§ 45-2-218 — Charter amendment

(a) A state bank shall apply to the commissioner to amend its charter or to change its location or the location of any of its branches. The change of location shall be consistent with § 45-2-614 . (b) An application for an amendment of the charter shall be authorized by the vote of at least a majority of the outstanding voting stock at a meeting of stockholders except as provided by § 48-20-102(1)-(7) . (c) Notice of the application shall be sent to the persons and organizations that the commissioner may require. (d) In making a determination, the commissioner shall consider whether the public convenience and advantage would be served by granting the application and shall be guided by the standards prescribed for the approval of an application for a charter, insofar as they are reasonably applicable. (e) Any amendment to the charter of an incorporated bank increasing or decreasing its capital stock or otherwise must be recorded in accordance with § 45-2-205(c) . (f) Any other provision of the law to the contrary notwithstanding, any bank that was exercising fiduciary powers on April 2, 1969, may continue to exercise the powers without changing any provisions of its charter. (g) Notwithstanding any law to the contrary, the name, address, and zip code of each incorporator does not need to be set forth in a restated charter.

Legislative History

Amended by 2020 Tenn. Acts, ch. 605, s 4, eff. 3/20/2020. Acts 1969, ch. 36, § 1 (3.313); 1971, ch. 343, § 1; 1971, ch. 433, § 1; 1973, ch. 294, § 6; T.C.A., § 45-218; Acts 1994, ch. 551, § 8; 2001, ch. 54, § 10.