reglab/housing_qa huggingface dataset:
TN Code § 45-2-2004 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 20 - Private Trust Companies|§ 45-2-2004. Conversion to Public Trust Company

  A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the commissioner, which shall set forth the name of the private trust company and an acknowledgment that any exemption granted or otherwise applicable to the private trust company shall cease to apply on the effective date of the notice, furnish a copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public, and pay the filing fee, if any, prescribed by the commissioner. The commissioner may examine or investigate the private trust company, at the company's expense, in order to act on the notice.   The notificant may commence transacting business with the general public on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.   The thirty-day period of review may be extended by the commissioner on determination that the written notice raises issues that require additional information or additional time for analysis. If the period for review is extended, the notificant may commence transacting business with the public only on prior written approval by the commissioner.   The commissioner may deny approval of the notice of the private trust company to commence transacting business with the general public if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness, or that the proposed transacting of business with the general public would be contrary to the public interest, or if the commissioner determines that the notificant will not within a reasonable period be in compliance with any provision from which the notificant had been previously exempted.   Upon the effective date of conversion, the private trust company shall then be subject to all of this chapter and chapter 1 of this title, and the rules thereof that are applicable to non-exempt state trust companies.
TN Code § 45-2-2005 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 20 - Private Trust Companies|§ 45-2-2005. Modification or Revocation of Exemption — Commissioner's Authority — Notice — Hearing

  The commissioner shall not modify or revoke any exemption granted to a private trust company under § 45-2-2001 unless:  The commissioner determines that, based upon the safety and soundness of the private trust company or any action that the private trust company has taken or proposes to take, modification or revocation is necessary to protect the viability of the private trust company; or   The private trust company fails to comply with any conditions or limitations imposed by the commissioner in connection with granting the exemption.     The commissioner's authority to modify an exemption under subsection (a) includes the authority to impose conditions or limitations with respect to the exemption.    The commissioner must provide notice in writing to the private trust company at least thirty (30) days prior to the effective date of the proposed modification or revocation of an exemption.   Within thirty (30) days following receipt of the notice provided pursuant to subdivision (c)(1), the private trust company may request in writing that the commissioner hold a hearing for the private trust company to show cause as to why the proposed modification or revocation of an exemption should not become effective.   If a hearing is requested within the time period set forth in subdivision (c)(2), the commissioner shall schedule and conduct the hearing, and the proposed modification or revocation shall not become effective until the commissioner's final determination following the hearing.   If a hearing is not requested within the time period set forth in subdivision (c)(2), the proposed modification or revocation shall become effective without further notice or hearing on the date specified in the notice provided pursuant to subdivision (c)(1).     This section does not modify, limit, or repeal § 45-2-2003.
TN Code § 45-2-2101 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2101. Parts of Chapter Applicable to Trust Companies

  Parts 1, 2, 3, 4, 5, 7, 8, and 19 of this chapter do not apply to trust companies, except for §§ 45-2-104, 45-2-105, 45-2-208, 45-2-211, 45-2-215(b), 45-2-217, 45-2-218, 45-2-219, 45-2-220, 45-2-402(d) and (e), 45-2-404 and 45-2-405, and as otherwise provided in this part or as determined by the commissioner.   Part 14 of this chapter does not apply to trust companies, except for §§ 45-2-1408 — 45-2-1411; and, in regards to § 45-2-1409, for a state trust company, the “application for an interstate merger transaction with the responsible federal bank supervisory agency,” means the merger application that is filed with the responsible state agency.   All provisions referenced in this section are in addition to those other statutes in this chapter that are not applicable to trust companies, as determined by the commissioner under § 45-1-124.
TN Code § 45-2-2102 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2102. Organization of State Trust Company

  Any number of persons may act as incorporators or organizers of a state trust company.   Subject to this chapter, a state trust company shall be organized as a corporation under the Tennessee Business Corporation Act, compiled in title 48, Chapters 11 27, or a limited liability company under the Tennessee Revised Limited Liability Company Act, compiled in title 48, chapter 249.   To form a state trust company, the incorporators or organizers shall:  Submit an application for charter, pursuant to § 45-2-2103; and   If the application is approved by the commissioner, submit an application for a certificate of authority, pursuant to § 45-2-2106.     For purposes of this part, if the trust company is being formed as a limited liability company, all references to an application for charter shall also mean an application for articles of organization; all references to incorporators shall also mean organizers; and all references to stock or shareholders shall also include membership interests or members, respectively. Any reference to a director shall also mean a manager, if the trust company is being formed as a manager-managed limited liability company. Any reference to applicant shall mean the incorporators or organizers, or the trust company itself, once its corporate existence has begun.   Prior to submitting an application for charter, each incorporator or organizer shall subscribe and pay in full, in cash, for common stock in a minimum amount representing in aggregate at least ten percent (10%) of the proposed capital of the company. Subscriptions paid by the incorporators for their shares in the proposed trust company may be used to pay organizational expenses, but, in that case, shall not be commingled with funds in any account in which any non-incorporator funds have been or will be deposited.
TN Code § 45-2-2104 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2104. Investigation and Examination of Charter Applicants — Determination on Application

