180.1622(4)(4) If an annual report does not contain the information required by this section, the department shall promptly notify the reporting domestic corporation or foreign corporation in writing and return the report to it for correction. The notice shall comply with s. 180.0141. If the annual report is corrected to contain the information required by this section and delivered to the department within 30 days after the effective date of the notice under s. 180.0141 (5), the annual report is timely filed. 180.1622(5)(5) An annual report is effective on the date that it is filed by the department. 180.1622(6)(6) If an annual report contains a registered office or registered agent which differs from the information shown in the records of the department immediately before the report becomes effective, the differing information is considered a statement of change under s. 180.0502 or 180.1508. APPLICATION OF THIS CHAPTER
180.1701180.1701 Definition. In this subchapter, “shares of a preexisting class” means shares of a class for which shares were authorized before January 1, 1991, whether the shares were issued before, on or after January 1, 1991. 180.1701 HistoryHistory: 1989 a. 303. 180.1703180.1703 Application to domestic corporations. Except as provided in ss. 180.1705 to 180.1708, beginning on January 1, 1991, this chapter applies to all of the following: 180.1703(1)(1) Except as provided in sub. (2), any domestic corporation with capital stock, regardless of when it was organized and whether for profit or not, but a domestic corporation organized under provisions other than those in this chapter and corresponding prior general corporation laws is subject to this chapter only to the extent that it is not inconsistent with those provisions. 180.1703(2)(2) Any domestic corporation with capital stock but not organized for profit that was organized before July 1, 1953, under the general corporation laws or any special statute or law of this state and that has not elected to be subject to ch. 181, only to the extent that the provisions of this chapter are not inconsistent with the articles of incorporation or form of organization of the domestic corporation or with any provisions elsewhere in the statutes or under any special law relating to the domestic corporation. 180.1703 HistoryHistory: 1989 a. 303. 180.1704180.1704 Application to foreign corporations. Except as provided in s. 180.1708, this chapter applies to all foreign corporations transacting business in this state on or after January 1, 1991. The enactment of this chapter does not require a foreign corporation authorized to transact business in this state on January 1, 1991, to obtain a new certificate of authority under subch. XV. 180.1704 HistoryHistory: 1989 a. 303. 180.1704 AnnotationAs evidenced by the enactment of this section, the state has an interest in having its laws applied to corporations, and their officers and directors, transacting business within the state. Beloit Liquidating Trust v. Grade, 2004 WI 39, 270 Wis. 2d 356, 677 N.W.2d 298, 02-2035. 180.1705180.1705 Existing preemptive rights preserved. Section 180.0630 does not apply to shares of a preexisting class. Except to the extent limited or denied by this section or by the articles of incorporation, shareholders of shares of a preexisting class have a preemptive right to acquire unissued shares or securities convertible into unissued shares or carrying a right to subscribe to or acquire shares. Unless otherwise provided in the articles of incorporation, all of the following apply to shareholders of shares of a preexisting class: 180.1705(1)(1) No preemptive rights exist to acquire any of the following: 180.1705(1)(a)(a) Any shares issued to directors, officers or employees pursuant to approval by the affirmative vote of the holders of a majority of the shares entitled to vote thereon or when authorized by and consistent with a plan approved by such a vote of shareholders. 180.1705(1)(b)(b) Any shares, convertible securities or rights issued for a consideration other than cash. 180.1705(2)(2) Holders of shares of any class that is preferred or limited as to dividends or assets are not entitled to any preemptive right. 180.1705(3)(3) Holders of shares of common stock are not entitled to any preemptive right to shares of any class that is preferred or limited as to dividends or assets or to any obligations, unless convertible into shares of common stock or carrying a right to subscribe to or acquire shares of common stock. 180.1705(4)(4) Holders of common stock without voting power shall have no preemptive right to shares of common stock with voting power. 