Tennessee Code 45-3-504 – Prohibited transactions
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 45-3-504
- Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
- Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
Any other provision of the law to the contrary notwithstanding, no association shall have the authority to receive demand deposit accounts or offer checking accounts, negotiable orders of withdrawal, or share accounts until federal associations in Tennessee are authorized to do so by federal law or regulation.