Tennessee § 45-3-201 - Application to organize.

§ 45-3-201. Application to organize.

Any five (5) or more individuals, referred to as the incorporators, who are residents of this state, may form a capital stock or mutual savings and loan association subject to the commissioner's approval as hereinafter provided, by filing a written application for authority to organize with the commissioner in a form and manner prescribed by the commissioner. The application shall be signed by each of the incorporators and shall include: Home Office. The name and the proposed location of the home office of the proposed association; Incorporators. The name and address of each incorporator; Capital. In the case of a capital stock association, the total amount of capital stock proposed and subscribed, if any has then been subscribed, and in the case of a mutual association, the total amount of subscribed deposit accounts, if any, together with the name and address of each subscriber; and Other Information. Detailed financial and biographical information for each incorporator and subscriber that the commissioner may require, and economic data, projections of business volume, income, expense, and other information that the commissioner may require. Acts 1978, ch. 708, § 1.15; T.C.A., § 45-1315. Compiler's Notes. For repeal of the former section, see Compiler's Notes to § 45-3-101 . For transfer of functions under this chapter from the department of commerce and insurance to the department of financial institutions, see Executive Order No. 38 (February 11, 1983). Cross-References. Negotiable instruments, title 47, ch. 3. Textbooks. Tennessee Jurisprudence, 22 Tenn. Juris., Savings and Loan Associations, § 4.