Senate Unanimously Passes Two Co-op Bills
MADISON, Wis. (January 18, 2012) – Wisconsin cooperatives hailed the unanimous passage of two bills in the state Senate on Tuesday, both important to the cooperative community. Both bills previously received unanimous approval by the Assembly. They will next go to Governor Walker for his expected signature.
The first bill will create an exemption for cooperatives from having to file with the Department of Financial Institutions (DFI) if they want to issue securities such as preferred stock. Assembly Bill 228, authored by Rep. Al Ott (R-Forest Junction) and Sen. Dale Schultz (R-Richland Center), reinstates the exemption for cooperatives that previously existed prior to 2009.
The second bill, Assembly Bill 59, drops two requirements from the law governing small winery cooperative wholesalers. The bill eliminates the requirement that at least every six months a meeting between the winery cooperatives' board of directors, the Department of Revenue, and University of Wisconsin Center for Cooperatives must take place, and a publicly available report be prepared as a result of these meetings. The bill is authored by Rep. Jim Steineke (R-Kaukauna), and Sen. Rob Cowles (R-Green Bay).
"Cooperative Network appreciates the unanimous approval of these bills, which will lead to increased economic development activity and reduce unnecessary cost and delay in the creation and operation of member-owned businesses,” said Bill Oemichen, president and CEO of Cooperative Network. “We thank the members of the Legislature who have led the efforts on these bills, and for the unanimous approval in both houses of the legislature." |
