193.735 Distribution of unclaimed property.
(1) Alternate procedure to distribute property. Notwithstanding s. 177.17 (4) (a) 2. and (b), a cooperative may distribute any property required to be reported under s. 177.17 (1) to an entity that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A cooperative making a distribution under this subsection shall file all of the following with the secretary of revenue before making the distribution:
(a) A verified written description and explanation of the distribution.
(c) The name, address, and exemption number of the entity to which the property is to be distributed.
(d) The approximate date of the distribution.
(2) Reporting procedure not affected. Subsection (1) does not affect the requirement that a cooperative report property under s. 177.17 (1).
(3) Owner's right extinguished on disbursement. The articles or bylaws may provide that a distribution under sub. (1) extinguishes all rights of the owner in and to the distributed property.
History: 2005 a. 441; 2013 a. 20.
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