Wisconsin Statutes & Annotations
Chapter 193 - Unincorporated cooperative associations.
193.605 - Cooperative securities.

193.605 Cooperative securities.
(1) Applicability of ch. 408 to cooperative securities. To the extent that the provisions of this chapter concerning the authorization, issuance, control, use, and rights of membership interests or concerning the stock of a cooperative are inconsistent with ch. 408, the provisions of this chapter apply.
(2) Liability of cooperative for wrongful transfers of its securities.
(a) In this subsection:
1. “Proper person" means the registered owner or last prior transferee, whether or not described as fiduciary for another, or his or her authorized agent or legal representative or the successor to his or her interest by operation of law.
2. “Transfer" includes a redemption or recall of stock.
3. “Wrongful transfer" means a transfer which is in excess of the authorization or capacity of the transferor, or which is made in breach of the transferor's fiduciary duty.
(b) A cooperative may not be held liable for acting upon wrongful transfers of its securities which are not “securities" as defined in s. 408.102, unless it has notice that the certificate was not transferred by a proper person or has notice that the transfer was a wrongful transfer.
(3) Missing securities or records.
(a) When a security issued by a cooperative, which is not a “security" as defined in s. 408.102, is missing, the cooperative shall issue a duplicate security if the owner so requests and furnishes an indemnity acceptable to the cooperative.
(b) When records showing ownership of securities or apportionment of equity or membership interests are missing and the information therein contained is necessary to a proposed redemption of the interest, the cooperative may give notice and redeem by satisfying all of the following:
1. The cooperative shall set aside an amount equal to the value of the interests to be redeemed.
2. The cooperative shall give notice of such redemption to all owners of interests of which the cooperative has knowledge.
3. If there are interests, the ownership of which is unknown to the cooperative, it shall publish notice of the redemption at least once a month for 4 months in a publication circulated among members of cooperatives in the area, and also publish a class 3 notice, under ch. 985.
History: 2005 a. 441.

Structure Wisconsin Statutes & Annotations

Wisconsin Statutes & Annotations

Chapter 193 - Unincorporated cooperative associations.

193.001 - Citation.

193.005 - Definitions.

193.105 - Use of term “cooperative" restricted.

193.111 - Filing fees and other requirements.

193.115 - Registered office and agent.

193.121 - Legal recognition of electronic records and signatures.

193.201 - Organizational purpose.

193.203 - Exceptions.

193.205 - Organizers.

193.211 - Cooperative name.

193.215 - Articles of organization and notice of mailing address.

193.221 - Amendment of articles.

193.225 - Conversion to cooperative.

193.231 - Curative filing.

193.241 - Bylaws.

193.245 - Cooperative records.

193.301 - Cooperative powers.

193.305 - Emergency powers.

193.311 - Agricultural product and commodity marketing contracts.

193.315 - Indemnification and insurance against securities law claims.

193.401 - Board governs cooperative.

193.405 - Number of directors.

193.411 - Election of directors.

193.415 - Removal of directors.

193.417 - Resignation of directors.

193.421 - Filling vacancies.

193.423 - Allocation of voting authority among directors.

193.425 - Board meetings.

193.431 - Quorum; presence of objecting director.

193.435 - Actions of the board.

193.441 - Actions without a meeting.

193.443 - Board authority concerning certain cooperative property.

193.445 - Audit committee.

193.451 - Committees.

193.455 - Conduct and liability of directors.

193.461 - Director conflicts of interest.

193.465 - Limitation of director's liability in articles or bylaws.

193.471 - Indemnification.

193.475 - Officers.

193.478 - Director Education.

193.501 - Members.

193.505 - Member liability.

193.511 - Regular members' meetings.

193.515 - Special members' meetings.

193.518 - Effect of insufficient notice.

193.521 - Certification of notice.

193.523 - Electronic notice.

193.524 - Revocation of electronic communication.

193.525 - Quorum at members' meeting.

193.531 - Virtual members' meetings and attendance.

193.535 - Actions of the members.

193.541 - Actions without a members' meeting.

193.545 - Member voting rights.

193.551 - Patron member voting based on patronage.

193.553 - Voting rights limited to members as of date certain.

193.555 - Voting rights of nonmembers.

193.557 - Voting of jointly owned membership interests.

193.559 - Cumulative voting by members.

193.561 - Voting by business entities, subsidiaries, legal representatives, and holders of security interests.

193.565 - Voting by proxy.

193.571 - Member authority concerning certain cooperative property.

193.601 - Membership interests.

193.605 - Cooperative securities.

193.611 - Assignment of financial rights.

193.615 - Nature and terms of a membership interest and statement of interest owned.

193.621 - Certificated membership interests.

193.625 - Replacement certificates.

193.631 - Restriction on transfer or registration of membership interests.

193.701 - Authorization, form, and acceptance.

193.702 - Valuation; presumption and liability.

193.705 - Restated value of previous contributions.

193.711 - Contribution agreements.

193.715 - Contribution rights agreements.

193.721 - Allocations of profits and distributions of cash and other assets.

193.725 - Allocations and distributions of profits to patron members.

193.731 - Member control agreements.

193.735 - Distribution of unclaimed property.

193.801 - Merger and consolidation.

193.805 - Merger of subsidiary or parent.

193.807 - Effective date; effect of merger or consolidation.

193.835 - Abandonment of merger.

193.905 - Voluntary dissolution; winding up.

193.911 - Revocation of dissolution proceedings.

193.925 - Court-supervised voluntary dissolution.

193.931 - Involuntary dissolution.

193.935 - Procedure in involuntary or court-supervised voluntary dissolution.

193.941 - Receiver qualifications and powers.

193.951 - Filing claims in involuntary or court-supervised voluntary dissolution proceedings.

193.955 - Discontinuance of court-supervised dissolution proceedings.

193.961 - Order of dissolution.

193.971 - Barring of claims.