(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.