If a merging or converting bank has assets that do not conform to the requirements of state law for the resulting state bank, or carries on business activities that are not permitted for the resulting state bank, the commissioner may permit a reasonable time to conform with state law.
Tenn. Code Ann. § 45-2-1311
Nonconforming assets or business
Acts 1969, ch. 36, § 1 (3.411); 1973, ch. 294, § 6; T.C.A., § 45-611.
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.