Tenn. Code § 45-11-102

Current through Acts 2023-2024, ch. 1069

Section 45-11-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:

(1) "Capital stock financial institution" means a financial institution, the ownership of which rests in the holders of shares of capital stock, who may receive dividends on their shares, and who have the sole right to vote on matters affecting the financial institution;

(2) "Converting institution" means a financial institution converting to another type of financial institution;

(3) "Financial institution" means a savings and loan association, bank, savings bank, credit union, or trust company organized under the laws of any state or organized under the laws of the United States;

(4) "Mutual financial institution" means an association or savings bank or credit union, the ownership of which rests in members who receive interest on their deposit accounts, and who have the sole right to vote on all matters affecting the financial institution; and

(5) "Resulting financial institution" means the financial institution resulting from a conversion and having its principal place of business in this state.

T.C.A. § 45-11-102

Amended by 2018 Tenn. Acts, ch. 741, Secs.s 1, s 2eff. 4/18/2018.

Acts 1985, ch. 174, § 2; 1991, ch. 33, §§1, 2; 2008 , ch. 968, §§ 1, 2.