(a) The commissioner of financial institutions, hereinafter referred to as the “commissioner,” is authorized to provide for the organization, chartering, incorporation, examination, operation, regulation, safety and soundness of savings banks.

Terms Used In Tennessee Code 45-14-103

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • commissioner: is a uthorized to provide for the organization, chartering, incorporation, examination, operation, regulation, safety and soundness of savings banks. See Tennessee Code 45-14-103
  • 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
  • Depository institution: means any company included for any purpose within any of the definitions of insured depository institution, as set forth in 12 U. See Tennessee Code 45-1-103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
  • savings bank: as used in this chapter , means a depository institution chartered pursuant to this chapter. See Tennessee Code 45-14-103
  • 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
(b) A savings bank may organize, convert and engage in acquisitions, mergers, consolidations, share exchanges and purchase of assets and assumption of liabilities, in the same manner as is provided for associations in chapter 3 of this title.
(c) The commissioner may by regulation define any term used in this chapter that is not specifically defined in this chapter.
(d) The provisions of chapter 2 of this title, and the regulations thereunder, that are applicable to commercial banks and related parties regarding insolvency, conservatorship, receivership, the termination of unsafe and unsound practices, and the enforcement of laws, regulations and orders, are likewise applicable to savings banks.
(e) All savings banks chartered under this chapter shall be subject to this chapter and the regulations issued under this chapter, and a foreign depository institution operating in this state that meets the definition of a savings bank under § 3(g) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813(g) ), as in effect as of September 1, 1990, is likewise subject to the act and regulations.
(f) Except where the context requires otherwise, “savings bank,” as used in this chapter, means a depository institution chartered pursuant to this chapter.
(g) The deposits of each savings bank subject to this chapter must be insured by the federal deposit insurance corporation pursuant to the Federal Deposit Insurance Act.
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