CHAPTER 182
MISCELLANEOUS CORPORATE PROVISIONS; TURNPIKE CORPORATIONS
182.001 Corporations and trusts prohibited from owning or carrying on farming operations.
182.004 Housing corporations.
182.005 Water reservoirs.
182.007 Charitable corporations and community funds, amending articles.
182.01 Business records; other duties of department of financial institutions.
182.011 Corporate powers.
182.012 Special power to transfer property of nonstock corporation.
182.0135 Public utility corporation directors; not to delegate duty to manage; removal by commission.
182.016 River improvement corporations may flow lands.
182.017 Transmission lines; privileges; damages.
182.0175 Damage to transmission facilities.
182.018 Wires over railroads.
182.019 Damages for nondelivery of message or power.
182.020 Driving park corporation.
182.027 Lyceum, libraries and art galleries.
182.028 School corporations.
182.029 Universities and colleges may unite.
182.030 Corporations having church affiliations.
182.031 Railway equipment companies.
182.104 Title to property after dissolution.
182.202 Mutual telecommunications company; quorum; proxies.
182.219 Mutual telecommunications company; dividends.
182.220 Examination by attorney general and legislature.
182.23 Facsimile signatures on corporate obligations.
182.24 Transfers from joint tenants.
182.25 Stock transfers on books, how compelled.
182.30 Turnpike act; title.
182.33 Additional powers.
182.34 Issuance of bonds.
182.35 Acquisition of lands and interests therein.
182.36 Authority to construct grade separations and relocate public roads, streets, highways, railroads and public utilities.
182.37 Rights of public utilities.
182.39 Use of state lands.
182.41 Corporation to be nonprofit.
182.42 Not to be considered public utilities.
182.43 Underpass authorized.
182.44 Limitations on powers.
182.47 Motor vehicle laws to apply.
182.48 State may acquire.
182.50 Establishment of foreign trade zones.
182.70 Wisconsin Valley Improvement Company.
182.71 The Chippewa and Flambeau Improvement Company.
182.001
182.001
Corporations and trusts prohibited from owning or carrying on farming operations. 182.001(1)(1)
Prohibition. No corporation or trust may own land on which to carry on farming operations under sub.
(3) or carry on farming operations under sub.
(3), unless the corporation or trust meets the following standards:
182.001(1)(a)
(a) Its shareholders or beneficiaries do not exceed 15 in number. Lineal ancestors and lineal descendants, whether by blood or by adoption, and aunts, uncles and 1st cousins thereof count collectively as one shareholder or beneficiary for purposes of this paragraph, but this collective authorization shall not be used for more than one family in a single corporation or trust.
182.001(1)(b)
(b) It does not have more than 2 classes of shares.
182.001(1)(c)
(c) All its shareholders or beneficiaries, other than any estate, are natural persons.
182.001(2)(a)
(a) Notwithstanding the prohibition in sub.
(1), a corporation or trust may own land on which to carry on farming operations if the land is acquired by bequest or devise or is acquired in the regular course of business in partial or full satisfaction of any mortgage, lien or other encumbrance held or owned by the corporation or trust on the land, provided the land is sold or otherwise transferred within 5 years after such acquisition and provided the sale or transfer can be made at fair market value.
182.001(2)(b)
(b) This section does not apply to a small business investment corporation, or to any corporation acting as a personal representative or trustee or in any similar fiduciary capacity where the trust meets the standards under sub.
(1).
182.001(2)(c)2.
2. Acquired by a corporation in the normal expansion of land owned by the corporation and used for agricultural purposes on June 5, 1974, provided that such expansion does not increase the acreage of such land by more than 20 percent in any 5-year period.
182.001(2)(c)3.
3. Acquired by a corporation to meet pollution control requirements.
182.001(2)(d)
(d) This section does not apply to farms engaged primarily in research, breeding operations or the production of any crop primarily for seed.
182.001(2)(e)
(e) This section does not apply to agricultural land acquired by a corporation or trust for expansion or other corporate or trust business purposes and such land may be used for farming operations if leased to a person not prohibited from engaging in farming operations under sub.
(3).
182.001(2)(f)
(f) This section does not apply to the use of land prohibited under sub.
(3) when such use is incidental to the principal purpose for which the property is held and which purpose is not prohibited by sub.
(3).
182.001(3)
(3) Prohibited activities. Those farming operations prohibited under this section are the production of dairy products not including the processing of such dairy products; the production of cattle, hogs and sheep; and the production of wheat, field corn, barley, oats, rye, hay, pasture, soybeans, millet, sorghum, and hemp.
182.001(4)
(4) Penalty for noncompliance. Any corporation or trust violating this section or any injunction or order issued under this section shall forfeit not more than $1,000 for each violation. Each day of violation shall constitute a separate offense. In addition, the district attorney of any county in which a corporation or trust has acquired land on which to carry on farming operations or in which a corporation or trust commences farming operations shall bring an action to enjoin such operations when it appears there is probable cause to believe that a violation of this section has occurred. The court may permit normal farming operations to be carried on when necessary to prevent loss or damage in any instance arising under this subsection. The action also shall request a court order requiring the corporation or trust to divest itself of such land within a reasonable period of time.
