The commissioner shall approve the certificate of organization, and the bylaws, and if satisfied that the proposed field of operation is favorable to the success of the corporation and that the standing of the proposed incorporators is such as to give assurance that its affairs will be properly administered, the commissioner shall issue to the proposed incorporators a certificate of approval, annexed to the duplicate of the certificate of organization and of the bylaws.Acts 1923, ch 68, § 4; Shan. Supp., § 2198a7; Code 1932, § 3835; Acts 1937, ch. 264, § 3; C. Supp. 1950, § 3835; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1804; Acts 1986, ch. 558, § 5.
Tennessee Legal Code