Adm 84.02(44)(44) “Securities” means stocks, bonds, notes, convertible debentures, warrants or other documents that represent a share in a business or a debt owed by a business.

Adm 84.02(45)(45) “Shares” means the units into which the proprietary interests in a corporation are divided.

Adm 84.02(46)(46) “Shareholder agreement” means any agreement among shareholders which spells out the rights or future interest in the corporation among the shareholders.

Adm 84.02(47)(47) “Sole proprietorship” means a business in which one person owns all the assets of the business and is solely liable for all the debts of the business.

Adm 84.02(48)(48) “Stock affirmation form” means a form provided by the department and affirmed by the business stating that the stock ownership of the corporation is as presented in the application and in which the applicant agrees to notify the department in the event that additional stock is sold.

Adm 84.02(49)(49) “Stock certificate” means a certificate issued by a corporation certifying that the named person is the owner of a designated number of shares of stock.

Adm 84.02(50)(50) “Subsidiary” means a corporation in which one other corporation owns a majority of the voting shares.

Adm 84.02(51)(51) “Treasury shares” means the shares which have been issued but later re-acquired by a corporation and which have not been canceled or restored to the status of authorized but unissued shares.

Adm 84.02(52)(52) “Unissued shares” means shares which the corporation is authorized to issue but which have not yet been distributed to shareholders or subscribers.

Adm 84.02(53)(53) “Useful business function” has the meaning defined in s. 16.287 (1) (h), Stats.

Adm 84.02(54)(54) “Voting agreement” means an agreement among shareholders regarding the voting of their shares.

Adm 84.02(55)(55) “Voting shares” means those shares which give the holder the right to vote for directors and other matters, in contrast to non-voting shares which simply entitle the holder to dividends, if any.

Adm 84.02(56)(56) “Voting trust” means a written agreement among any number of shareholders to confer upon one or more persons, as trustees(s), the right to vote or otherwise represent their shares under specified terms and conditions.

Adm 84.02(57)(57) “Wisconsin business” means a business which is incorporated under ch. 180, Stats., or which has its principal place of business in Wisconsin.

Adm 84.02 HistoryHistory: Cr. Register, September, 1987, No. 381, eff. 10-1-87; correction in (1), (2), (10), (19), (30), (32), (53) made under s. 13.92 (4) (b) 6., 7., Stats. and renumbering of (10) to (31m) made under s. 13.92 (4) (b) 1., Stats., Register December 2011 No. 672.

Adm 84.03Adm 84.03 Certification criteria. In order to be certified as a minority business enterprise, a business shall meet the following eligibility standards:

Adm 84.03(1)(1) Be at least 51% owned, controlled and actively managed by one or more minority group members.

Adm 84.03(1)(a)(a) In a sole proprietorship, the sole proprietor shall be a minority.

Adm 84.03(1)(b)(b) In a partnership, the minority owner or owners shall act as general partner, own at least 51% of the partnership interest, and exert at least 51% of the control and management of the partnership.

Adm 84.03(1)(c)(c) In a corporate form of organization, the minority owner or owners shall own at least 51% of all outstanding stock, including voting stock, of the corporation. Any voting agreements, voting trusts, loan agreements, or shareholder agreements among the shareholders shall not dilute the beneficial ownership, the rights or the influence of the minority owners of the stock or classes of stock of the corporation.

Adm 84.03(1)(d)(d) In a joint venture, the minority owned business shall hold at least 51% of the beneficial ownership interest in the joint venture, and shall exert at least 51% of the control and management of the joint venture. The minority owned business partner of the joint venture shall be certified or be eligible for certification as a minority business enterprise.

Adm 84.03(1)(e)(e) In a subsidiary or affiliate, the parent company shall be at least 51% owned by a minority owner or owners.

Adm 84.04Adm 84.04 Determination of minority status. The department shall require an individual to provide evidence of ethnic or racial heritage in one or more of the minority groups defined in s. Adm 84.02 (29).

Adm 84.04(1)(1) When available, such evidence shall include one or more of the following:

Adm 84.04(1)(a)(a) Birth certificates, American Indian tribal registrations, naturalization certificates and permanent residence certificates.

Adm 84.04(1)(b)(b) Birth certificate or official record of blood parent or grandparent claimed in substantiation of the minority status of the individual.

Adm 84.04(2)(2) When evidence under sub. (1) is not available, the department may accept the following: