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181.1006(4) (4)Notice requirements. If the board seeks to have the restatement approved by the members at a membership meeting, the corporation shall notify each of its members of the proposed membership meeting in writing in accordance with s. 181.0705. The notice must also state that the purpose, or one of the purposes, of the meeting is to consider the proposed restatement and contain or be accompanied by a copy or summary of the restatement that identifies any amendments or other change it would make in the articles of incorporation.
181.1006(5) (5)Approval by written ballot or consent. If the board seeks to have the restatement approved by the members by written ballot or written consent, the material soliciting the approval shall contain or be accompanied by a copy or summary of the restatement that identifies any amendments or other change it would make in the articles of incorporation.
181.1006(6) (6)Voting requirements. A restatement requiring approval by the members must be approved by the same vote as an amendment to articles of incorporation under s. 181.1003.
181.1006(7) (7)Approval by 3rd persons. If the restatement includes an amendment requiring approval pursuant to s. 181.1030, the board must submit the restatement for such approval.
181.1006(8) (8)Filing requirements. A corporation restating its articles of incorporation shall deliver to the department for filing articles of restatement setting forth the name of the corporation and the text of the restated articles of incorporation together with a certificate including all of the following information:
181.1006(8)(a) (a) Whether the restatement contains an amendment to the articles of incorporation requiring approval by the members or any other person other than the board and, if it does not, that the board adopted the restatement.
181.1006(8)(b) (b) If the restatement contains an amendment to the articles of incorporation requiring approval by the members, the information required by s. 181.1005.
181.1006(8)(c) (c) If the restatement contains an amendment to the articles of incorporation requiring approval by a person whose approval is required under s. 181.1030, a statement that such approval was obtained.
181.1006(8)(d) (d) A statement that the restated articles of incorporation supersede and take the place of the existing articles of incorporation and any amendments to the articles of incorporation.
181.1006 History History: 1997 a. 79.
181.1007 181.1007 Amendment of articles of incorporation pursuant to judicial reorganization.
181.1007(1)(1)When authorized. A corporation's articles of incorporation may be amended without board approval or approval by the members or approval required under s. 181.1030 to carry out a plan of reorganization ordered or decreed by a court of competent jurisdiction under federal statute if the articles of incorporation after amendment contain only provisions required or permitted under s. 181.0202.
181.1007(2) (2)Filing requirement. The individual or individuals designated by the court shall deliver to the department for filing articles of amendment that include all of the following information:
181.1007(2)(a) (a) The name of the corporation.
181.1007(2)(b) (b) The text of each amendment approved by the court.
181.1007(2)(c) (c) The date of the court's order or decree approving the articles of amendment.
181.1007(2)(d) (d) The title of the reorganization proceeding in which the order or decree was entered.
181.1007(2)(e) (e) A statement that the court had jurisdiction of the proceeding under federal statute.
181.1007(3) (3)Applicability. This section does not apply after entry of a final decree in the reorganization proceeding even though the court retains jurisdiction of the proceeding for limited purposes unrelated to consummation of the reorganization plan.
181.1007 History History: 1997 a. 79.
181.1008 181.1008 Effect of amendment and restatement of articles of incorporation.
181.1008(1)(1)Rights and proceedings not affected. An amendment to a corporation's articles of incorporation, including a restatement of its articles of incorporation under s. 181.1006 that includes an amendment to its articles of incorporation, does not affect any of the following:
181.1008(1)(a) (a) A cause of action existing against or in favor of the corporation.
181.1008(1)(b) (b) A civil, criminal, administrative or investigatory proceeding to which the corporation is a party.
181.1008(1)(c) (c) The existing rights of persons other than members of the corporation.
181.1008(2) (2)Proceedings not abated. An amendment, or a restatement including an amendment, changing a corporation's name does not abate a civil, criminal, administrative or investigatory proceeding brought by or against the corporation in its former name.
181.1008 History History: 1997 a. 79.
181.1020 181.1020 Amendment of bylaws by directors. If a corporation has no members with voting rights, its incorporators, until directors have been chosen, and thereafter its board, may adopt amendments to the corporation's bylaws subject to any approval required under s. 181.1030. The corporation shall provide notice of any meeting of the board at which an amendment is to be approved. The notice shall be in accordance with s. 181.0822 (3). The notice must also state that the purpose, or one of the purposes, of the meeting is to consider a proposed amendment to the bylaws and contain or be accompanied by a copy or summary of the amendment or state the general nature of the amendment. The amendment must be approved by a majority of the directors in office at the time that the amendment is adopted.
181.1020 History History: 1997 a. 79.
181.1021 181.1021 Amendment of bylaws by directors and members.
181.1021(1)(1)By board. A corporation's board may amend or repeal the corporation's bylaws or adopt new bylaws except to the extent that any of the following applies:
181.1021(1)(a) (a) The articles of incorporation or any other provision of this chapter reserves that power exclusively to the members.
181.1021(1)(b) (b) The members, in adopting, amending or repealing a particular bylaw, provide within the bylaw that the board may not amend, repeal or readopt that bylaw.
181.1021(2) (2)By members with voting rights. A corporation's members with voting rights may amend or repeal the corporation's bylaws or adopt new bylaws even though the board may also amend or repeal the corporation's bylaws or adopt new bylaws.
181.1021 History History: 1997 a. 79.
181.1022 181.1022 Class voting by members on amendments of bylaws.
