Wisconsin Statutes 185.23 – Missing securities or records
Current as of: 2024 | Check for updates
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Terms Used In Wisconsin Statutes 185.23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative: means an association incorporated under this chapter. 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
- Month: means a calendar month unless otherwise expressed. See Wisconsin Statutes 990.01
(1) When a security issued by a cooperative, which is not a “security” as defined in s. 408.102, is missing, the cooperative shall issue a duplicate security if the owner so requests and furnishes an indemnity acceptable to the cooperative.
(2) When records showing ownership of securities of apportionment of equity interest in the assets are missing and the information therein contained is necessary to a proposed redemption of the interest, the cooperative may give notice and redeem as follows:
(a) The cooperative shall set aside an amount equal to the value of the interests to be redeemed.
(b) The cooperative shall give notice of such redemption to all owners of interests of which the cooperative has knowledge.
(c) If there are interests, the ownership of which is unknown to the cooperative, it shall publish notice of the redemption at least once a month for 4 months in a publication circulated among members of cooperatives in the area, and also publish a class 3 notice, under ch. 985.