  Within ninety (90) days after the filing of a complete application for charter, the commissioner shall investigate and examine the application to determine whether:  The character, reputation and financial standing of the incorporators or organizers is such to establish that the trust company is being formed in good faith for a proper purpose;   The character, financial responsibility, and business experience and qualifications of the proposed directors and officers justify the belief that the trust company will be operated lawfully and successfully;   The anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;   The proposed capital structure is adequate, considering the factors described in § 45-2-2107 and other information in the application; and   The incorporators or organizers have complied with all applicable provisions of this chapter.     The commissioner may extend the ninety-day period if unique or novel issues are presented, or if additional time is needed to complete the investigation and examination.   The commissioner shall consider the results of the investigation and examination, as well as any additional information that is available to the commissioner, and shall approve the application if satisfied that each requirement in subsection (a) has been met. If approval is granted, the commissioner shall issue the charter or articles of organization, if not yet issued, by filing the charter or articles with the secretary of state at the expense of the applicant and returning the original to the applicant.   If the commissioner determines that the applicant does not meet the requirements in this chapter, the commissioner may deny the application by providing written notice to the applicant stating the basis for denial.
TN Code § 45-2-2105 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2105. Payment of Subscriptions — Placement in Escrow Account — Removal of Funds

 After the trust company charter or articles of organization have been issued by the commissioner, the incorporators, or, if directors have been initially appointed, the directors of the proposed state trust company, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner. In the case of an offering to raise capital to form a state trust company by an entity that will control the company, subscriptions shall also be placed into an escrow account and may not be removed prior to the issuance of the certificate of authority or upon written approval from the commissioner.
TN Code § 45-2-2106 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2106. Application for Certificate of Authority — Effect of Failure to Timely File or Full Denial — Effect of Approval

  In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing:  Evidence that capital and surplus have been fully paid in;   The name and address of each investor, and the number of shares or membership units purchased by each;   Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force;   Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired;   Evidence that the bylaws or operating agreement, as applicable, have been adopted; and   Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.     The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner.   If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial.   As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state.
TN Code § 45-2-2107 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2107. Adequate Capital Structure — Factors Considered

  No state trust company shall be organized with capital of less than five hundred thousand dollars ($500,000), or such greater amount as may be required by the commissioner after considering the factors in this section.   The commissioner may at any time prescribe a capital structure for a state trust company that the commissioner deems adequate for it to operate in a safe and sound manner. The commissioner shall consider the following factors in determining an adequate capital structure:  The nature and type of business conducted or to be conducted;   The nature and liquidity of assets currently held or to be held in the state trust company's own account;   The amount of fiduciary assets currently or projected to be under management or administration;   The type of fiduciary assets currently held or proposed to be held, and the depository of such assets;   The complexity of fiduciary duties and degree of discretion proposed currently or to be undertaken;   The competence and experience of current or proposed management;   The extent and adequacy of internal controls;   The reasonableness of any business plan for retaining or acquiring additional equity capital;   The existence and adequacy of insurance for protecting the state trust company's fiduciary assets; and   Any other factors the commissioner may deem relevant.
TN Code § 45-2-2108 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2108. Board of Directors — Membership — Meetings — Chief Executive Officer — Fidelity Bond and Insurance — Audited Financial Statement

  The business and affairs of a state trust company organized as a corporation shall be managed under a board of directors consisting of a minimum of five (5) and a maximum of twenty-five (25) members, as specified in the charter or bylaws. A trust company organized as a limited liability company shall be managed by a board consisting of a minimum of five (5) and a maximum of twenty-five (25) directors or managers, as specified in the articles of organization or operating agreement.   A majority of the board shall be citizens of the United States.   The board of directors shall meet at least quarterly, and a majority shall constitute a quorum. The commissioner may call a special meeting of the board. The board shall keep minutes of each meeting, including a record of attendance and of all votes cast by each director.   A state trust company shall have only one (1) officer designated as the chief executive officer of the company, who shall also be a member of the board of directors.   A state trust company shall report to the commissioner within twenty-four (24) hours any change in the position of chief executive officer and shall provide such other information as the commissioner may require.   As indicated in § 45-2-2101, § 45-2-402(d) and (e) shall apply to a state trust company.   The directors shall at least annually prescribe the amount or penal sum of the fidelity bond and insurance coverage required by § 45-2-2106(a) and designate the sureties and underwriters of the bond and insurance, after giving due and careful consideration to all known elements and factors constituting a risk or hazard. The action shall be recorded in the minutes of the board of directors and be subject to approval by the commissioner.   At least once in each calendar year, at intervals of not more than fifteen (15) months, a state trust company shall obtain and provide to the commissioner an audited financial statement prepared by an independent certified public accountant licensed to do business in this state. In the case of a trust company that is a subsidiary of a holding company, the commissioner may, in the commissioner's discretion, alternatively accept audited consolidated financial statements of the holding company, after considering the structure and complexity of the consolidated organization; provided, that the consolidated total assets of the trust company comprise seventy-five percent (75%) or more of the consolidated total assets of the holding company.
TN Code § 45-2-2109 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-2109. Change of Control in or of Controlling Person of State Trust Company

