56-15-104 - Conditions for beginning business Filing charter and statement of assets and liabilities License.
56-15-104. Conditions for beginning business Filing charter and statement of assets and liabilities License.
(a) Every company, before transacting any business under this chapter, shall deposit with the commissioner a copy of its charter, or articles of incorporation, and a statement, signed and sworn to by its president and secretary, showing its assets and liabilities.
(b) If the commissioner is satisfied that the company has authority under its charter to do the business provided for in this chapter, and that it has a paid-up capital of not less than one hundred thousand dollars ($100,000) in cash, or its equivalent, and is able to keep and perform its contracts, the commissioner shall grant authority, in writing, to the company to do business under this chapter.
[Acts 1895, ch. 175, § 3; Shan., § 2216; mod. Code 1932, § 3948; Acts 1967, ch. 240, § 2; impl. am. Acts 1971, ch. 137, § 2; T.C.A. (orig. ed.), § 56-1404.]