{"data":{"id":"us-wi/wis.-stat.-225.04","jurisdiction":"us-wi","citation":"Wis. Stat. § 225.04","heading":"Directors.","body":"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 of directors shall consist of the incorporators and they shall serve until the first annual meeting. The first annual meeting shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of 25 percent of the capital stock of the corporation is paid into its treasury and a minimum of 10 stockholder members of the corporation have qualified as provided in s. 225.05; and such annual meeting and subsequent annual meetings shall be called and the directors shall be elected in the manner provided in the bylaws.","path":["Chs. 178-226, Partnerships and Corporations; Transportation; Utilities; Banks; Savings Associations","Chapter 225 Business Development Credit Corporations"],"source_url":"https://docs.legis.wisconsin.gov/document/statutes/225.04","current_through":"2023-24 Wisconsin Statutes updated through 2025 Wis. Act 247 (published 9-4-26)","vintage":"","retrieved_at":"2026-09-05T12:01:09Z","sha256":"d125342f24bbdb0a7a05d365f27dd185c08a7fc764df3587a3b3d922ffb131c1","source_id":"us-wi","stale":false,"prev":"us-wi/wis.-stat.-225.03","next":"us-wi/wis.-stat.-225.05"},"notice":"GroundRules: Original legal text. Not legal advice."}