Tenn. Code Ann. § 45-2-1307
This is the official text of Tenn. Code Ann. § 45-2-1307, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Conversion of national into state bank
Official statutory text
(a) Except as provided in § 45-2-1310 , a national bank located in this state that follows the procedure prescribed by the laws of the United States to convert into a state bank may be granted a state charter by the commissioner if the commissioner finds that each office of the national bank is legally in operation, that the resulting state bank will have an adequate capital structure, including surplus, in relation to its deposit liabilities and its other activities, not less than the capital structure required for a new state bank, and that the officers and directors of the resulting bank are persons of sound judgment and discretion. (b) The national bank may apply for the charter by filing with the commissioner: (1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national to a state bank; and (2) The plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a state bank. Acts 1969, ch. 36, § 1 (3.407); 1973, ch. 294, § 6; T.C.A., § 45-607.
(a) Except as provided in § 45-2-1310 , a national bank located in this state that follows the procedure prescribed by the laws of the United States to convert into a state bank may be granted a state charter by the commissioner if the commissioner finds that each office of the national bank is legally in operation, that the resulting state bank will have an adequate capital structure, including surplus, in relation to its deposit liabilities and its other activities, not less than the capital structure required for a new state bank, and that the officers and directors of the resulting bank are persons of sound judgment and discretion.
(b) The national bank may apply for the charter by filing with the commissioner: (1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national to a state bank; and (2) The plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a state bank.
(1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national to a state bank; and
(2) The plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a state bank.
Acts 1969, ch. 36, § 1 (3.407); 1973, ch. 294, § 6; T.C.A., § 45-607.
(a) Except as provided in § 45-2-1310 , a national bank located in this state that follows the procedure prescribed by the laws of the United States to convert into a state bank may be granted a state charter by the commissioner if the commissioner finds that each office of the national bank is legally in operation, that the resulting state bank will have an adequate capital structure, including surplus, in relation to its deposit liabilities and its other activities, not less than the capital structure required for a new state bank, and that the officers and directors of the resulting bank are persons of sound judgment and discretion.
(b) The national bank may apply for the charter by filing with the commissioner: (1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national to a state bank; and (2) The plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a state bank.
(1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national to a state bank; and
(2) The plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a state bank.
Acts 1969, ch. 36, § 1 (3.407); 1973, ch. 294, § 6; T.C.A., § 45-607.
Status: in_force
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