Tenn. Code Ann. § 45-14-114
Void and null charters and certificates of authority
Redline — September 1, 2020 → current.View current text →
Current — September 30, 2020
As of September 1, 2020
(1) Any charter issued under the provisions of 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
(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.
(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.
(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.