 Section 45-2-103(a), including the requirement to file an application and receive the prior approval of the commissioner, shall apply to a change of control in a state trust company or a controlling person of a state trust company. In the case of a change of control in a controlling person, the commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose any risk to the public. Along with the change of control application the commissioner may, in the commissioner's discretion, require fingerprints and consent to a criminal history records check, or an international criminal background investigation, as provided in § 45-2-2103(b).
TN Code § 45-2-103 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-103. Changes Affecting Bank Control

 45-2-211. Indemnification of officers, directors or employees.   45-2-302. Voting of shares.   45-2-616. Preservation of bank records.   45-2-618. Notification at maturity of certificate of deposit — Requirement.   45-2-1313. Merger of bank in financial difficulty.   45-2-1407. Powers.
TN Code § 45-2-211 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-211. Indemnification of Officers, Directors or Employees

 45-2-302. Voting of shares.   45-2-616. Preservation of bank records.   45-2-618. Notification at maturity of certificate of deposit — Requirement.   45-2-1313. Merger of bank in financial difficulty.   45-2-1407. Powers.
TN Code § 45-2-302 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-302. Voting of Shares

 45-2-616. Preservation of bank records.   45-2-618. Notification at maturity of certificate of deposit — Requirement.   45-2-1313. Merger of bank in financial difficulty.   45-2-1407. Powers.
TN Code § 45-2-616 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-616. Preservation of Bank Records

 45-2-618. Notification at maturity of certificate of deposit — Requirement.   45-2-1313. Merger of bank in financial difficulty.   45-2-1407. Powers.
TN Code § 45-2-618 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-618. Notification at Maturity of Certificate of Deposit — Requirement

 45-2-1313. Merger of bank in financial difficulty.   45-2-1407. Powers.
TN Code § 45-2-1313 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 2 - Banking Institutions|Part 21 - State Trust Companies|§ 45-2-1313. Merger of Bank in Financial Difficulty

 45-2-1407. Powers.
TN Code § 45-3-101 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-101. Short Title

 This chapter shall be known and may be cited as the “Tennessee Savings and Loan Act.”
TN Code § 45-3-102 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-102. Scope and Application

  Effect on Existing Associations.  The charter of every savings and loan association, by whatever name called, heretofore organized under the laws of this state existing and in good standing on July 1, 1978, shall continue in full force and effect, subject to compliance with  this chapter, and the same shall be deemed as modified to conform with this chapter without the adoption or approval of a new charter, as to corporate powers and functions, and all associations shall bring themselves into compliance as to corporate powers and functions within twelve (12) months from July 1, 1978. An association existing on July 1, 1978, and that is not then in compliance with minimum capital requirements may continue to operate with its existing capital so long as its accounts are insured as provided in this chapter. Unless otherwise invalid or unenforceable, the contracts, obligations, rights, powers, and liabilities of every such association, and the contracts, notes, mortgages, investments, and other assets of every kind and nature whatsoever held by it, as well as its bylaws and resolutions, shall continue in full force and effect. Every existing association and every association hereafter organized under this chapter shall, except as otherwise provided, be subject to this chapter.   Effect on Federal Associations.  Unless federal laws or regulations provide otherwise, federal savings and loan associations and their members shall possess all of the rights, powers, privileges, immunities, and exemptions granted by this chapter to associations operating hereunder.
TN Code § 45-3-103 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-103. Application of General Corporation Law and the Uniform Administration Procedures Act

 Unless otherwise specifically provided by this chapter or unless the application would otherwise conflict with the purposes of this chapter, the Tennessee Business Corporation Act, compiled in title 48, Chapters 11 27, and of the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, as each of those acts may be amended from time to time, shall apply to all associations governed by this chapter.
TN Code § 45-3-106 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-106. Tie-in Provision

 Notwithstanding anything to the contrary in the laws of this state, every association organized and incorporated pursuant to or operating under this chapter has all the powers granted to savings and loan associations whose home offices are located in this state and that are incorporated or operating under the laws of the United States.
TN Code § 45-3-107 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-107. Corporate Form Required — Capital Stock and Mutual Associations Authorized

  No person, except a corporation chartered by the state of Tennessee or a federally chartered association, shall engage in the business of a savings and loan association in this state.   The charter of an association may provide for the issuance of capital stock or for the organization of the association as a mutual association.