(1) A corporation formed under this act shall not begin the transaction of any business, except such as shall be incident to its organization or to the obtaining of subscriptions to or payment for its shares, until it shall receive from the Department of State a certificate of authorization which shall not, however, be issued until there shall have been paid into the corporate treasury in payment for its capital stock a minimum of ten per cent of the par value of the capital stock of such corporation.

(2) When a corporation has received such minimum amount, an affidavit to that effect, signed by either the secretary or the treasurer of the corporation and by at least a majority of the board of directors, shall be prepared and filed with the Department of State. If it shall appear to the Department of State that the affidavit is in proper form and contains all the information required by this act, the Department of State shall endorse its approval thereon and forthwith transmit it to the Department of Banking. If it shall appear to the Department of Banking that the provisions of this section have been complied with, it shall endorse its approval thereon and shall then return it to the Department of State. Immediately upon receipt of the approved affidavit from the Department of Banking, the Department of State shall file the affidavit and shall issue to the corporation a certificate of authorization, a copy of which shall be sent to the Department of Banking.