Wyo. Stat. Ann. § 17-19-1807

Transition of mutual benefit corporations to for profit status

Applied in 2 court decisions — leading case Barbara Campbell and William Loveland, On Behalf of Themselves and as Representatives of a Class of Similarly Situated Persons v. Chris Davidson Tri-County Telephone Association, Inc., a Wyoming Corporation Dalin Winters Clifford Alexander J.O. Sutherland Daniel Greet John K. Johnson Neil Schlenker Bht Investments, Llc, a Wyoming Limited Liability Company Bht Holdings, Inc., a Wyoming Corporation Bht Merger Corporation, a Wyoming Corporation and Steve Harper (2023)

Most recently applied in Barbara Campbell and William Loveland, On Behalf of Themselves and as Representatives of a Class of Similarly Situated Persons v. Chris Davidson Tri-County Telephone Association, Inc., a Wyoming Corporation Dalin Winters Clifford Alexander J.O. Sutherland Daniel Greet John K. Johnson Neil Schlenker Bht Investments, Llc, a Wyoming Limited Liability Company Bht Holdings, Inc., a Wyoming Corporation Bht Merger Corporation, a Wyoming Corporation and Steve Harper (October 2023)

(a) Any corporation organized under this chapter which is a mutual benefit corporation may become a corporation organized under the Wyoming Business Corporation Act by filing amended articles of incorporation complying with the Wyoming Business Corporation Act, providing that the corporation shall become a for profit corporation upon filing the amended articles or on a specific date set in the articles if:

(i) The members are entitled to reasonable notice of the impending change;

(ii) Any members dissenting from the change are entitled to the benefits dissenting shareholders would be entitled to under W.S. 17-16-1320 through 17-16-1331 in proportion to the members' rights to assets in the event of dissolution of the corporation;

(iii) The transition to for profit status shall not impair the obligation or liability of the corporation to others existing at the time of the transition of the corporation; and (iv) The corporation is not a cooperative utility pursuant to the Wyoming Cooperative Utilities Act.

Official source: Wyoming Legislature. Reproduced from public-domain Wyoming statutes; confirm against the official source for the current text. Not legal advice.