185.363 Reliance by directors or officers. Unless the director or officer has knowledge that makes reliance unwarranted, a director or officer, in discharging his or her duties to the cooperative, may rely on information, opinions, reports or statements, any of which may be written or oral, formal or informal, including financial statements and other financial data, if prepared or presented by any of the following:
(1) An officer or employee of the cooperative whom the director or officer believes in good faith to be reliable and competent in the matters presented.
(2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.
(3) In the case of reliance by a director, a committee of the board of which the director is not a member if the director believes in good faith that the committee merits confidence.
History: 1987 a. 13; 2001 a. 16.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
185.031 - Refunds after forfeiture.
185.033 - Restriction on changes to articles.
185.034 - Definitions applicable to indemnification and insurance provisions.
185.035 - Mandatory indemnification.
185.036 - Determination of right to indemnification.
185.037 - Allowance of expenses as incurred.
185.038 - Additional rights to indemnification and allowance of expenses.
185.039 - Court-ordered indemnification.
185.04 - Indemnification and allowance of expenses of employees and agents.
185.042 - Indemnification and insurance against securities law claims.
185.045 - Reserved or registered name.
185.06 - Organization meetings.
185.08 - Principal office; registered agent; service of process.
185.09 - Promotion expense; limitation.
185.15 - Notice to members, stockholders or other persons; waiver.
185.21 - Stock; authorization, issuance, control, use, rights.
185.22 - Subscriptions for stock; liability therefor.
185.23 - Missing securities or records.
185.24 - Liability of cooperative for wrongful transfers of its securities.
185.25 - Applicability of ch. 408 to cooperative securities.
185.31 - Directors; number, election, removal and vacancies.
185.32 - Directors; meetings, quorum and waiver of notice.
185.34 - Action without meeting by directors or members.
185.36 - Compensation and benefits to directors, officers and employees.
185.363 - Reliance by directors or officers.
185.365 - Consideration of interests in addition to members' and stockholders' interests.
185.367 - Limited liability of directors and officers.
185.37 - Liability of directors and members.
185.38 - Disposition of assets; right to secure debts.
185.41 - Cooperative contracts.
185.42 - Recording of cooperative contracts; effect thereof.
185.43 - Relief against breach or threatened breach.
185.44 - Application of ss. 185.41 to 185.43; venue of action.
185.45 - Apportionment and distribution of proceeds.
185.47 - Financial books and records; penalty for refusal to produce.
185.48 - Annual reports; filing thereof.
185.50 - Income or franchise tax returns.
185.51 - Amendments to articles.
185.52 - Stockholder voting on amendments to articles.
185.53 - Filing and recording amendments; effect thereof.
185.55 - Amendments by bankruptcy court.
185.61 - Merger and consolidation.
185.62 - Articles of merger or consolidation; effect thereof.
185.63 - Division of a cooperative.
185.64 - Conversion of corporation.
185.71 - Voluntary dissolution.
185.72 - Involuntary dissolution.
185.73 - Liquidation under court supervision.
185.74 - Property not distributed prior to dissolution.
185.76 - Survival of remedy after dissolution.
185.81 - Admission of foreign cooperatives.
185.815 - Recording change of principal office or registered agent.
185.82 - Procedure on filing and recording of documents.
185.825 - Penalty for false document.
185.84 - Fees or penalty due state.
185.85 - Forms to be furnished by department of financial institutions.
185.91 - Voting requirements of articles.
185.92 - Effect of unauthorized acts.
185.93 - Member or stockholder derivative actions.
185.94 - Use of term “cooperative"; penalty for improper use.
185.95 - Discrimination against association.
185.96 - Application of chapter.
185.981 - Cooperative health care.
185.982 - Manner of practicing medicine, chiropractic and dentistry; payment; promotional expense.
185.983 - Requirements of plan.
185.985 - Inconsistent provisions of the statutes.
185.99 - Health benefit purchasing cooperatives.
185.995 - Extensions of credit by electric cooperatives for certain projects.