Tennessee § 45-2-2106 - Application for certificate of authority — Effect of failure to timely file or full denial — Effect of approval.

§ 45-2-2106. Application for certificate of authority — Effect of failure to timely file or full denial — Effect of approval.

In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing: Evidence that capital and surplus have been fully paid in; The name and address of each investor, and the number of shares or membership units purchased by each; Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force; Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired; Evidence that the bylaws or operating agreement, as applicable, have been adopted; and Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued. The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner. If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial. As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state. Acts 2014, ch. 642, § 3. Compiler's Notes. For the Preamble to the act concerning the market for trust and trust services, please refer to Acts 2014, ch. 642.