Wisconsin Statutes 185.22 – Subscriptions for stock; liability therefor
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Terms Used In Wisconsin Statutes 185.22
- Cooperative: means an association incorporated under this chapter. See Wisconsin Statutes 185.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) A subscription for stock of a cooperative is irrevocable for 6 months unless otherwise provided by the subscription agreement, or unless all subscribers consent to the revocation.
(2) Except as provided in s. 185.37, a stockholder or subscriber is under no obligation to any person with respect to the stockholder’s or subscriber’s stock or subscription other than the obligation to pay to the cooperative the full consideration for which such stock was to be issued.