§ 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: (1) Home Office. The name and the proposed location of the home office of the proposed association; (2) Incorporators. The name and address of each incorporator; (3) 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 (4) 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.

Legislative History

Acts 1978, ch. 708, § 1.15; T.C.A., § 45-1315.