199.12 Election of directors.

466 words·~2 min read·/wi/chapter-199/199-12

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

(1)Time of election.

(a)Not more than 60 days after the membership of the corporation reaches 1,000 persons with at least 50 members in each district and the corporation has received $10,000, the interim directors appointed under s. 199.11 shall set a date for the first election of directors and shall so notify every member. The notice shall include the length of term of each director position as designated by the interim directors under s. 199.11

(g). The date set shall be not less than 4 months and not more than 6 months after such notification.

(b)The 2nd election of directors shall be held not less than 6 months nor more than 12 months after the election held under par.

(a)and every election of directors thereafter shall be held annually within the same month as the 2nd election except as provided under s. 199.06

(6). The board shall notify every member of an election at least 4 months prior to the election.

(2)Eligibility. To be eligible for election to the board, a candidate must:

(a)Meet the qualifications for directors under s. 199.06

(2).

(b)Have his or her nomination certified by the board under sub.

(3).

(c)Submit to the board a statement of financial interests under sub.

(4)and a statement of personal background and positions under sub.

(5).

(d)Make the affirmation under sub.

(e).

(3)Nomination. A candidate for election to the board shall circulate a petition for nomination not sooner than 120 days preceding the election and shall file the petition with the corporation not later than 60 days prior to the election. The petition for nomination shall be signed by at least 5 percent or 30, whichever is less, of the members residing in his or her district. The board shall verify the validity of the signatures. Within 14 days after the petition is due, the board shall determine whether a sufficient number of signatures are valid. If the board determines a sufficient number are valid, it shall certify the nomination of the candidate.

(4)Statement of financial interests. A candidate for election to the board whose nomination is certified under sub.

(3)shall submit to the board, not later than 60 days prior to the election, a statement of financial interests upon a form provided by the board. The statement of financial interests shall include the following information:

(a)The occupation, employer and position at place of employment of the candidate and of his or her immediate family members.

(b)A list of all corporate and organizational directorships or other offices, and of all fiduciary relationships, held in the past 3 years by the candidate and by his or her immediate family members.