232.07 Dissolution. - Wisconsin Statutes

232.07

232.07 Dissolution.

232.07(1)

(1) The secretary of state shall, on July 1, 1993, issue a certificate of involuntary dissolution for the corporation if the corporation fails to submit to the secretary of state by June 30, 1993, evidence that it has received the Bradley center under s. 232.05 (2) (a). Notwithstanding ss. 232.03 and 232.05, upon issuance of the certificate of involuntary dissolution, the corporation shall cease to exist and may not transact business or exercise the powers under s. 232.05 except as provided in sub. (2).

232.07(2)

(2) Promptly upon issuance of the certificate of involuntary dissolution, the corporation shall pay, discharge or make adequate provision for its debts, liabilities and obligations, including any judgment, order or decree which may be entered against it in any pending legal action, and shall transfer all remaining assets to the state. The corporation's existence shall continue, subject to the limitations on its activities under s. 181.1405.

232.07 - ANNOT.

History: 1985 a. 26; 1989 a. 31, 336; 1997 a. 79.