1604(3)
(3) Payment of costs. If the court orders inspection and copying of the records demanded, it shall also order the corporation to pay the member's costs, including reasonable attorney fees, incurred to obtain the order unless the corporation proves that it refused inspection in good faith because it had a reasonable basis for doubt about the right of the member to inspect the records demanded.
181.1604(4)
(4) Restrictions on distribution of records. If the court orders inspection and copying of the records demanded, it may impose reasonable restrictions on the use or distribution of the records by the demanding member.
181.1604 History
History: 1997 a. 79.
181.1605
181.1605
Limitations on use of membership list. Without consent of the board, a membership list or any part of a membership list may not be obtained or used by any person for any purpose unrelated to a member's interest as a member. Without limiting the generality of the foregoing, without the consent of the board a membership list or any part of a membership list may not be used for any of the following:
181.1605(1)
(1) Solicitation. To solicit money or property unless such money or property will be used solely to solicit the votes of the members in an election to be held by the corporation.
181.1605(2)
(2) Commercial purposes. For any commercial purpose.
181.1605(3)
(3) Sale of list. To be sold to or purchased by any person.
181.1605 History
History: 1997 a. 79.
181.1620
181.1620
Financial statements for members. 181.1620(1)
(1)
Member may demand. A corporation upon written demand from a member shall furnish that member its latest annual financial statements, which may be consolidated or combined statements of the corporation and one or more of its subsidiaries or affiliates, as appropriate, that include a balance sheet as of the end of the fiscal year and statement of operations for that year. If financial statements are prepared for the corporation on the basis of generally accepted accounting principles, the annual financial statements must also be prepared on that basis.
181.1620(2)
(2) Certified public accountant's report or officer's statement. If annual financial statements are reported upon by a certified public accountant licensed or certified under
ch. 442, the certified public accountant's report must accompany them. If not, the statements must be accompanied by a statement of the president or the person responsible for the corporation's financial accounting records that includes all of the following:
181.1620(2)(a)
(a) A statement of the president's or other person's reasonable belief as to whether the statements were prepared on the basis of generally accepted accounting principles and, if not, describing the basis of preparation.
181.1620(2)(b)
(b) A description of any respects in which the statements were not prepared on a basis of accounting consistent with the statements prepared for the preceding year.
181.1620 History
History: 1997 a. 79;
2001 a. 16.
181.1621
181.1621
Report of indemnification to members. If a corporation indemnifies or advances expenses to a director under
s. 181.0874,
181.0877 or
181.0881 in connection with a proceeding by or in the right of the corporation, the corporation shall report the indemnification or advance in writing to the members with or before the notice of the next meeting of members.
181.1621 History
History: 1997 a. 79.
181.1622
181.1622
Annual report for department. 181.1622(1)
(1)
Content. Each domestic corporation and each foreign corporation authorized to transact business in this state shall file with the department an annual report under this section. The department shall forward by 1st class mail a report form to every corporation that has filed an annual report during the past 2 years. The department shall mail the report form no later than 60 days before the date on which the corporation is required by this chapter to file an annual report. The annual report shall include all of the following information:
181.1622(1)(a)
(a) The name of the domestic corporation or foreign corporation and the state or country under whose law it is incorporated.
181.1622(1)(b)
(b) The mailing address of its registered office and the name of its registered agent at that office in this state.
181.1622(1)(c)
(c) The mailing address of its current principal office.
181.1622(1)(d)
(d) The name and business address of each director and principal officer.
181.1622(2)
(2) Accuracy. Information in the annual report shall be current as of the date on which the annual report is executed on behalf of a domestic corporation.
181.1622(3)(a)(a) A domestic corporation shall deliver its annual report to the department in each year following the calendar year in which the domestic corporation was incorporated or domesticated under
s. 181.1533, during the calendar year quarter in which the anniversary date of incorporation occurs.
181.1622(3)(b)
(b) A foreign corporation authorized to transact business in this state shall deliver its annual report to the department during the first calendar quarter of each year following the calendar year in which the foreign corporation becomes authorized to transact business in this state.
181.1622(4)
(4) Failure to contain required information. If an annual report does not contain the information required by this section, the department shall promptly notify the reporting domestic corporation or foreign corporation in writing and return the report to it for correction. The notice shall comply with
s. 181.0141. If the annual report is corrected to contain the information required by this section and delivered to the department within 30 days after the effective date of the notice under
s. 181.0141 (5), the annual report is timely filed.
181.1622(5)
(5) Effective date of report. An annual report is effective on the date that it is filed by the department.
181.1622 History
History: 1997 a. 79.
TRANSITIONAL PROVISIONS
181.1701
181.1701
Applicability of chapter. 181.1701(1)(a)(a) Except as provided in
par. (b), this chapter applies to all corporations in existence on January 1, 1999, that were incorporated under or have elected to become subject to ch.
181, 1995 stats., and all corporations without stock organized under corresponding prior general corporation laws.
181.1701(1)(b)
(b) A domestic corporation without stock not organized as provided under
par. (a) is not subject to this chapter but may at any time elect to become subject to this chapter by filing restated articles of incorporation in accordance with the provisions of this chapter. The restated articles shall state that the corporation elects to become subject to this chapter.
181.1701(1)(c)
(c) A domestic corporation without stock which is not subject to this chapter and which does not elect to become subject to it may conduct and administer its business and affairs under the provisions of this chapter to the extent that the provisions of this chapter are not inconsistent with the articles or form of organization of such corporation or with any provisions elsewhere in the statutes or under any law relating to such corporation.
181.1701(1)(d)
(d) An industrial development agency formed under
s. 59.57 (2) shall, to the extent not inconsistent with that subsection, conduct and administer its business in accordance with this chapter.
181.1701(2)
(2) Foreign corporations. This chapter applies to all foreign corporations transacting business in this state beginning on January 1, 1999.
181.1701 History
History: 1997 a. 79.
181.1703(1)(1)
Effect of repeal. Except as provided in
sub. (2), the repeal of a statute by this chapter does not affect any of the following:
181.1703(1)(a)
(a) The operation of the statute or any action taken under it before its repeal.
