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Tennessee Code Title 45. Banks and Financial Institutions § 45-14-114

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) Any charter issued under this chapter shall be null and void if:

(1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or

(2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.

(b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.

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Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-14-114 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-14-114/

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