Tenn. Code Ann. § 45-14-114

Void and null charters and certificates of authority

Known as the Savings Bank Chartering Act

The act spans §§ 45–45 (14 sections).

Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.

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

(3) 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.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.