Terms Used In Tennessee Code 15-1-104

  • 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.
  • 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

Every corporation, firm or individual doing a banking business in this state has the privilege and option to suspend business activities completely or partially on Wednesday, Thursday or Saturday mornings of each week and shall not incur any liability for failure then to exercise all of the lawful functions authorized by law; provided, that nothing herein shall be construed to compel any corporation, firm or individual doing a banking business in this state to suspend lawful functions on Wednesday, Thursday or Saturday mornings of each week.

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