Tennessee Code 45-3-404 – Computation of net income
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Terms Used In Tennessee Code 45-3-404
- 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 45-3-104
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Net income: means gross revenues for an accounting period, less all interest and expenses paid or incurred, taxes, and losses sustained that have not been charged to any reserve accounts. See Tennessee Code 45-3-104
- 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 - Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
Every association shall close its books on the last business day of its fiscal year, and at other times that its charter or bylaws provide, or as the commissioner requires, for the purpose of determining the gross income of the association for its fiscal year or for the period since the date of the last closing of its books, and from which shall be deducted the expenses of operating the association for that period, the balance remaining being the net income for the period.