reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1505 - Acquisitions - Application - Approval required

A mutual savings and loan holding company may acquire control of a subsidiary, association, or mutual savings and loan holding company upon application to and the prior written approval of the commissioner. The application shall be in the form prescribed by the commissioner and shall contain information that enables the commissioner to determine if the acquisition is consistent with the public interest of maintaining a sound financial system.
Acts 1989, ch. 354, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1506 - Ownership limitations - Statutory compliance

No mutual savings and loan holding company other than a Tennessee mutual savings and loan holding company may control or own more than five percent (5%) of the voting shares or rights of any Tennessee association or Tennessee savings and loan holding company unless the mutual savings and loan holding company meets the requirements of a southern region savings and loan holding company as defined in §
45-3-1402
. Any acquisition of a Tennessee association (mutual or stock) or Tennessee savings and loan mutual holding company shall be governed by and meet the requirements of part 14 of this chapter.
Acts 1989, ch. 354, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1507 - Appointment of personnel - Bonding requirements

The commissioner shall appoint, subject to any applicable provisions of law, a supervisor, such examiners, employees, experts and special assistants as may be necessary to effectively carry out this part. The commissioner shall require each supervisor, examiner, expert, and special assistant employed or appointed by the commissioner to give bond, with security to be approved by the commissioner, in an amount set by the commissioner, conditioned for the faithful discharge of the person's duties. Premium on the bond shall be paid by the commissioner from funds appropriated for that purpose. The bond, together with verification of payment of the premium on the bond, shall be on file in the office of the commissioner and subject to public inspection.
Acts 1989, ch. 354, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1508 - Commissioner - Duties and powers

The commissioner has the duty and power to:
(1)
Exercise the rights, powers and duties set forth in this part or in any other related or applicable act;
(2)
Promulgate, in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, regulations that are reasonable or necessary to accomplish the purposes of this part;
(3)
Direct and supervise the administrative and technical activities incident to mutual savings and loan holding companies and to create if, in the exercise of discretion, the commissioner deems the creation desirable, an advisory committee that upon request will make recommendations to the commissioner;
(4)
Make an annual report with respect to mutual savings and loan holding companies and their operation under this part that the commissioner deems desirable, or that the governor requests;
(5)
Cause suit to be filed in the commissioner's name to enforce any law of this state that applies to an association, subsidiary of an association, or mutual holding company operating under this part;
(6)
Prescribe a uniform manner in which the books and records of every mutual holding company is to be maintained;
(7)
Establish reasonable and rationally based fee structures for each mutual holding company operating under this part; and
(8)
Approve an application for a charter, if the commissioner affirmatively finds from all the information furnished with the application and any official records that there has been compliance with the prerequisites of this part. The commissioner, if so finding, shall state the approval and findings in writing.
Acts 1989, ch. 354, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 1 - FORMATION (§§ 45-4-101 — 45-4-104) › Section 45-4-102 - Submission of bylaws and amendments to bylaws - Provisions

(a)
At the time of applying for a charter of incorporation, the incorporators of the credit union shall submit, in duplicate, sets of bylaws with the acknowledgment of their adoption to the commissioner, which shall provide:
(1)
The date of the annual meeting, which shall be at any time in January, February or March of each year, the manner of notification of meetings, conducting the same, the number of members constituting a quorum, and regulations as to voting;
(2)
The number of directors, which shall be not less than five (5), all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors;
(3)
The qualifications for membership;
(4)
The conditions under which shares may be issued, transferred, and withdrawn, members' special accounts may be received and withdrawn, loans may be made and repaid and funds of the corporation may be otherwise invested; and
(5)
The charges, if any, that will be made for failure to meet obligations punctually, whether or not the corporation will have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend and other matters, consistent with this chapter, that may be required to perfect the organization and make possible the operation of the credit union in question.
(b)
Upon adoption of any amendments to its bylaws, the credit union shall submit duplicate copies to the commissioner. No amendment of the bylaws of the credit union shall become effective until approved in writing by the commissioner.
(c)
The credit union may adopt, subject to the approval of the commissioner, bylaws that substantially follow the National Credit Union Administration (NCUA) Federal Credit Union Bylaws or the NCUA Standard Bylaw Amendments. Any credit union adopting bylaw provisions in accordance with either the NCUA Federal Credit Union Bylaws or the NCUA Standard Bylaw Amendments may operate the credit union in accordance with the bylaws, notwithstanding other sections of this chapter to the contrary.
Acts 1923, ch. 68, § 4; Shan. Supp., § 2198a 6; Code 1932, § 3834; Acts 1963, ch. 30, § 1; 1967, ch. 227, § 2; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1803; Acts 1986, ch. 558, § 5; 1987, ch. 100, § 1; 1989, ch. 223, § 1; 1992, ch. 591, §§ 1, 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 1 - FORMATION (§§ 45-4-101 — 45-4-104) › Section 45-4-103 - Certificate of approval issued by commissioner of financial institutions on approval

The commissioner shall approve the certificate of organization, and the bylaws, and if satisfied that the proposed field of operation is favorable to the success of the corporation and that the standing of the proposed incorporators is such as to give assurance that its affairs will be properly administered, the commissioner shall issue to the proposed incorporators a certificate of approval, annexed to the duplicate of the certificate of organization and of the bylaws.
Acts 1923, ch 68, § 4; Shan. Supp., § 2198a7; Code 1932, § 3835; Acts 1937, ch. 264, § 3; C. Supp. 1950, § 3835; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1804; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 1 - FORMATION (§§ 45-4-101 — 45-4-104) › Section 45-4-104 - Use of words "credit union" in name or title regulated

The use by any person, corporation, association or copartnership, except corporations formed under this chapter, of any name or title that contains the words "credit union" is a Class C misdemeanor.
Acts 1923, ch. 68, § 5; Shan. Supp., § 2198a8; Code 1932, § 3836; T.C.A. (orig. ed.), § 45-1805; Acts 1989, ch. 591, § 113.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 2 - ORGANIZATION AND OPERATION (§§ 45-4-201 — 45-4-208) › Section 45-4-201 - Election of directors - Terms

(a)
At an annual meeting, the members shall elect a board of directors. The directors shall be members of the credit union. All members of the board of directors and all officers shall hold their several offices for the terms that may be provided in the bylaws.
(b)
Upon their election, the names of the members of the board of directors shall be entered in the minutes of the meeting at which they are elected, and filed in the permanent records of the credit union.
Acts 1923, ch. 68, § 11; Shan. Supp., § 2198a16; Code 1932, § 3844; Acts 1937, ch. 264, § 7; C. Supp. 1950, § 3844; T.C.A. (orig. ed.), § 45-1812; Acts 1980, ch. 559, § 2; 1985, ch. 17, § 1; 1989, ch. 223, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 2 - ORGANIZATION AND OPERATION (§§ 45-4-201 — 45-4-208) › Section 45-4-205 - Compensation of board and committees

(a)
No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee.
(b)
As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensated subject to the following conditions:
(1)
The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union;
(2)
Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1);
(3)
The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and
(4)
The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item.
(c)
Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the lost earnings.
Amended by 2013 Tenn. Acts, ch. 59,s 1, eff. 7/1/2013.
Acts 1923, ch. 68, § 12; Shan. Supp., § 2198a19; Code 1932, § 3846; T.C.A. (orig. ed.), § 45-1814; Acts 1985, ch. 17, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 2 - ORGANIZATION AND OPERATION (§§ 45-4-201 — 45-4-208) › Section 45-4-207 - Unlawful actions

(a)
It is unlawful for an officer, director, employee or agent of a credit union to:
(1)
Maintain or authorize the maintenance of any account of the credit union in a manner that, to the person's knowledge, does not conform to the requirements prescribed by chapter 4 of this title, or by the commissioner;
(2)
With intent to deceive, make any false or misleading statement or entry or omit any statement or entry that should be made in any book, account, report or statement of the credit union; or
(3)
Obstruct or endeavor to obstruct a lawful examination of the credit union by an officer or employee of the department of financial institutions.
(b)
A violation of this section is punishable as provided in §
45-4-208
.
Acts 1988, ch. 550, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 2 - ORGANIZATION AND OPERATION (§§ 45-4-201 — 45-4-208) › Section 45-4-208 - Penalty - Liability of officers

(a)
Any person responsible for an act or omission expressly declared to be a criminal offense by chapter 4 of this title commits:
(1)
A Class A misdemeanor; and
(2)
If the act or omission was intended to defraud, a Class E felony.
(b)
An officer, director or employee of a credit union shall be responsible for an act or omission of the credit union declared to be a criminal offense pursuant to this chapter, whenever, knowing that the act or omission is unlawful, the officer, director or employee participates in authorizing or ratifying the omission or, having the duty to take the required action, omits to do so.
(c)
Unless otherwise provided in this chapter, it shall be no defense to a criminal prosecution hereunder that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant could and should have known the facts in the proper performance of the defendant's duty.
Acts 1988, ch. 550, § 4; 1989, ch. 591, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 3 - MEMBERSHIP (§§ 45-4-301 — 45-4-302) › Section 45-4-301 - Membership - Qualifications - Entrance fee

