Tenn. Comp. R. & Regs. 0780-01-27-.01 - CAPITAL

(1) Each company in order to protect the stockholders and retain its solvency to a degree necessary to inspire confidence of the public and its stockholders, members, investors, and depositors shall have not less than $100,000.00 Capital, $50,000.00 Paid in Surplus, plus 10% of Paid in Surplus for an Undivided Profit Account before commencing business or obtaining a charter.

(2) EACH ASSOCIATION AFTER THE DEPOSIT OF ALL CAPITAL FUNDS, SHALL OBTAIN WRITTEN APPROVAL FROM THE COMMISSIONER -ON ITS SURETY BOND, INSURANCE OF ACCOUNTS, AND QUARTERS TO INSURE THE SAFETY OF ITS FUNDS PRIOR TO COMMENCING BUSINESS

Notes

Tenn. Comp. R. & Regs. 0780-01-27-.01

Original Rule certified June 10, 1974.

Authority: T.C.A. §45-1303.