reglab/housing_qa huggingface dataset:
TN Code § 45-3-108 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-108. Ownership of Associations — Changes Affecting Control

  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.   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.
TN Code § 45-3-109 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-109. Capital Stock — Nature

  Capital stock shall constitute a reserve out of which losses shall be paid after all other available reserves have been exhausted, and shall have a par value, or if the capital stock has no par value, then a stated value, of one dollar ($1.00) per share or another amount that the charter may prescribe.    Nonwithdrawability.  Capital stock shall be nonwithdrawable, except as otherwise specifically provided by this chapter, or by the Tennessee Business Corporation Act, compiled in title 48, Chapters 11 27.   Dividends.  Capital stock shall be entitled to dividends, unless limited by this chapter, or by the Tennessee Business Corporation Act, compiled in title 48, Chapters 11 27.
TN Code § 45-3-111 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-111. Capital Stock and Mutual Associations — Minimum Capital Requirements

   The minimum capital with which an association shall commence business shall be determined by reference to, in the case of a capital stock association, the sum of the par or stated value of all issued and outstanding shares of voting common capital stock, and, in the case of a mutual association, the total of all subscribed and paid-in deposit accounts. The minimum capital of an association shall be prescribed by the commissioner; provided, that the minimum capital shall not be less than:  One hundred thousand dollars ($100,000) if the home office of the association is to be located in a county having less than ten thousand (10,000) inhabitants;   Two hundred fifty thousand dollars ($250,000) if the home office is to be located in a county having between ten thousand (10,000) and one hundred thousand (100,000) inhabitants; and   Five hundred thousand dollars ($500,000) if the home office is to be located in a county having one hundred thousand (100,000) inhabitants or more.(2)  The population of each county shall be based upon the latest federal census.       Notwithstanding the above requirements, if the home office of an association is to be located in a county that is contiguous to a county the population of which would require higher minimum capital requirements, and if the commissioner determines that the association will draw a substantial amount of its depositors from the contiguous county, the commissioner shall require that the association meet the higher capital requirements of the contiguous county.
TN Code § 45-3-112 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-112. Capital Stock Associations — Paid-in Surplus

  In addition to the minimum capital required by this chapter for a capital stock association to commence business, the subscribers to the capital stock of the association shall pay an additional amount for their stock equal to not less than fifty percent (50%) of the par or stated value of the stock subscribed, which additional amount shall be credited to the paid-in surplus account and may be used for organization and operating expenses, including interest to the holders of deposit accounts. The minimum capital and surplus may be used for the reserves required by this chapter and as permitted by the commissioner.   The capital, paid-in surplus, retained earnings, and other net worth accounts of an association, or any combination of the net worth accounts, may, by action of the association and subject to approval of the commissioner, be specifically earmarked as an insurance reserve account to be used solely for absorbing losses.
TN Code § 45-3-113 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-113. Mutual Associations — Expense Fund Requirements

  The incorporators of a mutual association, in addition to their subscriptions to deposit accounts, shall create an expense fund in an amount not less than fifty percent (50%) of the minimum capital required by this chapter for the association to commence business.   Any organization and operating expenses may be paid from the fund until such time as the net income of the association is sufficient to pay the interest that is declared and paid or credited to deposit account holders from sources available for the payment of interest.
TN Code § 45-3-114 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-114. Mutual Associations — Repayment of Contributions to Expense Fund

  Contributions made by the incorporators and others to the expense fund and to the undivided profits account, if so required by the commissioner, may be repaid pro rata to the contributors from the net income of the association after provision for required loss reserves and declaration of interest of not less than two percent (2%) on deposit accounts.   In case of the liquidation of an association before contributions to the expense fund and to the undivided profits account have been repaid, any contributions to the expense fund and to the undivided profits account remaining unexpended, after payment of expenses of liquidation, all creditors and the withdrawal value of all deposit accounts, shall be paid to the contributors pro rata.   The books of the association shall reflect the expense fund and undivided profits account.   Contributors to the expense fund and to the undivided profits account shall be paid interest on the amounts paid in by them and for that purpose the contributions shall in all respects be considered as deposit accounts of the association.   Except as otherwise provided by this chapter or by rules and regulations prescribed by the commissioner, the amounts contributed to the expense fund and to the undivided profits account shall not constitute a liability to the association.
TN Code § 45-3-115 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-115. Change of Office or Name

 No association shall, without the prior approval of the commissioner:   Establish any branch or satellite office other than the home office stated in its charter;   Move any home, branch, or satellite office of the association from its immediate vicinity; or   Change the name of any association.
TN Code § 45-3-116 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-116. Exemption From Securities Laws

 All associations subject to this chapter and all federal associations, the directors, officers, agents, or employees of the associations, deposit accounts and capital stock of the associations and the sale, issuance, or offering for sale of deposit accounts and capital stock of the associations are exempted from all provisions of law of this state, other than this chapter, that provide for supervision, registration, or regulation in connection with the sale, issuance, or offering for sale of securities, and the sale, issuance, or offering for sale of the accounts or stock shall not require any action or approval whatsoever by any official authorized to license, regulate, or supervise the sale, issuance, or offering for sale of securities.
TN Code § 45-3-117 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-117. Acknowledgments by Stockholders, Members, and Employees

 No public officer qualified to take acknowledgments or proofs of any instrument in writing in which an association is interested shall be disqualified by reason of the officer's status as a stockholder, member, or employee of the association so interested, and the acknowledgments or proofs previously taken are validated.
TN Code § 45-3-118 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-118. References to “Building and Loan association.”

 Any and all references in any provision of the laws of this state to the term “building and loan association” are deemed to refer to the term “savings and loan association.”
TN Code § 45-3-119 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-119. References to Federal Savings and Loan Associations

 Any and all references in any provision of the laws of this state to “federal savings and loan associations” are deemed to refer to “savings and loan associations operating under the laws of this state and federal savings and loan associations.”
TN Code § 45-3-120 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 1 - General Provisions|§ 45-3-120. Liberal Construction

 This chapter shall be liberally construed to promote and foster a sound and efficient system of savings and loan associations.
TN Code § 45-3-201 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-201. Application to Organize

 Any five (5) or more individuals, referred to as the incorporators, who are residents of this state, may form a capital stock or mutual savings and loan association subject to the commissioner's approval as hereinafter provided, by filing a written application for authority to organize with the commissioner in a form and manner prescribed by the commissioner. The application shall be signed by each of the incorporators and shall include:   Home Office.  The name and the proposed location of the home office of the proposed association;   Incorporators.  The name and address of each incorporator;   Capital.  In the case of a capital stock association, the total amount of capital stock proposed and subscribed, if any has then been subscribed, and in the case of a mutual association, the total amount of subscribed deposit accounts, if any, together with the name and address of each subscriber; and   Other Information.  Detailed financial and biographical information for each incorporator and subscriber that the commissioner may require, and economic data, projections of business volume, income, expense, and other information that the commissioner may require.
TN Code § 45-3-203 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-203. Denial of Application

  The commissioner, if unable to make the findings as required by the preceding section, shall endorse upon each copy of the application the word “denied” with the date of the endorsement and attach a written statement of the grounds for the denial.   One (1) copy of the proposed application and attached grounds of refusal shall be promptly mailed to at least one (1) of the incorporators by registered or certified mail.
TN Code § 45-3-204 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-204. Subscription to Capital and Interim Organization

  If the commissioner approves the application for authority to organize, the incorporators shall perfect an interim organization by electing a chair, vice chair, and secretary, who shall act as the interim officers of the association until their successors are duly elected and qualified.   The interim officers shall have the following, and only the following, duties during the period after approval of the application by the commissioner and before issuance of a certificate of authority as provided in this chapter:  Subscriptions.  They shall secure subscriptions for payments of the required amount of capital and, as the case may be, the required amount for paid-in surplus or for the expense fund, in the form and manner approved by the commissioner; and   Adoption of Charter and Bylaws.  They shall call a meeting of subscribers, who shall adopt a charter and bylaws for the proposed association and elect directors to serve upon the issuance of the certificates of authority until the first annual meeting of the association and until their successors are elected and qualified.
TN Code § 45-3-205 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-205. Requirements for Charter and Bylaws

 The proposed charter and bylaws of the association adopted at the meeting of subscribers shall contain those provisions required of charters and bylaws under the Tennessee Business Corporation Act, compiled in title 48, Chapters 11 27, as well as other information that the commissioner may, by regulation, prescribe, including, but not limited to, a statement in the charter that the association is organized under this chapter.
TN Code § 45-3-206 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-206. Certificate of Authority

  Filing of Required Information.  After approval by the commissioner of the application for authority to organize, the proposed association shall:  File with the commissioner its charter and bylaws for approval; and   File with the commissioner a statement in a form and with supporting data and proof that the commissioner may require, showing that the entire capital including paid-in surplus or expense fund has been fully paid in lawful money unconditionally and that the funds representing the capital and, as the case may be, paid-in surplus or expense fund less sums spent with the approval of the commissioner for organization are on hand, and that it has acquired a commitment for the insurance of deposit accounts as provided in this chapter.     Issuance of Certificate of Authority.  If the commissioner finds that the proposed association has in good faith complied with all the requirements of law, the commissioner shall approve the issuance of a certificate of authority and shall within thirty (30) days after the filing of the statement specified in this section, issue, in triplicate, a certificate of authority to transact a general savings and loan business. The commissioner shall then transmit a copy of the charter and the certificate of authority, together with all required supporting documents, to the secretary of state for filing as provided under the Tennessee Business Corporation Act, compiled in title 48, Chapters 11 27. Upon filing by the secretary of state, the existence of the association shall begin. Until that time, and except for the limited activities of incorporators and officers during the period of interim organization under this chapter, any proposed association shall not engage in any savings and loan business.   Opportunity to Answer Objections.  If the commissioner does not approve the issuance of a certificate of authority, the commissioner shall state any objections in writing and give an opportunity to the proposed association to obviate the objections.
TN Code § 45-3-207 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-207. Completion of Organization