181.1022(1)(1)When class entitled to vote. The members of a class in a corporation are entitled to vote as a class on a proposed amendment to the bylaws if the amendment does any of the following:
181.1022(1)(a) (a) Affects the rights, privileges, preferences, restrictions or conditions of that class as to voting, dissolution, redemption or transfer of memberships in a manner different than such amendment would affect another class.
181.1022(1)(b) (b) Changes the rights, privileges, preferences, restrictions or conditions of that class as to voting, dissolution, redemption or transfer by changing the rights, privileges, preferences, restrictions or conditions of another class.
181.1022(1)(c) (c) Increases or decreases the number of memberships authorized for that class.
181.1022(1)(e) (e) Effects an exchange, reclassification or termination of all or part of the memberships of that class.
181.1022(2) (2)Approval by each class required. If a class is to be divided into 2 or more classes as a result of an amendment to the bylaws, the amendment must be approved by the members of each class that would be created by the amendment.
181.1022(3) (3)Voting requirements. Unless otherwise provided in the articles of incorporation or bylaws, if a class vote is required to approve an amendment to the bylaws, the amendment must be approved by the members of the class by two-thirds of the votes cast by the class or a majority of the voting power of the class, whichever is less.
181.1022 History History: 1997 a. 79.
181.1030 181.1030 Approval by 3rd persons. The articles of incorporation may require an amendment to the articles of incorporation or bylaws to be approved in writing by a specified person other than the board. Such an article provision may only be amended with the approval in writing of the person.
181.1030 History History: 1997 a. 79.
subch. XI of ch. 181 SUBCHAPTER XI
MERGER, interest exchange,
CONVERSION, and domestication
181.1100 181.1100 Definitions. In this subchapter:
181.1100(1c) (1c)“Acquired entity" means the entity all of one or more classes or series of interests of which are acquired in an interest exchange.
181.1100(1e) (1e)“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.
181.1100(1g) (1g)“Business entity" means a domestic business entity and a foreign business entity.
181.1100(1j) (1j)“Constituent entity" means a merging entity or a surviving entity in a merger.
181.1100(1m) (1m)“Conversion" means a transaction authorized by ss. 181.1161 to 181.1165.
181.1100(1o) (1o)“Converted entity" means the converting entity as it continues in existence after a conversion.
181.1100(1q) (1q)“Converting entity" means an entity that engages in a conversion.
181.1100(1s) (1s)“Domesticated entity" means the domesticating entity as it continues in existence after a domestication.
181.1100(1u) (1u)“Domesticating entity" means either a non-United States entity or a Wisconsin corporation that engages in a domestication.
181.1100(1w) (1w)“Domestication" means a transaction authorized by ss. 181.1171 to 181.1175.
181.1100(2) (2)“Domestic business entity" means a corporation, as defined in s. 180.0103 (5), a limited liability company, as defined in s. 183.0102 (8), a foreign partnership, as defined in s. 178.0102 (6), a partnership, as defined in s. 178.0102 (11), a limited partnership, as defined in s. 179.0102 (12), or a corporation, as defined in s. 181.0103 (5).
181.1100(3) (3)“Foreign business entity" means a foreign limited liability company, as defined in s. 183.0102 (5), a foreign partnership, as defined in s. 178.0102 (6), a foreign limited partnership, as defined in s. 179.0102 (6), a foreign corporation, as defined in s. 180.0103 (9), or a foreign corporation, as defined in s. 181.0103 (13).
181.1100(4) (4)“Interest" means any of the following:
181.1100(4)(a) (a) A share in a business corporation.
181.1100(4)(b) (b) A membership in a nonprofit or nonstock corporation.
181.1100(4)(c) (c) A partnership interest in a general partnership.
181.1100(4)(d) (d) A partnership interest in a limited partnership.
181.1100(4)(e) (e) A membership interest in a limited liability company.
181.1100(4)(f) (f) A membership interest or stock in a general cooperative association.
181.1100(4)(g) (g) A membership interest in a limited cooperative association.
181.1100(4)(h) (h) A membership in an unincorporated association.
181.1100(4)(i) (i) A beneficial interest in a statutory trust, business trust, or common-law business trust.
181.1100(4)(j) (j) A comparable interest in any other type of unincorporated entity.
181.1100(5) (5)“Interest exchange" means a transaction authorized by ss. 181.1131 to 181.1135.
181.1100(6) (6)“Interest holder" means any of the following:
181.1100(6)(a) (a) A shareholder of a business corporation.
181.1100(6)(b) (b) A member of a nonprofit or nonstock corporation.
181.1100(6)(c) (c) A general partner of a general partnership.
181.1100(6)(d) (d) A general partner of a limited partnership.
181.1100(6)(e) (e) A limited partner of a limited partnership.
181.1100(6)(f) (f) A member of a limited liability company.
181.1100(6)(g) (g) A member or stockholder of a general cooperative association.
181.1100(6)(h) (h) A member of a limited cooperative association.
181.1100(6)(i) (i) A member of an unincorporated association.
181.1100(6)(j) (j) A beneficiary or beneficial owner of a statutory trust, business trust, or common-law business trust.
181.1100(6)(k) (k) Any other direct holder of an interest.
181.1100(7) (7)“Interest holder liability" means any of the following:
181.1100(7)(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:
181.1100(7)(a)1. 1. Solely by reason of the status of the person as an interest holder of the entity under its governing law.
181.1100(7)(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.
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