# Tenn. Code Ann. § 48-101-103: Persons entitled to incorporate - Certificate of incorporation > Tennessee · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-103 ## Section - **Citation:** Tenn. Code Ann. § 48-101-103 - **Heading:** Persons entitled to incorporate - Certificate of incorporation - **Jurisdiction:** Tennessee - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** TN Code / Title 48 / Chapter 101 / Section 48-101-103 ## Text Twenty-five (25) or more persons, a majority of whom shall be residents of this state, who may desire to form a development credit corporation under this part, for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the state and, to that end, to exercise the powers and privileges hereinafter provided, may be incorporated by making, subscribing, acknowledging, and filing, in the manner hereinafter provided, in the office of the secretary of state and of the register of the county in which the corporation elects to have its principal office, a certificate setting forth: (1) The name of the corporation, which shall include the words "Development Credit Corporation of Tennessee"; (2) The location of the principal office of the corporation; (3) The purpose for which the corporation is founded, which shall include the following: (A) To assist, promote, encourage, and, through the cooperative efforts of the institutions and corporations which shall, from time to time, become members thereof, develop and advance the business prosperity and economic welfare of the state; (B) To encourage and assist in the location of new business and industry in the state and to rehabilitate existing business and industry; to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of the state, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the citizens of the state; (C) To cooperate and act in conjunction with other organizations, public or private, the objects of which are the promotion and advancement of industrial, commercial, agricultural, and recreational developments in the state; and (D) To furnish money and credit to approved and deserving applicants for the promotion, development, and conduct of all kinds of business activity in the state, thereby establishing a source of credit not otherwise readily available therefor; (4) (A) The total amount of authorized capital stock and the number of shares in which it is divided; (B) That all stock shall be common with a par value of ten dollars ($10.00) per share; (C) That shares shall be issued only upon receipt by the corporation of cash in amount of no less than the par value; (D) That the minimum capital stock shall be one hundred thousand (100,000) shares; and (E) That at least twenty percent (20%) of the capital stock shall be paid into the treasury of the corporation before it shall be authorized to transact any business other than such as relates to its organization; (5) (A) Whether or not the corporation is to have perpetual existence, and if not, the time its existence is to cease; (B) That if such corporation fails to subscribe the minimum stock within two (2) years from the filing of the certificate, its existence shall terminate; and (6) Any other provision or provisions, not contrary to law, which the incorporators may choose to insert for further regulation of the conduct of the corporation, or any provision or provisions creating, dividing, limiting, and regulating the powers of the directors, officers, and stockholders. Acts 1959, ch. 170, § 3: T.C.A. §§ 48-1703, 48-3-103. Twenty-five (25) or more persons, a majority of whom shall be residents of this state, who may desire to form a development credit corporation under this part, for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the state and, to that end, to exercise the powers and privileges hereinafter provided, may be incorporated by making, subscribing, acknowledging, and filing, in the manner hereinafter provided, in the office of the secretary of state and of the register of the county in which the corporation elects to have its principal office, a certificate setting forth: (1) The name of the corporation, which shall include the words "Development Credit Corporation of Tennessee"; einafter provided, may be incorporated by making, subscribing, acknowledging, and filing, in the manner hereinafter provided, in the office of the secretary of state and of the register of the county in which the corporation elects to have its principal office, a certificate setting forth: (1) The name of the corporation, which shall include the words "Development Credit Corporation of Tennessee"; (2) The location of the principal office of the corporation; (3) The purpose for which the corporation is founded, which shall include the following: (A) To assist, promote, encourage, and, through the cooperative efforts of the institutions and corporations which shall, from time to time, become members thereof, develop and advance the business prosperity and economic welfare of the state; (B) To encourage and assist in the location of new business and industry in the state and to rehabilitate existing business and industry; to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of the state, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the citizens of the state; (C) To cooperate and act in conjunction with other organizations, public or private, the objects of which are the promotion and advancement of industrial, commercial, agricultural, and recreational developments in the state; and (D) To furnish money and credit to approved and deserving applicants for the promotion, development, and conduct of all kinds of