Tennessee Code 45-3-1505 – Acquisitions – Application – Approval required
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 45-3-1505
- Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
- Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-3-1502
- Interest: means that part of the net income, retained earnings, or surplus of an association that is payable to or credited to holders of deposit accounts. See Tennessee Code 45-3-104
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
A mutual savings and loan holding company may acquire control of a subsidiary, association, or mutual savings and loan holding company upon application to and the prior written approval of the commissioner. The application shall be in the form prescribed by the commissioner and shall contain information that enables the commissioner to determine if the acquisition is consistent with the public interest of maintaining a sound financial system.