Wis. Stat. § 185.38
Disposition of assets; right to secure debts
Redline — January 1, 2003 → current.View current text →
Current — January 1, 2017
As of January 1, 2003
(1) Except as authorized by the members, the board may not dispose of all or substantially all of a cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if: (a) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and (b) Such disposition has been approved by two-thirds of those entitled to vote thereon voting at the meeting.
(1) Except as authorized by the members, the board may not dispose of all or substantially all of a cooperative's assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's assets if: (a) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and (b) Such disposition has been approved by two-thirds of those entitled to vote thereon voting at the meeting. (1m) (a) Except as authorized by the members, the board may not dispose of a cooperative's assets under any of the following circumstances: 1. Other than in the ordinary course of business. 2. In a manner that jeopardizes the purpose for which the cooperative was created or its financial vitality. (b) At any meeting the members may authorize the disposition of a cooperative's assets under circumstances described in par. (a) if all of the following apply: 1. Notice that the disposition will be considered at the meeting has been given to all persons entitled to vote on the matter. 2. The disposition has been approved by two-thirds of those entitled to vote on the matter who vote at the meeting.
(2) Unless the bylaws provide otherwise, the board may secure payment of a cooperative's debts by mortgaging the cooperative's rights, privileges, authority and franchises, revenues and other property.
(2) Unless the bylaws provide otherwise, the board may secure payment of a cooperative's debts by mortgaging the cooperative's rights, privileges, authority and franchises, revenues and other property.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.