Tennessee Statutes
§ 45-14-114 — Void and null charters and certificates of authority
Tennessee·Title 45
(a)Any charter issued under this chapter shall be null and void if:
(1)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.
(b)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.
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Tennessee § 45-14-114 (Void and null charters and certificates of authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.
Nearby Sections
15
§ 45-1-101
Short title§ 45-1-103
General definitions§ 45-1-104
Department to execute laws§ 45-1-106
Salary of commissioner§ 45-1-107
Powers and duties of commissioner§ 45-1-109
Oaths of office§ 45-1-111
Limitation of personal liability§ 45-1-112
Official seal§ 45-1-113
Office facilities§ 45-1-116
Examiners - Employment and duties