Island Pointe Owners Association
Excerpts from the Articles of Incorporation of Island Pointe Owners Association, Inc.
(a Non-Stock, Non Profit Corporation) Article III:
To serve as an association of unit owners… (and) … to serve as a means through which the unit owners may collectively and efficiently administer, manage, operate and control the condominium property in accord with the Condominium Ownership Act and the Declaration; and … to engage in lawful activities included in and permitted under the Condominium Act and Declaration within the purposes for which a non-stock, non-profit corporation may be organized under the Wisconsin Non-Stock Corporation Law.
Nonprofit Corporations (in brief): The Wisconsin Nonstock Corporation Law, Chapter 181 of the Wisconsin Statutes, permits organization of nonstock corporations for any lawful activity. Under Wisconsin law, a nonstock corporation has no shareholders and may or may not have members. Voting rights of members of nonstock corporations may be defined or limited in the organizational documents of the corporation. Directors and officers are provided limited liability protection by §181.0855 and volunteers are provided limited liability protection by §181.0670, Wisconsin Statutes.