INCORPORATION
181.0201
181.0201
Incorporators. One or more persons may act as the incorporator or incorporators of a corporation by delivering articles of incorporation to the department for filing.
181.0201 History
History: 1997 a. 79.
181.0202
181.0202
Articles of incorporation. 181.0202(1)(1)
Required content. The articles of incorporation shall include all of the following information:
181.0202(1)(a)
(a) A statement that the corporation is incorporated under this chapter.
181.0202(1)(c)
(c) The mailing address of the initial principal office of the corporation.
181.0202(1)(d)
(d) The street address of the corporation's initial registered office and the name of its initial registered agent at that office.
181.0202(2)
(2) Permissible content. The articles of incorporation may set forth other information, including any of the following:
181.0202(2)(a)
(a) The names and addresses of the natural persons who will serve as the initial directors.
181.0202(2)(b)1.
1. The purpose or purposes for which the corporation is organized.
181.0202(2)(b)2.
2. Managing the business and regulating the affairs of the corporation.
181.0202(2)(b)4.
4. Defining, limiting and regulating the powers of the corporation, its board of directors and its members.
181.0202(2)(c)
(c) Any provision that, under this chapter, is required or permitted to be set forth in the bylaws.
181.0202(3)
(3) Powers enumerated in chapter. The articles of incorporation need not include any of the corporate powers enumerated in this chapter.
181.0202(4)
(4) Articles supersede bylaws. If a provision of the articles of incorporation is inconsistent with a bylaw, the provision of the articles of incorporation controls.
181.0202 History
History: 1997 a. 79.
181.0203(1)(1)
When corporate existence begins. The corporate existence begins when the articles of incorporation become effective under s.
181.0123.
181.0203(2)
(2) Conclusive proof of incorporation. The department's filing of the articles of incorporation or articles of domestication is conclusive proof that the corporation is incorporated under this chapter, except in a proceeding by the state to cancel or revoke the incorporation or involuntarily dissolve the corporation.
181.0203(3)
(3) Notification of reporting requirements. Upon filing articles of incorporation of a corporation, the department shall inform the corporation of the reporting requirements under s.
202.12 for charitable organizations that solicit contributions.
181.0203 History
History: 1997 a. 79;
2013 a. 20.
181.0205
181.0205
Organization of corporation. 181.0205(1)(a)
(a) After incorporation, if initial directors are named in the articles of incorporation, the initial directors shall hold an organizational meeting, at the call of a majority of the directors, to complete the organization of the corporation by appointing officers, adopting bylaws and carrying on any other business brought before the meeting.
181.0205(1)(b)
(b) After incorporation, if initial directors are not named in the articles of incorporation, the incorporator or incorporators shall hold an organizational meeting, at the call of a majority of the incorporators, to do any of the following:
181.0205(1)(b)1.
1. Elect directors and complete the organization of the corporation.
181.0205(1)(b)2.
2. Elect a board that will complete the organization of the corporation.
181.0205(2)
(2) Written consents. Action required or permitted by this chapter to be taken by incorporators at an organizational meeting may be taken without a meeting if the action taken is evidenced by one or more written consents describing the action taken and signed by each incorporator.
181.0205(3)
(3) Location of organizational meeting. An organizational meeting may be held in or outside of this state.
181.0205 History
History: 1997 a. 79.
181.0206(1)(1)
Initial bylaws. The incorporators, members or board of a corporation shall adopt the initial bylaws for the corporation.
181.0206(2)
(2) Subsequent adoption, amendment and repeal. After the adoption of the initial bylaws under sub.
(1), bylaws may be adopted either by the members or the board, but no bylaw adopted by the members shall be amended or repealed by the directors, unless the bylaws adopted by the members shall have conferred such authority upon the directors. Any bylaw adopted by the board is subject to amendment or repeal by the members as well as by the directors.
181.0206(3)
(3) Content of bylaws. The bylaws of a corporation may contain any provision for regulating and managing the affairs of the corporation that is not inconsistent with its articles of incorporation or with the laws of this state.
181.0206 History
History: 1997 a. 79.
181.0207(1)(1)
Definition. In this section, “emergency" means a catastrophic event that prevents a quorum of the corporation's directors or members from being readily assembled.
181.0207(2)
(2) Adoption of emergency bylaws. Unless the articles of incorporation provide otherwise, the board of a corporation may adopt bylaws that are effective only in an emergency. Emergency bylaws are subject to amendment or repeal by the board or by the members, if any. Emergency bylaws may provide special procedures necessary for managing the corporation during the emergency, including any of the following:
181.0207(3)
(3) Effectiveness. Provisions of the regular bylaws that are consistent with the emergency bylaws remain effective during the emergency. The emergency bylaws are not effective after the emergency ends.
181.0207(4)
(4) Action taken under emergency bylaws. Notwithstanding ss.
181.0831 and
181.0833, corporate action taken in good faith in accordance with the emergency bylaws binds the corporation and may not be used to impose liability on a corporate director, officer, member, employee or agent.
181.0207 History
History: 1997 a. 79.
PURPOSES AND POWERS
181.0301(1)(1)
Permitted purposes. A corporation incorporated under this chapter has the purpose of engaging in any lawful activity unless a more limited purpose is set forth in the articles of incorporation.
181.0301(2)
(2) Effect of other regulation. A corporation engaging in an activity that is subject to regulation under another statute of this state may incorporate under this chapter only if incorporation under this chapter is not prohibited by the other statute. The corporation shall be subject to all limitations of the other statute.
181.0301 History
History: 1997 a. 79.
181.0302
181.0302
General powers. Unless its articles of incorporation provide otherwise, a corporation has perpetual duration and succession in its corporate name and has the same powers as an individual to do all things necessary or convenient to carry out its affairs, including the power to do all of the following:
181.0302(1)
(1) Legal actions. Sue and be sued, complain and defend in its corporate name.
181.0302(2)
(2) Corporate seal. Have a corporate seal, which may be altered at will, and to use it, or a facsimile of it, by impressing or affixing it or in any other manner reproducing it.
181.0302(3)
(3) Bylaws. Make and amend bylaws not inconsistent with its articles of incorporation or with the laws of this state, for regulating and managing the affairs of the corporation.
181.0302(4)
(4) Property acquisition. Purchase, receive, lease or otherwise acquire, and own, hold, improve, use and otherwise deal with, property or any legal or equitable interest in property, wherever located.
181.0302(5)
(5) Disposition of property. Sell, convey, mortgage, pledge, lease, exchange and otherwise dispose of all or any part of its property.
181.0302(6)
(6) Interests in other entities. Purchase, receive, subscribe for or otherwise acquire, and own, hold, vote, use, sell, mortgage, lend, pledge or otherwise dispose of, and deal in and with, shares or other interests in, or obligations of, any other entity.
181.0302(7)
(7) Contracts and liabilities. Make contracts and guarantees; incur liabilities; borrow money; issue notes, bonds and other obligations; and secure any of its obligations by mortgage or pledge of any of its property, franchises or income.
181.0302(8)
(8) Loans. Lend money, invest and reinvest its funds and receive and hold property as security for repayment, except as limited by s.
181.0832.
181.0302(9)
(9) Participation in other entities. Be a promoter, partner, member, associate or manager of any entity.
181.0302(10)
(10) Exercise of powers. Conduct its activities, locate offices and exercise the powers granted by this chapter in or outside this state.
181.0302(11)
(11) Directors, officers, employees and agents. Elect or appoint directors, officers, employees and agents of the corporation, define their duties and fix their compensation.
181.0302(12)
(12) Pension and incentive plans. Pay pensions and establish pension plans, pension trusts and other benefit and incentive plans for any of its current or former directors, officers, employees and agents of the corporation, its subsidiaries or its affiliates.
181.0302(13)
(13) Benefit plans. Provide benefits or payments to directors, officers and employees of the corporation, its subsidiaries or its affiliates, and to their estates, families, dependents or beneficiaries, in recognition of the past services of the directors, officers and employees to the corporation, its subsidiaries or its affiliates.
181.0302(14)
(14) Compensation. Establish reasonable compensation for all directors for services to the corporation as directors, officers or otherwise. Unless otherwise provided in the articles of incorporation or bylaws, the board of directors, by the affirmative vote of a majority of the directors then in office and irrespective of any personal interest of any of its members, may establish reasonable compensation for all directors for such services or delegate this authority to an appropriate committee.
181.0302(15)
(15) Donations. Make donations and otherwise devote its resources for the public welfare or for charitable, scientific, educational, humanitarian, philanthropic or religious purposes.
181.0302(16)
(16) Dues. Impose dues, assessments, admission and transfer fees upon its members.
181.0302(17)
(17) Admission of members. Establish conditions for admission of members, admit members and issue memberships.
181.0302(19)
(19) Other. Do all things necessary or convenient, not inconsistent with law, to further the activities and affairs of the corporation.
181.0302 History
History: 1997 a. 79.
181.0303(2)
(2) Powers. In anticipation of or during an emergency, the board or members of a corporation may do all of the following:
181.0303(2)(a)
(a) Modify lines of succession to accommodate the incapacity of a director, officer, employee or agent.
181.0303(2)(b)
(b) Relocate the principal office, designate alternative principal offices or regional offices, or authorize the officers to do so.
181.0303(3)
(3) Meetings. Unless emergency bylaws adopted under s.
181.0207 provide otherwise, all of the following apply to a meeting of the board during an emergency:
181.0303(3)(a)
(a) The corporation need give notice of a meeting of the board only to those directors whom it is practicable to reach and the corporation may give notice in any practicable manner, including by publication and radio.
181.0303(3)(b)
(b) One or more officers of the corporation present at a meeting of the board may be considered to be a director for the meeting, in order of rank and within the same rank in order of seniority, as necessary to achieve a quorum.
181.0303(4)
(4) Action taken during emergency. Corporate action taken in good faith during an emergency under this section to further the ordinary affairs of the corporation binds the corporation and may not be used to impose liability on a corporate director, officer, member, employee or agent.
181.0303 History
History: 1997 a. 79.
