180.1530
180.1530
Grounds for revocation. 180.1530(1)
(1) Except as provided in
sub. (1m), the department may bring a proceeding under
s. 180.1531 to revoke the certificate of authority of a foreign corporation authorized to transact business in this state if any of the following applies:
180.1530(1)(a)
(a) The foreign corporation fails to file its annual report with the department within 4 months after it is due.
180.1530(1)(b)
(b) The foreign corporation does not pay, within 4 months after they are due, any fees or penalties due the department under this chapter.
180.1530(1)(c)
(c) The foreign corporation is without a registered agent or registered office in this state for at least 6 months.
180.1530(1)(d)
(d) The foreign corporation does not inform the department under
s. 180.1508 or
180.1509 that its registered agent or registered office has changed, that its registered agent has resigned or that its registered office has been discontinued, within 6 months of the change, resignation or discontinuance.
180.1530(1)(e)
(e) The foreign corporation obtained its certificate of authority through fraud.
180.1530(1)(f)
(f) The department receives a duly authenticated certificate from the secretary of state or other official having custody of corporate records in the state or country under whose law the foreign corporation is incorporated stating that it has been dissolved or disappeared as the result of a merger.
180.1530(1m)
(1m) If the department receives a certificate under
sub. (1) (f) and a statement by the foreign corporation that the certificate is submitted by the foreign corporation to terminate its authority to transact business in this state, the department shall revoke the foreign corporation's certificate of authority under
s. 180.1531 (2) (b).
180.1530(2)
(2) A court may revoke under
s. 946.87 the certificate of authority of a foreign corporation authorized to transact business in this state. The court shall notify the department of the action, and the department shall revoke the foreign corporation's certificate of authority under
s. 180.1531 (2) (b).
180.1531
180.1531
Procedure for and effect of revocation. 180.1531(1)
(1) If the department determines that one or more grounds exist under
s. 180.1530 (1) for revocation of a certificate of authority, the department shall give the foreign corporation under
s. 180.0141 notice of the determination. Notwithstanding
s. 180.0141 (2) (b),
(3), and
(4), the notice shall be in writing and addressed to the registered office of the foreign corporation.
180.1531(2)(a)(a) Within 60 days after the notice takes effect under
s. 180.0141 (5) (a), the foreign corporation shall correct each ground for revocation or demonstrate to the reasonable satisfaction of the department that each ground determined by the department does not exist.
180.1531(2)(b)
(b) If the foreign corporation fails to satisfy
par. (a), the department may revoke the foreign corporation's certificate of authority by entering a notation in the department's records to reflect each ground for revocation and the effective date of the revocation. The department shall give the foreign corporation under
s. 180.0141 notice of each ground for revocation and the effective date of the revocation. Notwithstanding
s. 180.0141 (2) (b),
(3), and
(4), the notice shall be in writing and addressed to the registered office of the foreign corporation.
180.1531(2)(c)1.1. If a foreign corporation's certificate of authority is revoked after December 31, 1991, the department shall reinstate the certificate of authority if the foreign corporation does all of the following within the later of October 4, 1993 or 6 months after the effective date of the certificate of revocation:
180.1531(2)(c)2.
2. A reinstatement under this paragraph shall relate back to and take effect as of the effective date of the revocation, and the foreign corporation may resume carrying on its business as if the revocation never occurred.
180.1531(2m)(a)(a) If a notice under
sub. (1) or
(2) (b) is returned to the department as undeliverable, the department shall again give notice to the corporation under
s. 180.0141. Notwithstanding
s. 180.0141 (2) (b),
(3), and
(4) and except as provided under
par. (b), the notice under this paragraph shall be in writing and addressed to the principal office of the foreign corporation.
180.1531(2m)(b)
(b) If the notice under
par. (a) is returned to the department as undeliverable or if the corporation's principal office cannot be determined from the records of the department, the department shall give the notice by posting the notice on the department's Internet site.
180.1531(3)
(3) The authority of a foreign corporation to transact business in this state, other than as provided in
s. 180.1501 (2), ends on the date shown on the certificate revoking its certificate of authority.
