Before a certificate of authority is issued, the following along with the filing of a charter and by-laws, must be filed:

1. (1) A statement signed by the incorporators showing that the entire capital, including paid-in surplus (capital stock association) or expense fund (mutual association), has been fully paid in lawful money unconditionally and that the funds representing such capital and, as the case may be, paid-in surplus or expense fund is on hand.
2. (2) A certified statement showing the amount on deposit in the bank or banks in which the incorporators have the money deposited.

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.