Wisconsin Statutes & Annotations
Chapter 193 - Unincorporated cooperative associations.
193.711 - Contribution agreements.

193.711 Contribution agreements.
(1g) Contribution agreements permitted. Pursuant to s. 193.701 (1), a cooperative and a member or potential member may enter into an agreement requiring the member or potential member to contribute goods, services, or money to the cooperative as a condition of membership or receipt of a membership interest.
(1r) Signed writing required. A contribution agreement shall be in writing and signed by each person required to make a contribution under the agreement.
(2) Agreement irrevocable for definite period; exceptions. A contribution agreement is irrevocable for a period of 6 months, unless otherwise provided in the contribution agreement or unless each person required to make a contribution under the agreement and, if in existence, the cooperative, consents to a different period of irrevocability.
(3) Time of performance under agreement. Unless the contribution agreement provides otherwise, all payments or other actions required under the agreement shall be made or taken at the time or times determined by the board, except that a call made by the board for a person to make a payment or perform an action required under the agreement shall be uniform for all membership interests of the same class or series.
(4) Failure to perform; remedies.
(a) Unless the contribution agreement provides otherwise, if a person fails to make a payment required under the contribution agreement, the cooperative may bring an action for breach of contract, sell any membership interests that are subject to the contribution agreement pursuant to par. (b) and bring an action to collect any deficiency, or cancel the contribution agreement pursuant to par. (c). If a person fails to make a required contribution of property or services, the person shall pay to the cooperative an amount equal to that portion of the value of the contribution that has not been made, as stated in the cooperative's required records.
(b) To the extent provided in par. (a), the cooperative may cancel the membership interests of any person who defaults on a contribution agreement and sell any membership interests that are subject to a contribution agreement if the amount due under the contribution agreement relating to those membership interests remains unpaid for a period of 20 days after the cooperative gives written notice of demand for payment to the person required to make the payment. The total offering price of the membership interests in such a sale shall be at least the amount of the balance owed by the person, plus the expenses incidental to the sale. If membership interests are sold pursuant to this paragraph, the cooperative shall pay to the person, or that person's legal representative, the lesser of the following:
1. The amount by which the proceeds of the sale, less the expenses incident to the sale and any additional amounts the person is required to pay under the terms of the contribution agreement as a result of the default, exceeds the amount of the payment the person failed to make.
2. The total amount paid by the person under the contribution agreement.
(c) To the extent provided in par. (a), the cooperative may cancel a contribution agreement if the amount due under the contribution agreement remains unpaid for a period of 20 days after the cooperative gives written notice of demand for payment to the person required to make the payment. Unless the contribution agreement provides otherwise, if the cooperative cancels a contribution agreement pursuant to this paragraph, the cooperative may retain any payments made as provided in the contribution agreement.
(5) Restrictions on assignment. Unless the articles or bylaws provide otherwise, a person may not assign, in whole or in part, that person's rights under a contribution agreement to a person who is not a member at the time of the assignment, unless all the members consent to the assignment in writing.
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.