Tennessee Code 45-3-1106 – Conversion of state capital stock association or federal association to state mutual association
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 45-3-1106
- 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
- Federal association: means a savings and loan association operating under the laws and regulations of the United States. See Tennessee Code 45-3-104
- Mutual association: means an association, the ownership of which rests in members, who receive interest on their deposit accounts, and who have the sole right to vote on all matters affecting the association. 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
Any state capital stock association or any federal association, if otherwise permitted by federal law and regulations, may become a state mutual association by following the procedures set forth in § 45-3-1105 and any rules and regulations promulgated by the commissioner.