Tennessee Statutes
§ 45-2-215 — Approval or denial of application - Action by commissioner - Limitation of bank or trust company to fiduciary purposes and powers
Tennessee·Title 45
(a)If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application.
(b)A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers.
Free access — add to your briefcase to read the full text and ask questions with AI
Tennessee § 45-2-215 (Approval or denial of application - Action by commissioner - Limitation of bank or trust company to fiduciary purposes and powers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-215; Acts 1980, ch. 620, § 1; 1996, ch. 768, § 14.
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