Chapter 225, BUSINESS DEVELOPMENT CREDIT CORPORATIONS
9 sections in this chapter.
Wis. Stat. § 225.01 Incorporators
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225.01 Incorporators. Five or more natural persons of the age of 18 years or more may act as incorporators by signing, acknowledging and filing articles of incorporation for such corporation. History: 1971 c. 213 s. 5; 1981 c. 337.
Wis. Stat. § 225.02 Purposes
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225.02 Purposes. Corporations may be organized under this chapter to promote, assist, encourage and through the cooperative efforts of the institutions and corporations which are members thereof, develop and advance the business prosperity and economy of the state to encourage ne…
Wis. Stat. § 225.03 Capital stock
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225.03 Capital stock. At least 25 percent of the capital stock authorized in the articles of incorporation shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to its organization…
Wis. Stat. § 225.04 Directors
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225.04 Directors. The corporate powers of any such corporation shall be exercised by a board of directors. The number of directors and their term of office shall be determined in a manner prescribed in the bylaws. At no time shall there be less than 5 directors. The initial board…
Wis. Stat. § 225.05 Members; limitation and apportionment of loans by members; withdrawal
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225.05 Members; limitation and apportionment of loans by members; withdrawal. There shall be 2 classes of members in the corporation with voting rights specified in the articles of incorporation. (1) Stockholder members include individuals, corporations and organizations who qual…
Wis. Stat. § 225.06 Finance
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225.06 Finance. Any such corporation shall set apart as a surplus not less than 10 percent of its net earnings each year until such surplus, with any unimpaired surplus paid in, shall amount to one-half of the capital stock. The surplus shall be kept to secure against losses and …
Wis. Stat. § 225.07 Loans
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225.07 Loans. The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportu-
Wis. Stat. § 225.08 Application of chapter 180
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225.08 Application of chapter 180. The provisions of ch. 180 shall apply to corporations incorporated under this chapter, insofar as they may be applicable and not inconsistent with this chapter.
Wis. Stat. § 225.09 Legal investments
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225.09 Legal investments. Notwithstanding any other statute, the notes or other interest-bearing obligations of any corporation organized under this chapter, issued in accordance with this chapter and the articles of incorporation and bylaws of the corporation shall be legal inve…