Tennessee Code 45-3-1101 – Amendment of charters
Terms Used In Tennessee Code 45-3-1101
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
- Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-3-104
- Home: means a structure designed for residential use by not more than four (4) families or a single condominium unit, including common elements pertinent thereto, designed for residential use by one (1) family in a multiple dwelling unit structure or complex, and includes fixtures. See Tennessee Code 45-3-104
- Home office: means the principal place of business maintained by the association and so designated in its charter, at which all authorized business of the association may be transacted. See Tennessee Code 45-3-104
- 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
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
Every association may amend its charter in the manner set forth herein. Each proposed amendment, together with a certified copy of the authorizing resolution, shall be submitted to the commissioner for approval. If the commissioner finds that the proposed amendment is in conformity with the law, the commissioner shall, in writing, approve the amendment and shall send notice of approval of the amendment by registered or certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove any amendment within the time specified, the commissioner shall state the disapproval, together with the written reasons therefor, and send the same by registered or certified mail to the home office of the association, giving the association, if appropriate under the circumstances, the opportunity to modify or change and resubmit the proposed amendment so as to obviate the commissioner’s objections. In the event that the commissioner disapproves the amendment after the resubmission by the association, the commissioner shall send written notice of the final disapproval by registered or certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed amendment by the commissioner.