611.15 Deposit of proceeds of subscriptions.
78 words·~1 min read·
/wi/chapter-611/611-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
611.15 Deposit of proceeds of subscriptions. All funds, and the securities and documents representing interests in property, received by a stock corporation for stock subscriptions or by a mutual for applications for insurance policies or for mutual bond or contribution note subscriptions shall be deposited in the name of the corporation with a depository approved by the commissioner, subject to an escrow agreement approved by the commissioner under which withdrawals may be made only with the commissioner’s approval.