Tenn. Code Ann. § 45-2-215
This is the official text of Tenn. Code Ann. § 45-2-215, 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.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Approval or denial of application - Action by commissioner - Limitation of bank or trust company to fiduciary purposes and powers
Official statutory text
(a) If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application. (b) A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers. Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-215; Acts 1980, ch. 620, § 1; 1996, ch. 768, § 14.
(a) If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application.
(b) A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-215; Acts 1980, ch. 620, § 1; 1996, ch. 768, § 14.
(a) If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application.
(b) A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-215; Acts 1980, ch. 620, § 1; 1996, ch. 768, § 14.
Status: in_force
Need a lawyer in Tennessee?
Find a Tennessee lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.