(1) STOCK CORPORATIONS. While its organization permit is in effect a stock corporation may: (a) Register stock under s. 611.31, solicit subscriptions subject to s. 180.0620 (1) (a) and receive payment therefor in cash or, with the approval of the commissioner, in other property constituting a permitted investment under ch. 620, and issue receipts for such payment at values approved by the commissioner, but no shares may be issued until a certificate of authority is issued; and (b) Transact all other business necessary and appropriate for the organization of the planned insurance enterprise. (2) MUTUALS. While its organization permit is in effect a mutual may: (a) Register mutual bonds under s. 611.31, solicit applications for qualifying insurance policies under s. 611.19 (4) (c) and subscriptions for mutual bonds and contribution notes and receive payment therefor in cash or, with the approval of the commissioner, in property constituting a permitted investment under ch. 620, and issue receipts for such payment at values approved by the commissioner, but no policies or bonds may be issued until a certificate of authority is issued; and (b) Transact all other business necessary and appropriate in the organization of the planned insurance enterprise.
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