180.1705(5)(5) The preemptive right is only an opportunity to acquire shares or other securities under such terms and conditions as the board of directors may fix for the purpose of providing a fair and reasonable opportunity for the exercise of such right. 180.1705 HistoryHistory: 1989 a. 303; 1991 a. 16. 180.1706180.1706 Certain voting requirements preserved. 180.1706(1)(1) Except to the extent that the corporation’s articles of incorporation are amended to provide that the voting requirements of s. 180.1003 (3), 180.11032 (3), 180.1202 (3), 180.1402 (3) or 180.1404 (2) apply, subs. (2) and (3) govern the shareholder vote required on a proposal concerning a subject covered by s. 180.1003 (3), 180.11032 (3), 180.1202 (3), 180.1402 (3) or 180.1404 (2) if the corporation was organized before January 1, 1973, and has not expressly elected, before January 1, 1991, majority or greater affirmative voting requirements under s. 180.25 (2) (a), 1987 stats., with respect to the subject matter of the proposal. 180.1706(2)(a)(a) By the affirmative vote of the holders of two-thirds of the shares entitled to vote on the proposal, unless par. (b) applies. 180.1706(2)(b)(b) If any class or series of shares is entitled to vote on the proposal as a class, by the affirmative vote of all of the following: 180.1706(2)(b)1.1. The holders of two-thirds of the shares of each class of shares and of each series entitled to vote as a class. 180.1706(2)(b)2.2. The holders of two-thirds of the total shares entitled to vote on the proposal. 180.1706(3)(3) Whenever, with respect to a proposal described in sub. (1), the articles of incorporation require the vote or concurrence of the holders of a greater proportion of the shares, or of any class or series of shares, than is required by sub. (2), the provisions of the articles of incorporation shall control. 180.1706(4)(4) If a corporation has a bylaw in effect on December 31, 1990, that establishes a greater shareholder voting requirement than one required under this chapter, that voting requirement applies until the bylaw is amended or repealed. 180.1707180.1707 Certain class voting rights preserved. 180.1707(1)(1) Sections 180.1004 and 180.11032 (4) do not apply to shares of a preexisting class if a corporation in existence on January 1, 1991 provides in its articles of incorporation that subs. (2) and (3), in lieu of ss. 180.1004 and 180.11032 (4), govern whether shares of a preexisting class are entitled to vote as a class on a proposed amendment to the articles of incorporation or plan of merger. 180.1707(2)(a)(a) The holders of the outstanding shares of a preexisting class subject to this subsection may vote as a class upon a proposed amendment to the articles of incorporation, whether or not entitled to vote thereon by the articles of incorporation, if the amendment would do any of the following with respect to that class: 180.1707(2)(a)1.1. Increase or decrease the aggregate number of authorized shares of the class, except a decrease of authorized but unissued shares of the class. 180.1707(2)(a)2.2. Effect an exchange, reclassification or cancellation of all or part of the shares of the class, except a reclassification of unissued shares or treasury shares into shares of a subordinate and inferior class or a cancellation thereof. 180.1707(2)(a)3.3. Effect or require an exchange or conversion, or create a right of exchange or conversion, of all or any part of the shares of another class into the shares of the class. 180.1707(2)(a)4.4. Change in a manner prejudicial to the holders of outstanding shares of the class, the designations, preferences, limitations or relative rights of the shares of the class or of any other class. 180.1707(2)(a)5.5. Change the shares of the class into a different number of shares of the same class or into the same or a different number of shares of another class or classes. 180.1707(2)(a)6.6. Create a new class or enlarge an existing class of shares having rights or preferences prior or superior to the shares of the class, or increase the rights or preferences of any class having rights or preferences prior or superior to the shares of the class. 180.1707(2)(a)7.7. In the case of a preferred or special class of shares, divide the shares of the class into series and fix and determine the designation of the series and the variations in the relative rights and preferences between the shares of the series, or authorize the board of directors to fix and determine the designation and the relative rights and preferences of authorized but unissued shares of the series. 