180.1531(4)
(4) If the department or a court revokes a foreign corporation's certificate of authority, the foreign corporation may be served under
s. 180.1510 (3) and
(4) or the foreign corporation's registered agent may be served until the registered agent's authority is terminated, in any civil, criminal, administrative or investigatory proceeding based on a cause of action which arose while the foreign corporation was authorized to transact business in this state.
180.1531(5)
(5) Revocation of a foreign corporation's certificate of authority does not terminate the authority of its registered agent.
180.1532
180.1532
Appeal from revocation. 180.1532(1)
(1) A foreign corporation may appeal the department's revocation of its certificate of authority under
s. 180.1530 (1) to the circuit court for the county where the foreign corporation's principal office or, if none in this state, its registered office is located, within 30 days after the notice of revocation takes effect under
s. 180.0141 (5) (a). The foreign corporation shall appeal by petitioning the court to set aside the revocation and attaching to the petition copies of its certificate of authority and the department's notice of revocation.
180.1532(2)
(2) The court may order the department to reinstate the certificate of authority or may take any other action that the court considers appropriate.
180.1532(3)
(3) The court's final decision may be appealed as in other civil proceedings.
180.1532 History
History: 1989 a. 303;
1995 a. 27;
2001 a. 44.
RECORDS AND REPORTS
180.1601(1)(1) A corporation shall keep as permanent records any of the following that has been prepared:
180.1601(1)(a)
(a) Minutes of meetings of its shareholders and board of directors.
180.1601(1)(b)
(b) Records of actions taken by the shareholders or board of directors without a meeting.
180.1601(1)(c)
(c) Records of actions taken by a committee of the board of directors in place of the board of directors and on behalf of the corporation.
180.1601(2)
(2) A corporation shall maintain appropriate accounting records.
180.1601(3)
(3) A corporation or its agent shall maintain a record of its shareholders, in a form that permits preparation of a list of the names and addresses of all shareholders, by class or series of shares and showing the number and class or series of shares held by each shareholder.
180.1601(4)
(4) A corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.
180.1601 History
History: 1989 a. 303.
180.1602
180.1602
Inspection of records by shareholders. 180.1602(1)(1) In this section, "shareholder" includes a beneficial owner whose shares are held in a voting trust or by a nominee on the beneficial owner's behalf.
180.1602(1m)
(1m) Except as provided in
sub. (4), a shareholder of a corporation may inspect and copy the corporation's bylaws, if any, as then in effect, during regular business hours at the corporation's principal office. To inspect bylaws under this subsection, the shareholder shall give the corporation written notice that complies with
s. 180.0141 of his or her demand at least 5 business days before the date on which he or she wishes to inspect and copy the bylaws.
180.1602(2)(a)(a) Except as provided in
par. (c) and
sub. (4), a shareholder of a corporation who satisfies
par. (b) may inspect and copy, during regular business hours at a reasonable location specified by the corporation, any of the following records of the corporation:
180.1602(2)(a)1.
1. Excerpts from any minutes or records that the corporation is required to keep as permanent records under
s. 180.1601 (1).
180.1602(2)(b)
(b) To inspect and copy any of the records under
par. (a), the shareholder must satisfy all of the following requirements:
180.1602(2)(b)1.
1. The shareholder has been a shareholder of the corporation for at least 6 months before his or her demand under
subd. 2., or the shareholder holds at least 5% of the outstanding shares of the corporation.
180.1602(2)(b)2.
2. The shareholder gives the corporation written notice that complies with
s. 180.0141 of his or her demand at least 5 business days before the date on which he or she wishes to inspect and copy the records.
180.1602(2)(b)3.
3. The shareholder's demand is made in good faith and for a proper purpose.
180.1602(2)(b)4.
4. The shareholder describes with reasonable particularity his or her purpose and the records that he or she desires to inspect.
180.1602(2)(c)
(c) A person that has delivered the resolution under
s. 180.1150 (4) may, by giving written notice to the resident domestic corporation, as defined in
s. 180.1150 (1) (c), that complies with
s. 180.0141, inspect and copy the record of shareholders of the resident domestic corporation, in person or by agent or attorney at any reasonable time for the purpose of communicating with the shareholders in connection with the special shareholders' meeting under
s. 180.1150 (5).
180.1602(3)
(3) The rights under this section may not be abolished or limited by the domestic corporation's articles of incorporation or bylaws.
180.1602(4)
(4) This section does not affect any of the following:
180.1602(4)(a)
(a) The right of a shareholder to inspect records under
s. 180.0720 or, if the shareholder is in litigation with the corporation, to the same extent as any other litigant.
180.1602(4)(b)
(b) The power of a court, independently of this chapter, to compel the production of corporate records for examination.
180.1602 Annotation
Under s. 180.43 (2) (a) [now sub. (2) (b) 3.], a court's inquiry does not end whenever a shareholder states any proper purpose for an inspection demand. The court is required to conduct an inquiry into the
bona fides of a shareholder's demand. Advance Concrete Form v. Accuform,
158 Wis. 2d 334,
462 N.W.2d 271 (Ct. App. 1990).
180.1603
180.1603
Scope of inspection right. 180.1603(1)
(1) A shareholder's agent or attorney has the same inspection and copying rights as the shareholder whom he or she represents.
180.1603(2)
(2) Except as provided in
ss. 180.0720 (4) and
180.1604 (2), the corporation may impose a reasonable charge, covering the costs of labor and material, for copies of any documents provided to the shareholder. The charge may not exceed the estimated cost of production or reproduction of the records.
180.1603(3)
(3) Instead of allowing a shareholder to inspect and copy its record of shareholders under
s. 180.1602 (2) (a) 3., the corporation may provide the shareholder with a list of its shareholders that was compiled no earlier than the date of the shareholder's demand.
180.1603 History
History: 1989 a. 303.
180.1604
180.1604
Court-ordered inspection. 180.1604(1)
(1) If a corporation does not within a reasonable time allow a shareholder to inspect and copy any record described in
s. 180.1602 (1) or
(2), the shareholder who complies with
s. 180.1602 (1m) or
(2), as applicable, 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.
180.1604(2)
(2) If the court orders inspection and copying of the records demanded, it shall also order the corporation to pay the shareholder's costs and expenses, including reasonable attorney fees, notwithstanding
s. 814.04 (1), 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 shareholder to inspect the records demanded. The order shall also specify whether the corporation may impose a charge under
s. 180.1603 (2) for copying the records demanded.
180.1604(3)
(3) 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 shareholder.
180.1604(4)
(4) Notwithstanding
sub. (1) and
s. 180.1602 (2), the circuit court for the county where the corporation's principal office or, if none in this state, its registered office is located may, in the proper exercise of its discretion, order the corporation to permit a shareholder of the corporation to inspect and copy any of the records described in
s. 180.1602 (2) (a) 1. to
3., irrespective of the period of time during which the shareholder has been a shareholder or the number of shares that he or she owns, if the shareholder proves in a proceeding by the shareholder that he or she satisfies
s. 180.1602 (2) (b) 3.,
4. and
5.
180.1604 History
History: 1989 a. 303;
1995 a. 400.
180.1620
180.1620
Financial statements for shareholders. 180.1620(1)(1) Within 120 days after the close of each fiscal year, a corporation shall prepare annual financial statements, which may be consolidated or combined statements of the corporation and one or more of its subsidiaries, as appropriate, that include a balance sheet as of the end of the fiscal year, an income statement for that year, and a statement of changes in shareholders' equity for the year unless that information appears elsewhere in the financial statements. 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.
180.1620(2)
(2) On written request from any shareholder, the corporation shall mail him or her the latest financial statements.
180.1620 History
History: 1989 a. 303.
180.1622
180.1622
Annual report for department of financial institutions. 180.1622(1)(1) Except as provided in
s. 180.1921, each domestic corporation and each foreign corporation authorized to transact business in this state shall file with the department an annual report that includes all of the following information:
180.1622(1)(a)
(a) The name of the domestic corporation or foreign corporation and the state or country under whose law it is incorporated.
180.1622(1)(b)
(b) The address of its registered office and the name of its registered agent at that office in this state.
180.1622(1)(d)
(d) The name and business address of each director and principal officer.
180.1622(1)(f)
(f) The total number of authorized shares, itemized by class and series, if any, within each class. 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.
