181.1401(4)(4) Written consents or ballots. If the board seeks to have dissolution approved by the members by written consent or written ballot, the material soliciting the approval shall contain or be accompanied by a copy or summary of the plan of dissolution. 181.1401(5)(5) Distribution of assets. The plan of dissolution shall indicate to whom the assets owned or held by the corporation will be distributed after all creditors have been paid. 181.1401 HistoryHistory: 1997 a. 79. 181.1403181.1403 Articles of dissolution. 181.1403(1)(1) Filing requirements. At any time after dissolution is authorized, the corporation may dissolve by delivering to the department for filing articles of dissolution that include all of the following information: 181.1403(1)(c)(c) A statement that dissolution was approved by a sufficient vote of the board. 181.1403(1)(d)(d) If approval of members was not required, a statement to that effect and a statement that dissolution was approved by a sufficient vote of the board or of the incorporators. 181.1403(1)(e)(e) If approval by members is required, a statement that dissolution was approved by a sufficient vote of the members of each class entitled to vote on dissolution. 181.1403(1)(f)(f) If approval of dissolution by a person other than the members, the board or the incorporators is required under s. 181.1401 (1) (b) 3., a statement that the approval was obtained. 181.1403(1)(g)(g) If the corporation is to retain the exclusive use of its name for less than 120 days after the effective date of its articles of dissolution, as provided in s. 181.1405 (3), a statement specifying the shorter period. 181.1403(2)(2) Effective date. A corporation is dissolved upon the effective date of its articles of dissolution. 181.1403 HistoryHistory: 1997 a. 79; 2001 a. 44. 181.1404181.1404 Revocation of dissolution. 181.1404(1)(1) When permitted. A corporation may revoke its dissolution within 120 days of its effective date. 181.1404(2)(2) How authorized. Revocation of dissolution must be authorized in the same manner as the dissolution was authorized unless that authorization permitted revocation by action of the board alone, in which event the board may revoke the dissolution without action by the members or any other person. 181.1404(3)(3) Filing requirements. After the revocation of dissolution is authorized, the corporation may revoke the dissolution by delivering to the department for filing articles of revocation of dissolution, together with a copy of its articles of dissolution, that include all of the following information: 181.1404(3)(b)(b) The effective date of the dissolution that was revoked. 181.1404(3)(c)(c) The date that the revocation of dissolution was authorized. 181.1404(3)(d)(d) If the corporation’s board or the incorporators revoked the dissolution, a statement to that effect. 181.1404(3)(e)(e) If the corporation’s board revoked a dissolution authorized by the members alone or in conjunction with another person, a statement that revocation was permitted by action by the board alone pursuant to that authorization. 181.1404(4)(4) Effective date. Revocation of dissolution is effective upon the effective date of the articles of revocation of dissolution. 181.1404(5)(5) Effect of revocation. When the revocation of dissolution is effective, it relates back to and takes effect as of the effective date of the dissolution and the corporation resumes carrying on its activities as if dissolution had never occurred. 181.1404 HistoryHistory: 1997 a. 79. 181.1405(1)(1) Powers of dissolved corporation. A dissolved corporation continues its corporate existence but may not carry on any activities except those appropriate to wind up and liquidate its affairs, including any of the following: 181.1405(1)(a)(a) Preserving and protecting its assets and minimizing its liabilities. 181.1405(1)(b)(b) Discharging or making provision for discharging its liabilities and obligations. 181.1405(1)(c)(c) Disposing of its properties that will not be distributed in kind. 181.1405(1)(d)(d) Returning, transferring or conveying assets held by the corporation upon a condition requiring return, transfer or conveyance, which condition occurs by reason of the dissolution, in accordance with the condition. 181.1405(1)(e)(e) Transferring, subject to any contractual or legal requirements, its assets as provided in or authorized by its articles of incorporation or bylaws. 181.1405(1)(g)(g) If no provision has been made in the corporation’s articles of incorporation or bylaws for distribution of assets on dissolution, transferring its assets to its members or, if it has no members, to those persons whom the corporation holds itself out as benefiting or serving. 181.1405(1)(h)(h) Doing every other act necessary to wind up and liquidate its assets and affairs. 181.1405(2)(2) Matters not affected by dissolution. Dissolution of a corporation does not do any of the following: 181.1405(2)(b)(b) Subject its directors or officers to standards of conduct different from those under subch. VIII. 181.1405(2)(c)(c) Change quorum or voting requirements for its board or members; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws. 181.1405(2)(d)(d) Prevent commencement of a proceeding by or against the corporation in its corporate name. 181.1405(2)(e)(e) Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution. 181.1405(3)(3) Retention of exclusive use of name. Except as provided in s. 181.1421 (6) and unless a dissolved corporation registers its corporate name under s. 181.0403 (2), the dissolved corporation retains the exclusive use of its corporate name for 120 days after the effective date of its articles of dissolution or for a shorter period if specified in its articles of dissolution under s. 181.1403 (1) (g). 181.1405 HistoryHistory: 1997 a. 79. 181.1406181.1406 Known claims against dissolved corporation. 181.1406(1)(1) Definition. In this section, “claim” does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution. 181.1406(2)(2) Disposition of known claims. A dissolved corporation may dispose of the known claims against it by following the procedure described in this section. 