 Upon filing by the secretary of state, the directors elected during the period of interim organization shall proceed to:   Approve and adopt the charter and bylaws;   Elect officers pursuant to the bylaws;   Take action necessary to effect the insurance of the deposit accounts of the association; and   Take other action that may be necessary to complete the organization.
TN Code § 45-3-208 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-208. Forfeiture of Certificate of Authority and Charter for Nonuse

  Any association that does not commence business within one (1) year after the date upon which its corporate existence begins, or, in the case of any association existing on July 1, 1978, within one (1) year after July 1, 1978, shall forfeit its corporate existence, unless the commissioner, before the expiration of the one-year period, approved in writing the extension of time within which it may commence business, upon a written application stating the reasons for the delay; provided, that the foregoing one-year provision shall not apply to existing associations that are engaged in litigation or that are in the process of having their insurance of accounts finalized.   Upon forfeiture, the certificate of authority and the charter shall expire, and all action taken in connection with the incorporation thereof except the payment of the incorporation fee shall then be void.   Amounts credited on deposit accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders of the accounts.
TN Code § 45-3-209 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 2 - Organization|§ 45-3-209. Corporate Name — Exclusive Use by Associations

  The name of every association shall include the words “savings and loan association” and “savings bank.” These words shall be preceded or followed by an appropriate descriptive word or words approved by the commissioner. An ordinal number may not be used as a single descriptive word preceding the words “savings and loan association” unless the words are followed by the name of the town, city, or county in which the association has its home office.   No certificate of authority of a proposed association having the same name as any other financial institution authorized to do business in this state under this chapter or a name so nearly resembling it as to be calculated to deceive shall be issued by the commissioner, except to an association formed by the reincorporation, reorganization, merger, consolidation, or conversion of other associations, or upon the sale of the property or franchise of an association.   Except as otherwise provided by § 45-5-203, no person, either domestic or foreign, unless authorized to do business in this state under this chapter, shall do business under any name or title that indicates or reasonably implies that the business is of the character or kind of business carried on or transacted by an association or that is calculated to lead any person to believe that the business is that of an association.   Upon application by the commissioner or by any association, a court of competent jurisdiction may issue an injunction to restrain an entity violating or continuing to violate any of the provisions of subsections (a)-(c).
TN Code § 45-3-301 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 3 - Branch or Satellite Offices|§ 45-3-301. Location — Effect of De Novo Branches

  Any state association, as defined in § 45-3-1402, may establish and maintain branch or satellite offices or other facilities for the conduct of its business at any location in any county in this state.   No branch of an out-of-state savings and loan association or savings bank, or savings institution, may be established through the establishment of a de novo branch, unless the laws of the home state of the out-of-state savings institution permit Tennessee savings institutions to establish and maintain branches in that state through the establishment of de novo branches under substantially the same terms and conditions as set forth in this title.   For purposes of this section, “de novo branch” means a branch of a savings institution that:  Is originally established by the savings institution as a branch; and   Does not become a branch of the savings institution as a result of:  The acquisition by the savings institution of an insured depository institution or a branch of an insured depository institution; or   The conversion, merger, or consolidation of the institution or branch.
TN Code § 45-3-302 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 3 - Branch or Satellite Offices|§ 45-3-302. Approval by Commissioner

  No branch or satellite office, or other facility at which deposits may be accepted shall be established until approved by the commissioner.   In the event the application to open a branch or satellite office is disapproved and the applicants feel aggrieved, they may have a review by certiorari as provided in title 27, chapter 9.   Should the commissioner fail to approve or disapprove an application to open a branch or satellite office within ninety (90) calendar days after the submission of the application, the application shall be deemed to have been approved by the commissioner.
TN Code § 45-3-303 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 3 - Branch or Satellite Offices|§ 45-3-303. Rules and Regulations

 With respect to the matters contained in this part, the commissioner has full power and authority to promulgate rules and regulations in accordance with applicable law.
TN Code § 45-3-401 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 4 - General Powers and Duties|§ 45-3-401. Required Liquidity

 No association shall invest in any security, other than in liquid assets, or in any real estate or other loan at any time when its liquid assets are less than a minimum percentage of its deposit liability, which percentage shall be set by the commissioner.
TN Code § 45-3-402 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 4 - General Powers and Duties|§ 45-3-402. Regulation of Loans and Investments

 The commissioner shall, from time to time, promulgate rules and regulations in respect to all loans and investments authorized under this chapter that may be reasonably necessary to assure that the loans and investments are in keeping with sound lending practices and promote the purposes of this chapter.
TN Code § 45-3-403 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 3 - Savings and Loan Associations|Part 4 - General Powers and Duties|§ 45-3-403. Right to Act to Avoid Loss

 Nothing in this chapter or in the laws of this state shall be construed as denying to an association the right to invest its funds, operate its business, manage or deal in property, or take any other action over whatever period of time as may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith.