Wisconsin Statutes 185.01 – Definitions
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As used in this chapter, unless the context requires otherwise, the term:
Terms Used In Wisconsin Statutes 185.01
- Articles: means the articles of incorporation of a cooperative unless the context otherwise requires. See Wisconsin Statutes 185.01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: includes both cooperatives and foreign cooperatives. See Wisconsin Statutes 185.01
- Board: means the board of directors of a cooperative. See Wisconsin Statutes 185.01
- Bylaws: means the bylaws of a cooperative. See Wisconsin Statutes 185.01
- Cooperative: means an association incorporated under this chapter. See Wisconsin Statutes 185.01
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Foreign cooperative: means an association incorporated under a cooperative law of another state which has members residing within this state and which is operating on the following cooperative basis:
(a) No member of the foreign cooperative who is an individual is allowed more than one vote because of the amount of stock or membership capital the member owns therein; and
(b) The foreign cooperative shall not deal in the products of or for nonmembers to an amount greater in value than such as are handled by it for members; and
(c) The foreign cooperative distributes its proceeds according to either…. See Wisconsin Statutes 185.01Member: means a person who has been qualified and accepted for membership in an association. See Wisconsin Statutes 185.01 members: as used in this chapter with respect to the right of a member to vote, voting procedure, the required proportion of member votes, actions that must or may be taken by members, the number of members required for a quorum and the eligibility of directors, means a member or members entitled to vote, unless the bylaws provide otherwise. See Wisconsin Statutes 185.01 Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01 Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01 Quorum: The number of legislators that must be present to do business. State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) “Articles” means the articles of incorporation of a cooperative unless the context otherwise requires.
(1g) “Association” includes both cooperatives and foreign cooperatives.
(1m) “Board” means the board of directors of a cooperative.
(1r) “Bylaws” means the bylaws of a cooperative.
(2) “Cooperative” means an association incorporated under this chapter.
(3) “Corporation” means all corporations not associations.
(3m) “Department”, except in s. 185.45 (3) (c) and (4) (b), means the department of financial institutions.
(4) “Foreign cooperative” means an association incorporated under a cooperative law of another state which has members residing within this state and which is operating on the following cooperative basis:
(a) No member of the foreign cooperative who is an individual is allowed more than one vote because of the amount of stock or membership capital the member owns therein; and
(b) The foreign cooperative shall not deal in the products of or for nonmembers to an amount greater in value than such as are handled by it for members; and
(c) The foreign cooperative distributes its proceeds according to either s. 185.45 or the law of the state of the foreign cooperative’s incorporation.
(5) “Member” means a person who has been qualified and accepted for membership in an association. If a cooperative has one or more classes of members not entitled to vote, “member” or “members”, as used in this chapter with respect to the right of a member to vote, voting procedure, the required proportion of member votes, actions that must or may be taken by members, the number of members required for a quorum and the eligibility of directors, means a member or members entitled to vote, unless the bylaws provide otherwise.
(6) “Membership stock” means any class of stock, continuous ownership of which is required for membership in a cooperative.
(6m) “Patronage” means business done by a patron with a cooperative and, if the bylaws provide, labor performed for a cooperative by a patron.
(7) “Security” as used in ss. 185.23 and 185.24 means any indebtedness, capital stock or other equity interest in a cooperative’s assets.