611.22 Accelerated organization procedure.
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/wi/chapter-611/611-22-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
611.22 Accelerated organization procedure.
(1)General requirements. The incorporators may apply for determination of the minimum capital or minimum permanent surplus under s. 611.19 and for a certificate of authority without first obtaining an organization permit if:
(a)Their number is not more than 15; and
(b)They purchase for their own accounts all the shares proposed to be issued in the case of a stock corporation, or in the case of a mutual they supply all the minimum permanent surplus and initial expendable surplus by contribution notes or otherwise.
(2)Contents of application. The application for a certificate of authority shall be accompanied by proof that the purchase price for the shares or the proceeds of contribution notes have been deposited on behalf of the proposed corporation or if other than money are held in trust for the proposed corporation and by so much of the information in s. 611.13
(2)as the commissioner reasonably requires.