Terms Used In Tennessee Code > Title 45 > Chapter 3 > Part 4 - General Powers and Duties

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• 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.
• Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Good faith: means honesty in fact in the conduct or transaction concerned. See Tennessee Code 45-1-103
• Interest: means that part of the net income, retained earnings, or surplus of an association that is payable to or credited to holders of deposit accounts. See Tennessee Code 45-3-104
• Liquid assets: means :
  (A) Cash on hand. See Tennessee Code 45-3-104
• Net income: means gross revenues for an accounting period, less all interest and expenses paid or incurred, taxes, and losses sustained that have not been charged to any reserve accounts. See Tennessee Code 45-3-104
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• operating: means that:
  (A) A charter has been issued to a bank by the United States comptroller of the currency or a certificate of authority has been issued by the commissioner. See Tennessee Code 45-1-103
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• 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
• Surplus: means the aggregate amount of the undistributed net income of an association held as undivided profits or unallocated reserves for general corporate purposes, and any paid-in surplus or initial undivided profits held by an association. See Tennessee Code 45-3-104
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105