Section 180.0809. Removal of directors by judicial proceeding.

 

(1)  The circuit court for the county where a corporation's principal office or, if none in this state, its registered office is located may remove a director of the corporation from office in a proceeding brought either by the corporation or by its shareholders holding at least 10 percent of the outstanding shares of any class, if the court finds all of the following:

(a) That the director engaged in fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to the corporation.

(b) That removal is in the best interest of the corporation.

(2)  The court that removes a director may bar the director from reelection for a period prescribed by the court.

(3)  If shareholders bring a proceeding under sub. (1) , they shall make the corporation a party defendant.

1989 a. 303 .