45-5-610 - Conversion of investment certificates to thrift certificates. - Tennessee Statutes

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45-5-610. Conversion of investment certificates to thrift certificates.

Any outstanding investment certificates of an industrial loan and thrift company or of an industrial investment company that converts to operation as an industrial bank or any outstanding investment certificates of an industrial bank may be converted to thrift certificates, if the certificates will be insured by the federal deposit insurance corporation and otherwise meet the requirements for thrift certificates provided in this chapter and of any applicable rules adopted by the commissioner.

[Acts 1983, ch. 274, § 20.]

State Codes and Statutes

Statutes > Tennessee > Title-45 > Chapter-5 > Part-6 > 45-5-610

45-5-610. Conversion of investment certificates to thrift certificates.

Any outstanding investment certificates of an industrial loan and thrift company or of an industrial investment company that converts to operation as an industrial bank or any outstanding investment certificates of an industrial bank may be converted to thrift certificates, if the certificates will be insured by the federal deposit insurance corporation and otherwise meet the requirements for thrift certificates provided in this chapter and of any applicable rules adopted by the commissioner.

[Acts 1983, ch. 274, § 20.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-45 > Chapter-5 > Part-6 > 45-5-610

45-5-610. Conversion of investment certificates to thrift certificates.

Any outstanding investment certificates of an industrial loan and thrift company or of an industrial investment company that converts to operation as an industrial bank or any outstanding investment certificates of an industrial bank may be converted to thrift certificates, if the certificates will be insured by the federal deposit insurance corporation and otherwise meet the requirements for thrift certificates provided in this chapter and of any applicable rules adopted by the commissioner.

[Acts 1983, ch. 274, § 20.]