Wisconsin Statutes 238.045 – Establishment of nonprofit organization
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Terms Used In Wisconsin Statutes 238.045
- 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.
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
(1) Definition. In this section, “nonprofit organization” means a nonprofit corporation, as defined in s. 181.0103 (17), and any organization described in section 501 (c) (3) of the Internal Revenue Code that is exempt from federal income tax under section 501 (a) of the Internal Revenue Code.
(2) Approval required.
(a) The corporation may not establish a nonprofit organization without the approval of the joint committee on finance.
(b) The joint committee on finance may approve the corporation’s establishment of a nonprofit organization if the corporation’s chief executive officer submits a request for approval to the committee that describes in detail the corporation’s proposal to establish a nonprofit organization and the chief executive officer appears at the committee’s meeting to consider that request for approval.