Cooperative-Issued Securities

Statute: § 551.22(12), Wis. Stats.

Used for: Any securities of a cooperative corporation organized under ch. 185, Wis. Stats.

Filing requirement: Self-Executing. No filing or Consent to Service of Process is necessary in order to claim this exemption.

Frequently asked questions:

Q: Is the exemption self-executing?

    A: Yes. No filing or Consent to Service of Process is required.

Q: Do securities of a non-Wisconsin cooperative qualify for this exemption?

    A: No. The cooperative must be organized under ch. 185, Wis. Stats.

Q: Is this exemption limited to agricultural cooperatives?

    A. No. It may be used for securities of a Wisconsin cooperative organized under ch. 185, Wis. Stats., which allows for cooperatives to be organized for any lawful purpose except banking or insurance.

History:Adopted on January 1, 1970. Uniform Securities Act § 401(a)(12) simply states, "insert any desired exemption for cooperatives."

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