(a) The conversion shall, unless a later date is specified in the plan of conversion, become effective upon the filing with the commissioner of the executed plan of conversion, together with a copy of the resolution of the stockholders or members of the converting financial institution approving it, certified by the financial institution’s president or a vice president and a cashier.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 45-11-107

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • Converting institution: means a financial institution converting to another type of financial institution. See Tennessee Code 45-11-102
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • 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. See Tennessee Code 45-11-102
  • Resulting financial institution: means the financial institution resulting from a conversion and having its principal place of business in this state. See Tennessee Code 45-11-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The commissioner shall thereupon approve the proposed charter of the resulting financial institution for filing with the secretary of state and issue to the resulting financial institution a certificate of conversion.
(c)

(1) The certificate of conversion shall be issued after the following conditions have been met:

(A) Provisions of the plan of conversion for successors to fiduciary positions held by the converting institution have been implemented; and
(B) A commitment for federal deposit insurance effective as of the proposed effective date of conversion has been received.
(2) The certificate shall be conclusive evidence of the conversion and correctness of all proceedings therefor in all courts and places, and shall be recorded in the same manner as is provided for recording of a charter of the institution.
  Previous section
Next section  
 Chapter 11 Contents