185.72 Involuntary dissolution.
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/wi/chapter-185/185-72-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
185.72 Involuntary dissolution.
(1)A cooperative may be dissolved involuntarily by a decree of the circuit court where the principal office or registered agent is located in an action commenced by the attorney general when it is established that:
(a)The cooperative’s certificate of association was procured through fraud; or
(b)The cooperative has continued to exceed or abuse the authority conferred upon it by this chapter; or
(c)The cooperative failed to comply with a court order for the production of financial books, records or other documents of the cooperative as provided in s. 185.47 .
(2)If the cooperative cures its defaults other than those under sub.
(a)and
(b)prior to the entry of the court’s final decree and pays all penalties and court costs that have accrued, the cause of action with respect to the defaults so cured will abate.