business activity in the state, thereby establishing a source of credit not otherwise readily available therefor; (A) To assist, promote, encourage, and, through the cooperative efforts of the institutions and corporations which shall, from time to time, become members thereof, develop and advance the business prosperity and economic welfare of the state; (B) To encourage and assist in the location of new business and industry in the state and to rehabilitate existing business and industry; to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of the state, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the citizens of the state; (C) To cooperate and act in conjunction with other organizations, public or private, the objects of which are the promotion and advancement of industrial, commercial, agricultural, and recreational developments in the state; and (D) To furnish money and credit to approved and deserving applicants for the promotion, development, and conduct of all kinds of business activity in the state, thereby establishing a source of credit not otherwise readily available therefor; c or private, the objects of which are the promotion and advancement of industrial, commercial, agricultural, and recreational developments in the state; and (D) To furnish money and credit to approved and deserving applicants for the promotion, development, and conduct of all kinds of business activity in the state, thereby establishing a source of credit not otherwise readily available therefor; (4) (A) The total amount of authorized capital stock and the number of shares in which it is divided; (B) That all stock shall be common with a par value of ten dollars ($10.00) per share; (C) That shares shall be issued only upon receipt by the corporation of cash in amount of no less than the par value; (D) That the minimum capital stock shall be one hundred thousand (100,000) shares; and (E) That at least twenty percent (20%) of the capital stock shall be paid into the treasury of the corporation before it shall be authorized to transact any business other than such as relates to its organization; (A) The total amount of authorized capital stock and the number of shares in which it is divided; (B) That all stock shall be common with a par value of ten dollars ($10.00) per share; (C) That shares shall be issued only upon receipt by the corporation of cash in amount of no less than the par value; (D) That the minimum capital stock shall be one hundred thousand (100,000) shares; and (E) That at least twenty percent (20%) of the capital stock shall be paid into the treasury of the corporation before it shall be authorized to transact any business other than such as relates to its organization; (5) (A) Whether or not the corporation is to have perpetual existence, and if not, the time its existence is to cease; (B) That if such corporation fails to subscribe the minimum stock within two (2) years from the filing of the certificate, its existence shall terminate; and (A) Whether or not the corporation is to have perpetual existence, and if not, the time its existence is to cease; (B) That if such corporation fails to subscribe the minimum stock within two (2) years from the filing of the certificate, its existence shall terminate; and (6) Any other provision or provisions, not contrary to law, which the incorporators may choose to insert for further regulation of the conduct of the corporation, or any provision or provisions creating, dividing, limiting, and regulating the powers of the directors, officers, and stockholders. Acts 1959, ch. 170, § 3: T.C.A. §§ 48-1703, 48-3-103. ## Nearby sections - [Tenn. Code Ann. § 48-101-101 Short title](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-101.md) - [Tenn. Code Ann. § 48-101-102 Part definitions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-102.md) - [Tenn. Code Ann. § 48-101-103 Persons entitled to incorporate - Certificate of incorporation](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-103.md) - [Tenn. Code Ann. § 48-101-104 Completion of corporate entity](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-104.md) - [Tenn. Code Ann. § 48-101-105 Powers](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-105.md) - [Tenn. Code Ann. § 48-101-106 First meeting and organization](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-106.md) - [Tenn. Code Ann. § 48-101-107 Board of directors and officers](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-107.md) - [Tenn. Code Ann. § 48-101-108 Right to purchase or transfer capital stock or obligations of corporation - Membership](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-108.md) - [Tenn. Code Ann. § 48-101-109 No preemptive rights respecting unissued stock](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-109.md) - [Tenn. Code Ann. § 48-101-110 Membership of financial institutions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-110.md) - [Tenn. Code Ann. § 48-101-111 Duration of membership - Withdrawal](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-111.md) - [Tenn. Code Ann. § 48-101-112 Powers of stockholders and members - Voting](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-112.md) - [Tenn. Code Ann. § 48-101-113 Loans to the corporation](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-113.md) - [Tenn. Code Ann. § 48-101-114 Obligations of corporation are legal investments for members](https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-114.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T48_C101_S48-101-103. Check the current official text before relying on it. Not legal advice.