(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner of financial institutions.

Terms Used In Tennessee Code 45-4-1210

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
(b) The corporation shall pay an annual supervision fee equal in amount to one-half (1/2) of the fee calculated to be due in accordance with § 45-4-1002(c) from a noncorporate credit union having assets equal in amount to the corporation.
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