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Tenn. Code Ann. § 45-3-1302

Receipt of deposits while in an impaired condition

Known as the Tennessee Savings and Loan Act

The act spans §§ 45–45 (137 sections).

Acts 1978, ch. 708, § 5.06; T.C.A., § 45-1706; Acts 1989, ch. 591, § 112.

(1) It is unlawful for an association, directly or indirectly, to receive any deposit while in an impaired condition, except with the express written consent of the commissioner, or for an officer, director, agent, or employee of an association who knows, or in the proper performance of the person's duties should know, of the impaired condition, directly or indirectly, to receive or authorize the receipt of the deposits.

(2) A violation of this section is a Class B misdemeanor.

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.