Contribution rights agreements.
Allocations of profits and distributions of cash and other assets.
Allocations and distributions of profits to patron members.
Member control agreements.
Distribution of unclaimed property.
MERGER AND CONSOLIDATION
Merger and consolidation.
Merger of subsidiary or parent.
Effective date; effect of merger or consolidation.
Abandonment of merger.
Voluntary dissolution; winding up.
Revocation of dissolution proceedings.
Court-supervised voluntary dissolution.
Procedure in involuntary or court-supervised voluntary dissolution.
Receiver qualifications and powers.
Filing claims in involuntary or court-supervised voluntary dissolution proceedings.
Discontinuance of court-supervised dissolution proceedings.
Order of dissolution.
Barring of claims.
This chapter may be cited as the “Wisconsin Cooperative Associations Act."
History: 2005 a. 441
Unless the context requires otherwise, in this chapter:
“Address" means mailing address and, in the case of a registered address, means the mailing address and the actual office location, which may not be a post office box.
“Affiliate," when used in reference to any person, means another person who controls, is controlled by, or is under common control with the person.
“Alternative Ballot" means a method of voting, prescribed by the board in advance of the vote, that permits a vote to be cast electronically, telephonically, via the Internet, or by any similar means which reasonably allows members the opportunity to vote.
“Allocation unit" means a separate business unit of a cooperative.
“Articles" means the articles of organization of a cooperative.
“Association" means an organization conducting business on a cooperative plan under the laws of any state.
“Board" means the board of directors of a cooperative.
“Business entity" means a cooperative, corporation, limited liability company, association, firm, or partnership operated for profit and organized under a law other than a law of this state.
“Cooperative" means an association organized under this chapter conducting business on a cooperative plan as provided under this chapter.
“Department" means the department of financial institutions.
“Domestic business entity" means a business entity organized under the laws of this state.
“Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
“Electronic signature" means an electronic sound, symbol, or process, attached to or logically associated with a writing and executed or adopted by a person with intent to authenticate the writing.
“File with the department" means to deliver to the department a document meeting the applicable requirements of this chapter, signed and accompanied by any required filing fee.
“Foreign business entity" means a business entity that is organized under the laws of another state or the United States.
“Foreign cooperative" means a foreign business entity organized to conduct business on a cooperative plan consistent with this chapter or ch. 185
“Member" means a person reflected on the books of the cooperative as the owner of governance rights of a membership interest of the cooperative. The term includes patron and nonpatron members.
“Membership interest" means a member's interest in a cooperative, consisting of a member's financial rights, a member's right to assign financial rights, a member's governance rights, and a member's right to assign governance rights. The term includes patron membership interests and nonpatron membership interests.
“Members' meeting" means a regular or special members' meeting.
“Nonpatron member" means a member who holds a nonpatron membership interest.
“Nonpatron membership interest" means a membership interest that does not require the holder to conduct patronage business for or with the cooperative to receive financial rights or distributions.
“Patron" means a person or entity who conducts patronage with the cooperative.
“Patronage" means transactions or services done for or with a cooperative as defined by the cooperative.
“Patron member" means a member holding a patron membership interest.
“Patron membership interest" means a membership interest requiring the holder to conduct patronage for or with the cooperative, as specified by the cooperative, to receive financial rights or distributions.
“Sign" means to execute or adopt a manual, facsimile, conformed, or electronic signature or any symbol with intent to authenticate a writing and, with respect to a document required under this chapter to be filed with the department, with authority to do so under this chapter and under the articles, bylaws, or a resolution approved by the directors or members.
“Writing" means information that is inscribed on a tangible medium or that is stored in an electronic or other intangible medium and is retrievable in perceivable form.
History: 2005 a. 441
Use of term “cooperative" restricted. 193.105(1)(1)
Use of term “cooperative" restricted.
A business entity may not use the term “cooperative" as part of its business name or title or represent itself as a cooperative, in this state, unless the business entity is a cooperative or foreign cooperative or is organized under ch. 185
Penalty for misuse of term “cooperative".
A business entity that violates sub. (1)
may be fined not more than $250. Each day of improper use constitutes a separate offense.
History: 2005 a. 441
Filing fees and other requirements. 193.111(1)(1)
Except as provided under sub. (2)
, the department shall charge and collect for:
Filing articles for a new cooperative, $25, if the new cooperative is organized with no capital stock. If the new cooperative is organized with capital stock, the department may charge $1.25 for each $1,000 of capital stock, or $25, whichever is greater.
Filing an amendment to or restatement of the articles or articles of consolidation or division, $25, except that no fee may be collected for any of the following:
An amendment showing only a change of address resulting from the action of a governmental agency if there is no corresponding change in physical location and if 2 copies of the notice of the action are submitted to the department.
An amendment or statement filed to reflect only a change in the name of a registered agent.
Receiving service of any process, notice, or demand, authorized to be served on the department by this chapter, an amount equal to the fee established under s. 182.01 (4) (c)
Filing a report of names and addresses of officers or directors, $3.
Processing in an expeditious manner a document required or permitted to be filed or recorded under this chapter, an amount equal to the fee established under s. 182.01 (4) (d)
, in addition to the fee required by other provisions of this chapter.
The department, by rule, may specify a larger fee for filing documents described in sub. (1)
in paper format.
No document may be filed or recorded until all fees for the document have been paid.
The department shall endorse on any document filed with the department the word “filed" or a similar word determined by the department and the month, day, and year of filing, record the document in the office of the department, and return the document to the person or entity who delivered it for filing.
History: 2005 a. 441
Registered office and agent. 193.115(1)(1)
Registered office and agent required.
A cooperative shall establish and continuously maintain in this state all of the following:
A registered office which may be, but need not be, the same as the cooperative's place of business.
A registered agent, which agent may be an individual resident of this state whose business office is identical to the registered office, a domestic business entity, or a foreign business entity authorized to transact business in this state, having an office identical to the registered office.
Designation of initial office and agent.
The organizers of a cooperative shall designate the cooperative's initial registered office and agent by filing with the department, along with the original articles of organization under s. 193.215 (1)
, a statement setting forth all of the following:
That the address of its registered office and the address of the business office of its registered agent are identical.
Change of office and agent.
Except as provided in sub. (5)
, a cooperative may change its registered office or agent by filing with the department a statement setting forth all of the following: