(a) An out-of-state savings and loan holding company or out-of-state association that does not have a Tennessee association subsidiary (other than a Tennessee association subsidiary that was acquired either pursuant to § 123 of the Garn-St. Germain Depository Institutions Act of 1982 (12 U.S.C. § 1730a(m)) [repealed], or comparable provisions in state law, or in the regular course of securing or collecting a debt previously contracted in good faith) may acquire a Tennessee savings and loan holding company or a Tennessee association with the approval of the commissioner.

Terms Used In Tennessee Code 45-3-1403

  • Acquire: means :
    (A) The merger or consolidation of one (1) association with another association, or a savings and loan holding company with another savings and loan holding company. See Tennessee Code 45-3-1402
  • Association: means a mutual or capital stock savings and loan association, building and loan association or savings bank chartered under the laws of any one (1) of the states or by the federal home loan bank board, pursuant to the Home Owners' Loan Act of 1933 (12 U. See Tennessee Code 45-3-1402
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-3-1402
  • Company: means that which is set forth in the Federal Savings and Loan Holding Company Act (12 U. See Tennessee Code 45-3-1402
  • Out-of-state savings and loan holding company: means a savings and loan holding company that has its principal place of business in a state other than Tennessee and that is not controlled by any other savings and loan holding company. See Tennessee Code 45-3-1402
  • Savings and loan holding company: means any company that directly or indirectly controls an association or controls any other company that is a savings and loan holding company. See Tennessee Code 45-3-1402
  • State: means any state of the United States and the District of Columbia. See Tennessee Code 45-3-1402
  • Subsidiary: means that which is set forth in the Federal Savings and Loan Holding Company Act (12 U. See Tennessee Code 45-3-1402
  • Tennessee association: means an association organized under the laws of the state of Tennessee or under the laws of the United States and that:
    (A) Has its principal place of business in the state of Tennessee. See Tennessee Code 45-3-1402
  • Tennessee savings and loan holding company: means a savings and loan holding company that has its principal place of business in Tennessee and that is not controlled by any other savings and loan holding company. See Tennessee Code 45-3-1402
(b) The out-of-state savings and loan holding company or out-of-state association shall submit to the commissioner an application for approval of the acquisition, which application shall be approved only if:

(1) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit Tennessee savings and loan holding companies and Tennessee associations to acquire associations and savings and loan holding companies in that state; and
(2) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit the out-of-state savings and loan holding company or out-of-state association to be acquired by the Tennessee savings and loan holding company or Tennessee association sought to be acquired.
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