182.004
182.004
Housing corporations. 182.004(1)(1)
The articles of a corporation formed for the purpose of acquiring land, platting the same, erecting houses thereon and otherwise improving and developing the same, shall state that the purpose is to form a housing corporation under these statutes. The articles shall further provide for the issuance of preferred stock, and for the payment of dividends thereon, at a specified rate, before dividends are paid upon common stock, and for the accumulation of such dividends. No preference shall be given to such preferred stock in the distribution of the corporate assets other than profits.
182.004(2)
(2) Such corporation shall have the powers enumerated in ss.
180.0302 and
180.1202, except as herein provided otherwise.
182.004(3)
(3) Such corporation shall have the following additional powers:
182.004(3)(a)
(a) To acquire land and plat the same, laying out streets, lots, playgrounds and such other subdivisions as it may deem best; but no plat shall be valid until approved by the public land commission or city planning commission of the city in which the property of such corporation is located, or if such land be located within 6 miles of a 1st class city, by the public land commission or city planning commission of the 1st class city, if there be a public land commission or city planning commission in the city, and until accepted by the common council of the city within which the land is located, or if within 6 miles of a 1st class city, until accepted by the common council of such 1st class city; and no land shall be acquired by the corporation in any city or within 6 miles from the boundary of a city that has a local health department, as specified in s.
250.01 (4) (a) 2. or
3. or
(b), unless the location of such land has been approved by the local health department as a healthful location.
182.004(3)(b)
(b) To improve and develop said land for residential purposes; but no single dwelling shall be erected, the cost of which shall exceed $10,000, and sufficient ground space must be provided to furnish adequate air and light to the tenants thereof.
182.004(3)(c)
(c) To lease for indefinite periods parcels of land owned by it together with improvements thereon.
182.004(3)(d)
(d) To do all such other things as are reasonably necessary and proper to carry out the powers of said corporation, not inconsistent with the provisions of this section.
182.004(3)(e)
(e) To hold its first meeting and transact business with its members at any time after one-fourth of its capital stock shall have been subscribed; and may transact business with others than its members when one-fourth of its capital stock shall have been duly subscribed and one-tenth of its authorized capital stock actually paid in.
182.004(4)
(4) No land shall be sold by the corporation, except land not necessary or desirable for the purposes of the corporation, and except improved real estate where the entire purchase price is paid in cash, and except when acting pursuant to sub.
(11), and then only by a vote of three-fourths of the stock of the corporation then outstanding.
182.004(5)
(5) No lease of any land or buildings shall be made except to a stockholder for his or her use, and no tenant shall hold stock beyond the value of the premises occupied by him or her, except that single buildings designed, built and fit for more than one family may be leased in their entirety to a stockholder, who may sublease the portion not occupied by himself or herself or his or her family to any person; but leases for an indefinite period may be made to American soldiers, sailors or marines of World War I and World War II, who are not stockholders. The corporation may also lease land to the city, town or county for any use consistent with the residential district, or to a private individual or association of the corporation, for a use beneficial to the tenants of said land. No lease shall be terminated by the corporation without the consent of the lessee, except for violation of the terms of the lease, and then only in the manner provided by law. A lease may be terminated at any time by a tenant, except that the corporation may require not to exceed 90 days' notice thereof. At the termination of a lease of a stockholder, the corporation shall cancel his or her stock, and shall be liable to him or her for the amount paid thereon, less any lawful claims of the corporation against him or her. If the corporation is unable to sell said stock at the termination of the lease, it shall give him or her, in lieu of said stock, its promissory note for the net amount due him or her, payable on or before one year from the date thereof, with interest at the rate of 5 percent per year. Such stock shall be resold for not less than par before any unissued stock is sold, and as soon as sold, there shall be paid to the former owner thereof the amount due him or her from the corporation; provided, the corporation may pay the amount due either at the time of the termination of the lease or at any other time before the expiration of said year, whether said stock has been sold or not.
182.004(6)
(6) Stock may be issued and leases made to husband and wife, and to the survivor of them, in which event title shall descend the same as in like conveyances of real property subject to ch.
766. Otherwise, title to the stock and lease shall descend to the persons to whom a homestead of the stockholder would descend except as provided in ch.
766. The interest of a tenant in the lease and stock shall be exempt from execution to the same extent as a homestead in real estate.
182.004(7)
(7) Stock shall be sold upon such terms and conditions as may be provided in the articles or bylaws of the corporation. Sections
180.0623 and
180.0640 shall not apply to corporations organized under this section, but no dividends shall be declared until a surplus fund shall have been created equal to 2 percent of the paid-in preferred stock and paid-in common stock, nor shall any dividends ever be declared which will impair the capital or such surplus, and no dividend exceeding 5 percent per year shall be paid except to a tenant stockholder. There shall also be annually set aside 10 percent of the year's profits for the purpose of retiring preferred stock.
