(a) A corporation may acquire all of the outstanding shares of one (1) or more classes or series of a bank, and a bank may acquire all of the outstanding shares of one (1) or more classes or a series of another bank or corporation, if the board of directors of each corporation or bank adopts and its shareholders, if required by § 48-21-104, approve the exchange. The share exchange shall be subject to and in accordance with the Tennessee Business Corporation Act, compiled in title 48, chapter 21, except as chapter 21 of the Tennessee Business Corporation Act is inconsistent with this title.
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Terms Used In Tennessee Code 45-2-1314

  • Bank: means a state or a national bank. See Tennessee Code 45-2-1301
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Any share exchange involving a bank or a bank holding company shall be subject to any regulatory approval required by applicable law.
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