MERGER, INTEREST EXCHANGE,
CONVERSION, AND DOMESTICATION
183.1001
183.1001
Definitions. In this subchapter:
183.1001(1)
(1) “Acquired entity" means the entity all of one or more classes or series of interests of which are acquired in an interest exchange.
183.1001(2)
(2) “Acquiring entity" means the entity that acquires all of one or more classes or series of interests of the acquired entity in an interest exchange.
183.1001(2m)
(2m) “Constituent entity" means a merging entity or a surviving entity in a merger.
183.1001(4)
(4) “Converted entity" means the converting entity as it continues in existence after a conversion.
183.1001(5)
(5) “Converting entity" means an entity that engages in a conversion.
183.1001(8)
(8) “Domesticated entity" means the domesticating entity as it continues in existence after a domestication.
183.1001(9)
(9) “Domesticating entity" means either a non-United States entity or a Wisconsin limited liability company that engages in a domestication.
183.1001(16)(f)
(f) A membership interest or stock in a general cooperative association.
183.1001(16)(g)
(g) A membership interest in a limited cooperative association.
183.1001(16)(i)
(i) A beneficial interest in a statutory trust, business trust, or common-law business trust.
183.1001(16)(j)
(j) A comparable interest in any other type of unincorporated entity.
183.1001(18)
(18) “Interest holder" means any of the following:
183.1001(18)(g)
(g) A member or stockholder of a general cooperative association.
183.1001(18)(j)
(j) A beneficiary or beneficial owner of a statutory trust, business trust, or common-law business trust.
183.1001(19)
(19) “Interest holder liability" means any of the following:
183.1001(19)(a)
(a) Personal liability for a debt, obligation, or other liability of an entity which is imposed on a person under any of the following circumstances:
183.1001(19)(a)1.
1. Solely by reason of the status of the person as an interest holder of the entity under its governing law.
183.1001(19)(a)2.
2. Under the organizational documents of the entity in accordance with its governing law which make one or more specified interest holders or categories of interest holders liable in their capacity as interest holders for all or specified liabilities of the entity.
183.1001(19)(b)
(b) An obligation of an interest holder of an entity under its organizational documents to contribute to the entity.
183.1001(21)
(21) “Merging entity" means an entity that is a party to a merger and exists immediately before the merger becomes effective.
183.1001(22m)
(22m) “Non-United States entity" means an entity whose governing law is the law of any jurisdiction other than the United States or any state, but does not include an entity that has domesticated under the law of any other state.
183.1001(23m)
(23m) “Organizational documents" means, with respect to an entity, whether in a record or, to the extent permitted under the entity's governing law, other than in a record, the following or its equivalent under the entity's governing law:
183.1001(23m)(a)
(a) For a domestic or foreign corporation, whether or not for profit, its articles of incorporation and bylaws.
183.1001(23m)(b)
(b) For a domestic or foreign partnership, its partnership agreement and, in the case of a domestic or foreign limited liability partnership, its statement of qualification as a limited liability partnership or foreign limited liability partnership.
183.1001(23m)(c)
(c) For a domestic or foreign limited partnership, its certificate of limited partnership and partnership agreement.
183.1001(23m)(d)
(d) For a domestic or foreign limited liability company, its certificate or articles of organization and operating agreement.
183.1001(23m)(e)
(e) For a business trust, its agreement of trust and declaration of trust.
183.1001(23m)(f)
(f) For any other entity, the basic records, agreements, or other items that create the entity and control its internal governance and the relations among its interest holders.
183.1001(37)
(37) “Surviving entity" means the entity that continues in existence after or is created by a merger.
183.1001(38)
(38) “Type of entity" means a generic form of entity that is any of the following:
183.1001 History
History: 2021 a. 258.
183.1002
183.1002
Relationship of this subchapter to other laws. 183.1002(1)(1)
This subchapter does not authorize an act prohibited by, and does not affect the application or requirements of, law other than this subchapter.
183.1002(2)
(2) A transaction effected under this chapter may not create or impair a right, duty, or obligation of a person under the law of this state, other than this subchapter, relating to a change in control, takeover, business combination, control-share acquisition, or similar transaction involving a domestic constituent, acquired, or converting entity.
183.1002 History
History: 2021 a. 258.
183.1003(2)(2)
Property held for a charitable purpose under the law of this state by a domestic or foreign entity immediately before a transaction under this subchapter becomes effective may not, as a result of the transaction, be diverted from the objects for which it was donated, granted, devised, or otherwise transferred. An entity that is or plans to be engaged in a transaction covered by this subchapter may apply to the circuit court for a determination regarding the transaction's compliance with cy pres or other law dealing with nondiversion of charitable assets.
183.1003(3)
(3) A bequest, devise, gift, grant, or promise contained in a will or other instrument of donation, subscription, or conveyance that is made to a merging entity which is not the surviving entity and that takes effect or remains payable after the merger inures to the surviving entity.
183.1003(4)
(4) A trust obligation that would govern property if transferred to a nonsurviving entity applies to property that is transferred to the surviving entity under this section.
183.1003 History
History: 2021 a. 258.
183.1004
183.1004
Nonexclusivity. The fact that a transaction under this subchapter produces a certain result does not preclude the same result from being accomplished in any other manner permitted by law other than this subchapter.
183.1004 History
History: 2021 a. 258.
183.1005
183.1005
Reference to external facts. A plan may refer to facts ascertainable outside the plan if the manner in which the facts will operate upon the plan is specified in the plan. The facts may include the occurrence of an event or a determination or action by a person, whether or not the event, determination, or action is within the control of a party to the transaction.
183.1005 History
History: 2021 a. 258.
183.1021(1)(1)
One or more domestic limited liability companies may merge with or into one or more other constituent entities pursuant to ss.
183.1021 to
183.1025 and a plan of merger if the merger is permitted under the governing law of each constituent entity and each constituent entity approves the plan of merger in the manner required by its governing law.
183.1021(2)
(2) One or more other domestic or foreign entities may merge with or into a domestic limited liability company pursuant to ss.
183.1021 to
183.1025 and a plan of merger if the merger is permitted under the governing law of each constituent entity and each constituent entity approves the plan of merger in the manner required by its governing law.
183.1021 History
History: 2021 a. 258.
183.1022(1)(1)
A plan of merger must be in a record and contain all of the following:
183.1022(1)(a)
(a) As to each constituent entity, its name, type of entity, and governing law.
183.1022(1)(c)
(c) The manner and basis of converting the interests in each constituent entity into interests, securities, or obligations of the surviving entity, rights to acquire such interests or securities, money, other property, or any combination of the foregoing.
183.1022(1)(d)
(d) If the surviving entity preexists the merger, any proposed amendments to its organizational documents that are to be in a record immediately after the merger becomes effective.
183.1022(1)(e)
(e) If the surviving entity is to be created in the merger, any of its organizational documents that are to be in a record immediately after the merger becomes effective.
183.1022(1)(f)
(f) Any other matters required under the governing law of any constituent entity.
183.1022(2)
(2) In addition to the requirements of sub.
(1), a plan of merger may contain any other provision relating to the merger and not prohibited by law.
183.1022 History
History: 2021 a. 258.
183.1023
183.1023
Approval of merger; amendment; abandonment. 183.1023(1)(1)
Subject to s.
183.1061, a plan of merger must be approved by a vote or consent of all the members of each domestic limited liability company that is a constituent entity.
183.1023(2)
(2) Subject to s.
183.1061 and the governing law of each constituent entity, after a plan of merger is approved, and at any time before a merger becomes effective, the constituent entities may amend the plan of merger or abandon the merger as provided in the plan of merger or, except as otherwise provided in the plan of merger, with the same vote or consent as was required to approve the plan of merger.
183.1023(3)
(3) If, after articles of merger have been delivered to the department for filing and before the merger becomes effective, the plan of merger is amended in a manner that requires an amendment to the articles of merger or if the merger is abandoned, a statement of amendment or abandonment, signed by a constituent entity, must be delivered to the department for filing before the merger becomes effective. When the statement of abandonment becomes effective, the merger is abandoned and does not become effective. The statement of amendment or abandonment must contain all of the following:
183.1023(3)(b)
(b) The amendment to or the abandonment of the articles of merger.
