45-3-108 - Ownership of associations Changes affecting control. - Tennessee Statutes

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45-3-108. Ownership of associations Changes affecting control.

(a) The rights and incidents of ownership in a capital stock association shall be vested in the holders of capital stock as shown on the books of the association and in no other persons. Depositors in capital stock associations shall not be vested with any rights or incidents of ownership in the association. The rights and incidents of ownership in a mutual association shall be vested in the depositors of the association.

(b) Section 45-2-103 is applicable to state-chartered savings and loan associations. Unless the context requires other meaning, references to bank in § 45-2-103 include state-chartered savings and loan associations for the purposes of this subsection (b) only, and shall not be construed to give the associations any rights or powers not set forth in this chapter.

[Acts 1978, ch. 708, § 1.08; T.C.A., § 45-1308; Acts 1984, ch. 697, §§ 1, 2.]

State Codes and Statutes

Statutes > Tennessee > Title-45 > Chapter-3 > Part-1 > 45-3-108

45-3-108. Ownership of associations Changes affecting control.

(a) The rights and incidents of ownership in a capital stock association shall be vested in the holders of capital stock as shown on the books of the association and in no other persons. Depositors in capital stock associations shall not be vested with any rights or incidents of ownership in the association. The rights and incidents of ownership in a mutual association shall be vested in the depositors of the association.

(b) Section 45-2-103 is applicable to state-chartered savings and loan associations. Unless the context requires other meaning, references to bank in § 45-2-103 include state-chartered savings and loan associations for the purposes of this subsection (b) only, and shall not be construed to give the associations any rights or powers not set forth in this chapter.

[Acts 1978, ch. 708, § 1.08; T.C.A., § 45-1308; Acts 1984, ch. 697, §§ 1, 2.]

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Statutes > Tennessee > Title-45 > Chapter-3 > Part-1 > 45-3-108

45-3-108. Ownership of associations Changes affecting control.

(a) The rights and incidents of ownership in a capital stock association shall be vested in the holders of capital stock as shown on the books of the association and in no other persons. Depositors in capital stock associations shall not be vested with any rights or incidents of ownership in the association. The rights and incidents of ownership in a mutual association shall be vested in the depositors of the association.

(b) Section 45-2-103 is applicable to state-chartered savings and loan associations. Unless the context requires other meaning, references to bank in § 45-2-103 include state-chartered savings and loan associations for the purposes of this subsection (b) only, and shall not be construed to give the associations any rights or powers not set forth in this chapter.

[Acts 1978, ch. 708, § 1.08; T.C.A., § 45-1308; Acts 1984, ch. 697, §§ 1, 2.]