No interest in shares of a statutory close corporation may be transferred without the written consent of all shareholders holding voting stock, unless the interest is transferred in any of the following circumstances:

Terms Used In Wisconsin Statutes 180.1805

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • Personal representative: means a person, however denominated, who is authorized to administer a decedent's estate. See Wisconsin Statutes 990.01
  • Trustee: A person or institution holding and administering property in trust.
   (1)   As provided in s. 180.1807.
   (2)   To the corporation or to any other holder of the same class or series of shares.
   (3)   To members of the shareholder’s immediate family, or to a trust, all of whose beneficiaries are members of the holder’s immediate family. In this subsection, “shareholder’s immediate family” means the shareholder’s spouse, parents, lineal descendants, including any adopted children and stepchildren, and the spouse of any lineal descendants, and brothers and sisters.
   (4)   To a personal representative on the death of a shareholder or to a trustee or receiver as the result of a bankruptcy, insolvency, dissolution or similar proceeding brought by or against a shareholder.
   (5)   By merger or interest exchange that becomes effective under ss. 180.1101 to 180.1106 or an interest exchange of existing shares for other shares of a different class or series in the corporation.
   (6)   By a pledge as collateral for a loan that does not grant the pledgee any voting rights possessed by the pledgor.
   (7)   After termination of the corporation’s status as a statutory close corporation.
   (8)   As otherwise provided in the corporation’s articles of incorporation or in an agreement among shareholders under s. 180.1823.

  Previous section
Next section  
 Subchapter XVIII Contents