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(a) If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application.
(b) A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers.
Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-2-215 - last updated January 01, 2020 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-2-215/
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