Skip to main content
Find a Lawyer

Tennessee Code Title 45. Banks and Financial Institutions § 45-2-107

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

(a)(1) As used in this subsection (a), unless the context otherwise requires:

(A) “Bank” means any company that accepts deposits in Tennessee that are eligible for insurance under the Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.);

(B) “Bank holding company” means any company that is a bank holding company (12 U.S.C. § 1841 et seq.);

(C) “Banking institution” means any institution organized under this title, or under title 12, chapter 2 of the United States Code;

(D) “Company” has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(b)); and

(E) “Control” has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(a)(2) and (3)).

(2) No bank holding company or other banking institution shall acquire; form or control a bank, as defined herein, unless the bank:

(A) Accepts deposits in Tennessee that the depositor has a legal right to withdraw on demand; and

(B) Engages in the business of making commercial loans in Tennessee.

(3) No company that is not a bank holding company shall acquire, form or control a bank.

(4) If any person has engaged or proposes to engage in a transaction that is not permitted under this section, the commissioner shall apply, and any other interested person, which shall include, but not be limited to, any Tennessee bank or Tennessee bank holding company, may apply, for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County, or any other chancery court having jurisdiction or any court of the United States having jurisdiction.

(5) Nothing in this section shall prohibit the ownership or control of a bank by an entity that is not a bank holding company, if:

(A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and

(B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983.

(b)(1) As used in this subsection (b), as distinguished from subsection (a) relating to banks, unless the context otherwise requires:

(A) “Company” has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 (12 U.S.C. § 1730a et seq. [repealed]);

(B) “Control” has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967;

(C) “Savings and loan holding company” means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and

(D)(i) “Savings institutions” means any institution organized under chapter 3 of this title, or under title 12, chapter 12 of the United States Code; and

(ii) “Savings institutions” means a savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act (12 U.S.C. § 1724 et seq. [repealed]).

(2) No savings and loan holding company or other savings institution shall acquire, form, or control a savings institution, as defined herein, unless the savings institution:

(A) Accepts deposits in Tennessee that the depositor has a legal right to withdraw on demand; and

(B) Engages in the business of making commercial loans in Tennessee.

(3) No company that is not a savings and loan holding company shall acquire, form, or control a savings institution.

(4) If any person has or proposes to engage in a transaction that is not permitted under this section, the commissioner shall apply, and any other interested person, which shall include, but not be limited to, Tennessee savings institutions or Tennessee savings and loan holding companies, may apply, for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County or any other chancery court having jurisdiction, or any court of the United States having jurisdiction.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-2-107 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-2-107/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard