Every association shall close its books on the last business day of its fiscal year, and at other times that its charter or bylaws provide, or as the commissioner requires, for the purpose of determining the gross income of the association for its fiscal year or for the period since the date of the last closing of its books, and from which shall be deducted the expenses of operating the association for that period, the balance remaining being the net income for the period.
Tenn. Code Ann. § 45-3-404
Computation of net income
Known as the Tennessee Savings and Loan Act
The act spans §§ 45–45 (137 sections).
Acts 1978, ch. 708, § 2.33; T.C.A., § 45-1433.
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.