185.71 Voluntary dissolution.
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/wi/chapter-185/185-71A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
185.71 Voluntary dissolution.
(1)At any member meeting, whether or not a quorum is present, a cooperative may dissolve if:
(a)Notice that a resolution for dissolution will be considered and acted upon has been included in the notice of meeting; and
(b)The resolution is approved by three-fourths of the member votes cast thereon. The articles may permit stockholders to vote on the resolution for dissolution.
(2)When the resolution is adopted, either a committee designated by the resolution or the board shall liquidate all assets and pay the net proceeds of such liquidation available for distribution to all persons entitled to the same by law, the articles and the bylaws.