The commissioner, after a determination of value, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association's books, be charged off, or that a special reserve or reserves equal to the overvaluation be set up by transfers from surplus, undivided profits or reserves.
Tenn. Code Ann. § 45-3-805
Charging off or setting up reserves against bad assets
Known as the Tennessee Savings and Loan Act
The act spans §§ 45–45 (137 sections).
Acts 1978, ch. 708, § 3.05; T.C.A., § 45-1512.
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.