The Commissioner shall not approve the application unless he or she ascertains to his or her satisfaction:
1. That the public convenience and advantage will be promoted by the establishment of the proposed corporation.
2. That the corporation is being formed for no other purpose than the legitimate objectives contemplated by this chapter.
3. That the proposed capital structure is adequate.
4. That the financial responsibility, character and general fitness of the proposed officers, directors, stockholders and other investors are such as to command the confidence of the community and to warrant belief that the business will be operated honestly and fairly within the purpose of this chapter, and that the proposed officers and directors have sufficient banking, industrial loan or other experience, ability and standing to afford reasonable promise of successful operation.
5. That the applicant has complied with all the applicable provisions of this chapter.