§ 45-2-1714 — Director voting to impair capital or other acts detrimental to bank

Tennessee § 45-2-1714

• Jurisdiction: Tennessee
• Title: 45

Text

Any director of a bank commits a Class B misdemeanor who concurs in any vote or act of the directors of the bank by which it is intended to: (1) Make a dividend except from the surplus profits arising from the business of the bank; (2) Divide, withdraw or in any manner pay to the stockholders or any of them any part of the capital stock of the bank, or to reduce the capital stock, except in pursuance of law; (3) Discount or receive any note, or other evidence of debt in payment of capital stock required to be paid or with intention to provide the means of making the payment; (4) Receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in by the stockholder or the stockholder's stock; or (5) Apply any portion of the funds of the bank except as allowed by law, directly or indirectly, to the purchase of shares of its own stock.

Legislative History

Acts 1969, ch. 36, § 1 (3.613); T.C.A., § 45-1114; Acts 1989, ch. 591, § 112.