185.47 Financial books and records; penalty for refusal to produce.

322 words·~1 min read·/wi/chapter-185/185-47

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A cooperative shall keep correct and complete financial books and records, including minutes of the proceedings of meetings of its members, board, and executive committee. The cooperative shall keep at its principal office records of the names and addresses of all members and stockholders with the amount of stock held by each, and of ownership of equity interests.

1. Except as provided in subds. 2. and 3. and par.

(c), and subject to par.

(d), at any reasonable time, any member or stockholder, or his or her agent or attorney, upon written notice stating the purposes thereof, delivered or sent to the cooperative at least one week in advance, may examine for a proper purpose any of the cooperative’s records pertinent to the purpose specified in the notice.

2. Except as provided in subd. 3. and par.

(c), and subject to par.

(d), at any reasonable time, any member or stockholder, or his or her agent or attorney, upon written notice stating the purposes thereof, delivered or sent to the cooperative at least one week in advance, may examine for a proper purpose any of the cooperative’s financial books covering the current or preceding 5 fiscal years and that are pertinent to the purpose specified in the notice.

3. No person is entitled to examine any financial books or records under subd. 1. or 2. if the cooperative is subject to any legal duty to preserve the confidentiality of, or protect the privacy of information contained in, the financial books or records.

(c)The board may deny a request to examine any financial books or records if the board determines that the purpose is not directly related to the requester’s interest as a member or stockholder in the business or affairs of the cooperative or is otherwise contrary to the best interests of the cooperative.