{"data":{"id":"us-wi/wis.-stat.-185.38","jurisdiction":"us-wi","citation":"Wis. Stat. § 185.38","heading":"Disposition of assets; right to secure debts.","body":"(1) Except as authorized by the members, the board may not dispose of all or substantially all of a cooperative’s assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative’s assets if:\n(a) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and\n(b) Such disposition has been approved by two-thirds of those entitled to vote thereon voting at the meeting.\n(1m)\n(a) Except as authorized by the members, the board may not dispose of a cooperative’s assets under any of the following circumstances:\n1. Other than in the ordinary course of business.\n2. In a manner that jeopardizes the purpose for which the cooperative was created or its financial vitality.\n(b) At any meeting the members may authorize the disposition of a cooperative’s assets under circumstances described in par. (a) if all of the following apply:\n1. Notice that the disposition will be considered at the meeting has been given to all persons entitled to vote on the matter.\n2. The disposition has been approved by two-thirds of those entitled to vote on the matter who vote at the meeting.\n(2) Unless the bylaws provide otherwise, the board may secure payment of a cooperative’s debts by mortgaging the cooperative’s rights, privileges, authority and franchises, revenues and other property.","path":["Chs. 178-226, Partnerships and Corporations; Transportation; Utilities; Banks; Savings Associations","Chapter 185 Cooperatives"],"source_url":"https://docs.legis.wisconsin.gov/document/statutes/185.38","current_through":"2023-24 Wisconsin Statutes updated through 2025 Wis. Act 247 (published 9-4-26)","vintage":"","retrieved_at":"2026-09-05T12:01:03Z","sha256":"de4faaf0e2ea9660cc037b347eb61e63763205c05e576cae9e6fbea76bd6b85d","source_id":"us-wi","stale":false,"prev":"us-wi/wis.-stat.-185.37","next":"us-wi/wis.-stat.-185.41"},"notice":"GroundRules: Original legal text. Not legal advice."}