Tennessee Code 45-2-1310 – Resulting bank without trust powers
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Terms Used In Tennessee Code 45-2-1310
- Bank: means a state or a national bank. See Tennessee Code 45-2-1301
- Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
- Converting bank: means a bank converting from a state to a national bank, or the reverse. See Tennessee Code 45-2-1301
- Fiduciary: A trustee, executor, or administrator.
- Merger: includes consolidation. See Tennessee Code 45-2-1301
- 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
Where a resulting state bank is not to exercise trust powers, the commissioner shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank.