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
Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
Company: includes a bank, trust company, corporation, partnership, association, business or other trust, or similar business entity. See Tennessee Code 45-1-103
Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the federal savings and loan insurance corporation (FSLIC) or any successor of such corporation. 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
United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) As used in this subsection (a), unless the context otherwise requires:
(A) “Bank” means any company that accepts deposits in Tennessee that are eligible for insurance under the Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.);(B) “Bank holding company” means any company that is a bank holding company (12 U.S.C. § 1841 et seq.);(C) “Banking institution” means any institution organized under this title, or under title 12, chapter 2 of the United StatesCode;(D) “Company” has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(b)) ; and(E) “Control” has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(a)(2) and (3)).(2) No bank holding company or other banking institution shall acquire, form or control a bank, as defined herein, unless the bank:
(A) Accepts deposits in Tennessee that the depositor has a legal right to withdraw on demand; and(B) Engages in the business of making commercial loans in Tennessee.(3) No company that is not a bank holding company shall acquire, form or control a bank.(4) If any person has engaged or proposes to engage in a transaction that is not permitted under this section, the commissioner shall apply, and any other interested person, which shall include, but not be limited to, any Tennessee bank or Tennessee bank holding company, may apply, for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County, or any other chancery court having jurisdiction or any court of the United States having jurisdiction.(5) Nothing in this section shall prohibit the ownership or control of a bank by an entity that is not a bank holding company, if:
(A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and(B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983.(b)(1) As used in this subsection (b), as distinguished from subsection (a) relating to banks, unless the context otherwise requires:
(A) “Company” has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 (12 U.S.C. § 1730a et seq. [repealed]);(B) “Control” has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967;(C) “Savings and loan holding company” means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and(D)(i) “Savings institutions” means any institution organized under chapter 3 of this title, or under title 12, chapter 12 of the United States Code; and(ii) “Savings institutions” means a savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act (12 U.S.C. § 1724 et seq. [repealed]).(2) No savings and loan holding company or other savings institution shall acquire, form, or control a savings institution, as defined herein, unless the savings institution:
(A) Accepts deposits in Tennessee that the depositor has a legal right to withdraw on demand; and(B) Engages in the business of making commercial loans in Tennessee.(3) No company that is not a savings and loan holding company shall acquire, form, or control a savings institution.(4) If any person has or proposes to engage in a transaction that is not permitted under this section, the commissioner shall apply, and any other interested person, which shall include, but not be limited to, Tennessee savings institutions or Tennessee savings and loan holding companies, may apply, for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County or any other chancery court having jurisdiction, or any court of the United States having jurisdiction.
