The Wisconsin Resolution of Directors of a Close Corporation Authorizing Redemption of Stock refers to a legal document used by the directors of a close corporation in Wisconsin to formally authorize the redemption of stock. This resolution outlines the terms and conditions of the stock redemption process and ensures compliance with state laws and regulations. Keywords: Wisconsin, resolution, directors, close corporation, redemption, stock, legal document, terms, conditions, compliance, state laws, regulations. Types of Wisconsin Resolution of Directors of a Close Corporation Authorizing Redemption of Stock: 1. Regular Redemption: This type of resolution is used when the close corporation decides to redeem its stock according to its predetermined schedule or agreement. It outlines the procedures, deadlines, and requirements for stockholders to redeem their shares. 2. Extraordinary Redemption: In certain situations, a close corporation may need to redeem its stock outside the regular schedule. This resolution addresses the specific circumstances, such as financial distress, a change in business strategy, or a major event, that necessitate an extraordinary redemption. 3. Voluntary Redemption: This type of resolution is utilized when a stockholder willingly agrees to have their shares redeemed by the close corporation. Usually, the shareholder proposes the redemption, and the directors draft and approve the resolution based on the terms negotiated between both parties. 4. Forced Redemption: In some cases, a close corporation may have the authority to force the redemption of a shareholder's stock. This resolution specifies the reasons and procedures for such a forced redemption, including the valuation method used to determine the stock's fair market value. 5. Partial Redemption: When a close corporation desires to redeem only a portion of a stockholder's shares, a partial redemption resolution is necessary. It sets forth the terms and conditions under which the redemption will occur and clarifies the rights and obligations of both the corporation and the stockholder. 6. Final Redemption: This type of resolution is drafted when a close corporation aims to fully redeem all outstanding shares, essentially buying back all of its stock. It outlines the process and timeframe to accomplish this, including any required shareholder approvals. By utilizing these various types of resolutions, a close corporation in Wisconsin can effectively authorize the redemption of stock while adhering to legal requirements and protecting the rights of both the corporation and its stockholders.
Wisconsin Resolution of Directors of a Close Corporation Authorizing Redemption of Stock
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