Section 108.01. Securities subject to ch. PSC 108.

  Each public service corporation as defined in s. 201.01 (2) , Stats., offering any security, as defined in s. 201.01 (3) , Stats., to be issued in accordance with ch. 201 , Stats. , shall invite in the manner hereinafter provided written sealed bids for the purchase of such security, except that the following securities shall be exempt from this requirement:

(1)  Any capital stock offered pro rata to existing holders thereof, including any unsubscribed portion thereof purchased by others.

(2)  Any security issued in exchange for an outstanding security in connection with a merger, consolidation, or reorganization of the corporation, or in a transaction approved by the commission pursuant to s. 196.80 , Stats.

(3)  Any debt security payable in 10 years or less after date to a commercial bank, insurance company, governmental investment board, or similar institution, not for resale to the public, provided no fee or remuneration is to be paid directly or indirectly for negotiating the loan represented by such security.

(4)  Any security where the total consideration received by the issuer is less than $4,000,000.

(5)  Any security for which a contract for its sale is approved by the commission under s. 196.52 , Stats.

(6)  Any security as to which the commission shall find upon due consideration that the sale thereof at competitive bidding should not be required in the public interest.