(a) A corporation seeking to conduct a banking business in Tennessee may be organized by five (5) or more incorporators, a majority of whom shall be residents of this state. The incorporators shall complete the process provided in this part and as outlined in subsection (c).

Terms Used In Tennessee Code 45-2-201

  • 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: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • 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.
  • 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) Each incorporator shall subscribe and pay in full, in cash, for common stock in a minimum amount as determined by the commissioner.
(c) In order to provide for the organization of the business authorized to conduct banking business in Tennessee, applicants shall complete the following:

(1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202;
(2) Submit and complete an application for charter, as provided in § 45-2-204; and
(3) Submit and complete an application for certificate of authority, as provided in § 45-2-212.
(d) For purposes of this part, a bank may be organized as a corporation as provided in title 48, chapters 11-27 or as a limited liability company as provided in title 48, chapters 201-249 and as outlined in § 45-2-220.
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