225.04 Directors.
147 words·~1 min read·
/wi/chapter-225/225-04-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
225.04 Directors. The corporate powers of any such corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than 5 directors. The initial board of directors shall consist of the incorporators and they shall serve until the first annual meeting. The first annual meeting shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of 25 percent of the capital stock of the corporation is paid into its treasury and a minimum of 10 stockholder members of the corporation have qualified as provided in s. 225.05 ; and such annual meeting and subsequent annual meetings shall be called and the directors shall be elected in the manner provided in the bylaws.