181.1406(3)(3) Notice requirements. The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice shall include all of the following information: 181.1406(3)(a)(a) A description of the information that must be included in a claim. 181.1406(3)(c)(c) The deadline, which may not be fewer than 120 days from the effective date of the written notice, by which the dissolved corporation must receive the claim. 181.1406(3)(d)(d) The claim will be barred if not received by the deadline. 181.1406(4)(4) When claims barred. A claim against the dissolved corporation is barred if any of the following occurs: 181.1406(4)(a)(a) A claimant who is given written notice under sub. (2) does not deliver the claim to the dissolved corporation by the deadline. 181.1406(4)(b)(b) A claimant whose claim is rejected by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days from the effective date of the rejection notice. 181.1406 HistoryHistory: 1997 a. 79. 181.1407181.1407 Survival of remedies and claims. 181.1407(1)(1) Commencement of actions or proceedings. Except as provided in s. 181.1406 (4), the dissolution of a corporation does not take away or impair any remedy available to or against the corporation, its directors, officers or members, for any right or claim existing or any liability incurred, prior to such dissolution if action or other proceeding thereon is commenced within 2 years after the date of such dissolution. Any such action or proceeding by or against the corporation may be prosecuted or defended by the corporation in its corporate name. The members, directors and officers have the power to take such corporate or other action as is appropriate to protect such remedy, right or claim. 181.1407(2)(2) Enforcement of claim against corporation. A claim may be enforced under this section against any of the following: 181.1407(2)(a)(a) The dissolved corporation, to the extent of its undistributed assets. 181.1407(2)(b)(b) If the assets have been distributed in liquidation, any person, other than a creditor of the corporation, to whom the corporation distributed its property to the extent of the distributee’s prorated share of the claim or the corporate assets distributed to such person in liquidation, whichever is less, but the distributee’s total liability for all claims under this section may not exceed the total amount of assets distributed to the distributee. 181.1407 HistoryHistory: 1997 a. 79. 181.1420181.1420 Grounds for administrative dissolution. The department may bring a proceeding under s. 181.1421 to administratively dissolve a corporation if any of the following occurs: 181.1420(1)(1) Nonpayment. The corporation does not pay, within one year after they are due, any fees or penalties due the department under this chapter. 181.1420(2)(2) Failure to file annual report. The corporation does not have on file its annual report with the department within one year after it is due. 181.1420(3)(3) Failure to maintain registered agent or office. The corporation is without a registered agent or registered office in this state for at least one year. 181.1420(4)(4) Failure to notify department of change. The corporation does not notify the department within one year that its registered agent or registered office has been changed, that its registered agent has resigned or that its registered office has been discontinued. 181.1420(6)(6) Duration expires. The corporation’s period of duration stated in its articles of incorporation expires. 181.1421181.1421 Procedure for and effect of administrative dissolution. 181.1421(1)(1) Notice of determination. If the department determines that one or more grounds exist under s. 181.1420 for dissolving a corporation, the department may give the corporation notice of the determination. The notice shall be in writing and addressed to the agent of the corporation. 181.1421(2)(a)(a) If a notice under sub. (1) is returned to the department as undeliverable, the department shall again give the corporation notice by first-class mail, addressed to the principal office of the corporation, as most recently designated in the records of the department. 181.1421(2)(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. 181.1421(3)(3) Effective date of notice. A notice of determination made under sub. (1) or (2) is effective upon the earliest of the following: 181.1421(3)(a)(a) The date on which the corporation or its registered agent receives the notice. 181.1421(3)(b)(b) Five days after the notice is deposited in the U.S. mail, if mailed postpaid and correctly addressed. 181.1421(3)(c)(c) If the notice is sent by certified mail, return receipt requested, and if the return receipt is signed on behalf of the corporation, the date shown on the return receipt. 181.1421(3)(d)(d) If the notice is posted on the department’s Internet site, the date of posting. 181.1421(4)(a)(a) Within 60 days after the notice takes effect under sub. (3), the corporation shall, with respect to each ground for dissolution, either correct such ground or demonstrate to the reasonable satisfaction of the department that such ground determined by the department does not exist. 181.1421(4)(b)(b) If the corporation fails to satisfy par. (a), the department may administratively dissolve the corporation by entering a notation in the department’s records to reflect each ground for dissolution and the effective date of such dissolution. The department shall give the corporation notice of each ground for dissolution and the effective date of dissolution. The notice shall be in writing and addressed to the agent of the corporation. 181.1421(6)(6) Termination of right to exclusive use of name. The corporation’s right to the exclusive use of its corporate name terminates on the effective date of its administrative dissolution. 181.1421(7)(7) Effect of dissolution on agent. The administrative dissolution of a corporation does not terminate the authority of its registered agent. 181.1422181.1422 Reinstatement following administrative dissolution.
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Chs. 178-226, Partnerships and Corporations; Transportation; Utilities; Banks; Savings Associations
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