Any charter issued under this chapter shall be null and void if an institution that is chartered and commences business ceases to conduct business and no business is conducted for a period of two (2) years. For the purposes of this section, “business” means:

(1) Receiving deposits, paying out money on checks and making loans; or

Terms Used In Tennessee Code 45-2-219

  • Fiduciary: A trustee, executor, or administrator.
  • Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Tennessee Code 45-1-103
(2) Acting as a fiduciary for the purposes of a trust company.
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