APPLICATION TO ORGANIZE

0180-12-.04 APPLICATION TO ORGANIZE.

(1) All applications to organize shall, in addition to any other information that may be required, contain truthful, affirmative statements from the incorporators to the effect that:

(a) All charges in connection with the application for the certificate of authority and the charter shall be at the expense of the incorporators;

(b) No stock subscriber other than the incorporators of an association, shall be charged any expense, except for the incorporation fees;

(c) Monies collected from the sale of stock subscriptions will be placed in an escrow account until the certificate of authority is issued; and, that if the application is rejected, monies that were collected from the sale of stock, plus interest in the escrow accounts will be refunded to the stock subscribers.

(2) All applications to organize shall contain an affidavit signed by all incorporators that the provisions of T.C.A. §§ 45-3-105, 45-3-106 and 45-3-206 have been complied with.

Authority: T.C.A. §45-3-206. Administrative History: Original rule certified June 10, 1974. Repeal and new rule filed June 30, 1980; effective September 15, 1980. Transferred from the Department of Commerce and Insurance by Executive Order Number 38; effective February 11, 1983.