# Tenn. Code Ann. § 45-2-201: Incorporators - Applicant requirements > Tennessee · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-201 ## Section - **Citation:** Tenn. Code Ann. § 45-2-201 - **Heading:** Incorporators - Applicant requirements - **Jurisdiction:** Tennessee - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** TN Code / Title 45 / Chapter 2 / Section 45-2-201 ## Text (a) A corporation seeking to conduct a banking business in Tennessee may be organized by five (5) or more incorporators, a majority of whom shall be residents of this state. The incorporators shall complete the process provided in this part and as outlined in subsection (c). (b) Each incorporator shall subscribe and pay in full, in cash, for common stock in a minimum amount as determined by the commissioner. (c) In order to provide for the organization of the business authorized to conduct banking business in Tennessee, applicants shall complete the following: (1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202 ; (2) Submit and complete an application for charter, as provided in § 45-2-204 ; and (3) Submit and complete an application for certificate of authority, as provided in § 45-2-212 . (d) For purposes of this part, a bank may be organized as a corporation as provided in title 48, chapters 11-27 or as a limited liability company as provided in title 48, chapters 201-249 and as outlined in § 45-2-220 . Acts 1969, ch. 36, § 1 (3.304); T.C.A., § 45-201; Acts 1996, ch. 768, § 5; 2006, ch. 660, § 1. (a) A corporation seeking to conduct a banking business in Tennessee may be organized by five (5) or more incorporators, a majority of whom shall be residents of this state. The incorporators shall complete the process provided in this part and as outlined in subsection (c). (b) Each incorporator shall subscribe and pay in full, in cash, for common stock in a minimum amount as determined by the commissioner. (c) In order to provide for the organization of the business authorized to conduct banking business in Tennessee, applicants shall complete the following: (1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202 ; (2) Submit and complete an application for charter, as provided in § 45-2-204 ; and (3) Submit and complete an application for certificate of authority, as provided in § 45-2-212 . (1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202 ; (2) Submit and complete an application for charter, as provided in § 45-2-204 ; and (3) Submit and complete an application for certificate of authority, as provided in § 45-2-212 . (d) For purposes of this part, a bank may be organized as a corporation as provided in title 48, chapters 11-27 or as a limited liability company as provided in title 48, chapters 201-249 and as outlined in § 45-2-220 . Acts 1969, ch. 36, § 1 (3.304); T.C.A., § 45-201; Acts 1996, ch. 768, § 5; 2006, ch. 660, § 1. ## Nearby sections - [Tenn. Code Ann. § 45-2-103 Changes affecting bank control](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-103.md) - [Tenn. Code Ann. § 45-2-104 Equality of taxation](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-104.md) - [Tenn. Code Ann. § 45-2-105 Exemption of nonprofit general welfare corporations](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-105.md) - [Tenn. Code Ann. § 45-2-106 Provisions applicable to savings and loan associations and savings banks - Conflicting laws](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-106.md) - [Tenn. Code Ann. § 45-2-107 Acquisition, formation or control of banks and savings institutions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-107.md) - [Tenn. Code Ann. § 45-2-201 Incorporators - Applicant requirements](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-201.md) - [Tenn. Code Ann. § 45-2-202 Notice of intention - Request for issuance of charter - Approval or nonapproval of notice of intention or request for issuance of charter and accompanying documents - Notice - Filing - Restriction on acceptance of shares of capital stock until notice of approval received](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-202.md) - [Tenn. Code Ann. § 45-2-203 Organizational expenses](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-203.md) - [Tenn. Code Ann. § 45-2-204 Application for charter - Acceptance, nonacceptance and filing of application - Notice to other banks - Formation of interim bank](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-204.md) - [Tenn. Code Ann. § 45-2-205 Examination of application for charter - Factors considered](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-205.md) - [Tenn. Code Ann. § 45-2-206 Subscription calls](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-206.md) - [Tenn. Code Ann. § 45-2-207 Capital structure](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-207.md) - [Tenn. Code Ann. § 45-2-208 Capital notes and debentures](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-208.md) - [Tenn. Code Ann. § 45-2-211 Indemnification of officers, directors or employees](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-211.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-201. Check the current official text before relying on it. Not legal advice.