45-14-114 - Void and null charters and certificates of authority. - Tennessee Statutes

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Statutes > Tennessee > Title-45 > Chapter-14 > 45-14-114

45-14-114. Void and null charters and certificates of authority.

(a) Any charter issued under the provisions of this chapter shall be null and void if:

(1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or

(2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.

(b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.

[Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.]

State Codes and Statutes

Statutes > Tennessee > Title-45 > Chapter-14 > 45-14-114

45-14-114. Void and null charters and certificates of authority.

(a) Any charter issued under the provisions of this chapter shall be null and void if:

(1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or

(2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.

(b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.

[Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.]

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State Codes and Statutes

Statutes > Tennessee > Title-45 > Chapter-14 > 45-14-114

45-14-114. Void and null charters and certificates of authority.

(a) Any charter issued under the provisions of this chapter shall be null and void if:

(1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or

(2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.

(b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.

[Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.]