180.1707(2)(a)8.8. Limit or deny any existing preemptive rights of the shares of the class. 180.1707(2)(a)9.9. Cancel or otherwise affect dividends on the shares of the class which have accrued but have not been declared. 180.1707(2)(b)(b) Whenever an amendment described in par. (a) shall affect the holders of shares of one or more but not all of the series of any preferred or special class of shares of a preexisting class that are at the time outstanding, the holders of the outstanding shares of the series affected thereby shall for the purposes of this section be considered a separate class and entitled to vote as a class on such amendment. 180.1707(3)(3) Shares of a preexisting class subject to this subsection may vote as a class on a plan of merger if the plan of merger contains any provision which, if contained in a proposed amendment to the articles of incorporation, would entitle the shares of a preexisting class to vote as a class. 180.1708180.1708 Applicability of various provisions. 180.1708(1)(1) Filing duty; appeal. Sections 180.0125 and 180.0126 apply to a document delivered to the department for filing on or after January 1, 1991. 180.1708(2)(2) Distributions to shareholders. Section 180.0640 applies to a distribution authorized by the board of directors on or after January 1, 1991. 180.1708(3)(3) Special shareholders’ meeting. Section 180.0702 (1) (b) and (2) applies to a demand for a special meeting of shareholders that is delivered to the corporation on or after January 1, 1991. 180.1708(4)(a)(a) Sections 180.1003, 180.1004 and 180.1007 (3) apply to an amendment to or restatement of the articles of incorporation requiring shareholder approval about which notice of a shareholders’ meeting is delivered on or after January 1, 1991. 180.1708(4)(b)1.1. An amendment or restatement adopted by the board of directors or incorporators on or after January 1, 1991. 180.1708(4)(b)2.2. An amendment or restatement requiring shareholder approval about which a notice of a shareholders’ meeting is delivered on or after January 1, 1991. 180.1708(6)(6) Sale of assets. Section 180.1202 applies to a sale, lease, exchange or other disposition of property requiring shareholder approval, and ss. 180.1301 to 180.1331 apply to dissenters’ rights arising from a sale, lease, exchange or other disposition of property requiring shareholder approval, that is approved by the board of directors on or after January 1, 1991. 180.1708(7)(a)2.2. By the shareholders, if the corporation delivers notice of the shareholders’ meeting under s. 180.1402 (2) on or after January 1, 1991. STATUTORY CLOSE CORPORATIONS
180.1801(2)(2) Except as provided in sub. (3), if an election is made to be a statutory close corporation, ss. 180.1801 to 180.1837 control in the event of conflict with other sections of this chapter. 180.1801 HistoryHistory: 1989 a. 303. 180.1801 AnnotationThe enactment of the statutory close corporation statutes did not preempt existing common law rights, and those statutes do not provide exclusive remedies for close corporations. Jorgensen v. Water Works, Inc., 218 Wis. 2d 761, 582 N.W.2d 98 (Ct. App. 1998), 97-1729. 180.1801 AnnotationFiduciary Duties in the Wisconsin Close Corporation: Time to Set the Law Straight. McNamara. 100 MLR 1445 (2017).
180.1803180.1803 Election. A corporation organized under this chapter and having 50 or fewer shareholders at the time of election may become a statutory close corporation by amending its articles of incorporation to include the statement required under s. 180.1801. The amendment shall be approved by the holders of at least two-thirds of the votes of each class or series of shares of the corporation, voting as separate voting groups, whether or not otherwise entitled to vote on amendments. If the amendment is approved, a shareholder who did not vote in favor of the amendment is entitled to assert dissenters’ rights under ss. 180.1301 to 180.1331. 180.1803 HistoryHistory: 1989 a. 303. 180.1805180.1805 Share transfer restrictions. No interest in shares of a statutory close corporation may be transferred without the written consent of all shareholders holding voting stock, unless the interest is transferred in any of the following circumstances: 180.1805(2)(2) To the corporation or to any other holder of the same class or series of shares.
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Chs. 178-226, Partnerships and Corporations; Transportation; Utilities; Banks; Savings Associations
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