(a)
The membership shall consist of incorporators and persons, societies, associations, copartnerships and corporations that have been duly elected to membership and have subscribed to one (1) or more shares and have paid for the same in whole or in part, with the entrance fee as required by the bylaws, and have complied with other requirements that the certificate of organization may contain; except that a credit union shall be limited to groups having a common bond of occupation or association or to groups within a well-defined neighborhood, community, or rural district.
(b)
A credit union may charge an entrance fee as may be provided in the bylaws.
Acts 1923, ch. 68, §§ 7, 15; Shan. Supp., §§ 2198a10, 2198a22; Code 1932, §§ 3838, 3849; Acts 1931, ch. 67, § 1; 1937, ch. 264, § 5; C. Supp. 1950, §§ 3838, 3849; Acts 1951, ch. 192, § 1; 1979, ch. 86, § 1; T.C.A. (orig. ed.), § 45-1807.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 3 - MEMBERSHIP (§§ 45-4-301 — 45-4-302) › Section 45-4-302 - Expulsion or withdrawal of members - Settlement thereon

(a)
At any regularly called meeting, the members, by a two-thirds (2/3) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a written notice of intention.
(b)
All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to the member's shares to the date of expulsion or withdrawal shall be paid to the member, but only after funds become available and after deducting any amounts due to the corporation by the member.
(c)
All members' special accounts of an expelled or withdrawing member, with any interest accrued, shall be paid to the member, subject to sixty (60) days' notice, and after deducting any amount due to the corporation by the member.
(d)
The member, when withdrawing shares or members' special accounts, shall have no further right in the credit union or to any of its benefits, but expulsion or withdrawal shall not operate to relieve the member from any remaining liability to the corporation.
Acts 1923, ch. 68, § 22; Shan. Supp., § 2198a29; Code 1932, § 3856; Acts 1963, ch. 30, § 7; T.C.A. (orig. ed.), § 45-1827.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 4 - SHARES (§§ 45-4-401 — 45-4-406) › Section 45-4-401 - Premiums for shares prohibited

Credit union shares shall in no event be sold at a premium by any credit union to its members.
Acts 1931, ch. 67, § 1; C. Supp. 1950, § 3849; Acts 1979, ch. 86, § 6; T.C.A. (orig. ed.), § 45-1817.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 4 - SHARES (§§ 45-4-401 — 45-4-406) › Section 45-4-402 - Shares and deposits of minors

Shares may be issued in the name of a minor and in trust in a way and manner that the bylaws may provide.
Acts 1923, ch. 68, § 16; Shan. Supp., § 2198a23; Code 1932, § 3850; Acts 1937, ch. 264, § 8; C. Supp. 1950, § 3850; T.C.A. (orig. ed.), § 45-1818.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 4 - SHARES (§§ 45-4-401 — 45-4-406) › Section 45-4-403 - Transfer of shares

Fully paid-up shares of a credit union may be transferred to any person upon election to membership, upon terms that the bylaws may provide.
Acts 1923, ch. 68, § 15; Shan. Supp., § 2168a22; Code 1932, § 3849; C. Supp. 1950, § 3849; Acts 1979, ch. 86, § 7; T.C.A. (orig. ed.), § 45-1819.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 4 - SHARES (§§ 45-4-401 — 45-4-406) › Section 45-4-404 - Accounts in two or more names

Investment or other deposit accounts maintained in any credit union in the names of two (2) or more persons shall be governed by §
45-2-703
.
Acts 1970, ch. 409, § 4; T.C.A., § 45-1834; Acts 1988, ch. 926, § 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 4 - SHARES (§§ 45-4-401 — 45-4-406) › Section 45-4-405 - Decedent shareholders or depositors

(a)
Notwithstanding §
30-2-317
, where no executor or administrator of a deceased shareholder or depositor has qualified and given notice of the qualifications of the executor or administrator to the credit union, it may, in its discretion and at any time after thirty (30) days from the death of the shareholder or depositor, pay out of all accounts or contents of safe deposit boxes maintained with it by the shareholder in an individual capacity all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate:
(1)
To the executor named in any will known to the credit union; or
(2)
In the absence of knowledge of a purported will naming a surviving executor to:
(A)
A creditor for expenses of the funeral;
(B)
A creditor for the expenses of the last illness;
(C)
The surviving spouse; and
(D)
The next of kin; and
(3)
In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(2).
(b)
The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of shares or deposits in credit unions, shall be a good and sufficient acquittance for the payment or transfer and shall constitute a valid defense in favor of the credit unions against the demands or claims of all parties.
(c)
No credit union shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Amended by 2017 Tenn. Acts, ch. 190,s 1, eff. 4/27/2017.
Acts 1986, ch. 558, § 3; 1988, ch. 926, § 10; 1995, ch. 177, § 14; 1997, ch. 426, § 22.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 4 - SHARES (§§ 45-4-401 — 45-4-406) › Section 45-4-406 - "Payable-on-death" share accounts and share deposits in trust - Powers of attorney

The following provisions of chapter 2 of this title are applicable to credit unions:
(1)
Section
45-2-704
relating to contracts for "payable-on-death" share accounts and share deposits in trust;
(2)
Section
45-2-707
relating to powers of attorney; and
(3)
Sections
45-2-711
and
45-2-712
relating to payment of checks.
Amended by 2014 Tenn. Acts, ch. 597,s 4, eff. 3/28/2014.
Acts 1991, ch. 118, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 5 - POWERS AND DUTIES (§§ 45-4-501 — 45-4-505) › Section 45-4-502 - Credit union may borrow

(a)
A credit union has the power to borrow from any source, but the total of borrowing shall at no time exceed fifty percent (50%) of the member accounts and surplus of the borrowing credit union.
(b)
A central credit union, as defined in §
45-4-101
, has the power to borrow from any source, and is not subject to the limitations of subsection (a).
Acts 1923, ch. 68, § 18; Shan. Supp., § 2198a25; Code 1932, § 3852; Acts 1978, ch. 552, § 5; T.C.A. (orig. ed.), § 45-1823; Acts 1982, ch. 722, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 5 - POWERS AND DUTIES (§§ 45-4-501 — 45-4-505) › Section 45-4-503 - Dividends

(a)
(1)
Subject to the limitations contained in subsection (e), a credit union may declare dividends at rates it deems appropriate for periods and classes of accounts that the board of directors may establish.
(2)
A credit union may establish higher dividend rates for shares held in excess of specified minimum amounts.
(b)
Shares that become fully paid during the preceding dividend period shall be entitled to a proportional part of the dividend.
(c)
Dividend credit for a month may be accrued on shares that are or become fully paid during the first ten (10) days of that month.
(d)
A credit union may provide for the payment of dividends from the date of deposit or the date when shares become fully paid to the date of withdrawal of the deposits or shares, if the bylaws so provide.
(e)
No dividends shall be authorized or paid that will total more than the current earnings of the credit union after the required reserve transfer, undivided profits, and the amount held in regular reserves in excess of legal requirements unless the commissioner of financial institutions shall have granted written approval in advance of the payment of the dividends.
(f)
Notwithstanding subsection (e), central credit unions, as defined in §
45-4-101
, may declare and pay dividends from net earnings at the times and for the periods that the bylaws of the central credit unions may provide.
Acts 1923, ch. 68, § 21; Shan. Supp., § 2198a28; Code 1932, § 3855; Acts 1957, ch. 69, § 2; 1963, ch. 30, § 6; 1967, ch. 227, § 6; 1973, ch. 374, § 1; 1974, ch. 557, § 2; 1978, ch. 552, § 6; T.C.A. (orig. ed.), § 45-1826; Acts 1982, ch. 722, §§ 2, 3; 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 5 - POWERS AND DUTIES (§§ 45-4-501 — 45-4-505) › Section 45-4-504 - Change of chief place of business upon giving notice

A credit union may change its chief place of business on written notice to the commissioner of financial institutions.
Acts 1923, ch. 68, § 24; Shan. Supp., § 2198a31; Code 1932, § 3858; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1829; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 5 - POWERS AND DUTIES (§§ 45-4-501 — 45-4-505) › Section 45-4-505 - Application for insurance - Time limit - Failure - Effect

(a)
Any new credit union organized under this chapter shall, prior to commencing its operations, obtain and thereafter maintain insurance of its share and deposit balances by membership in either the state credit union share insurance corporation or the National Credit Union Association.
(b)
If it appears at any time that any credit union within this section has failed to maintain the insurance, the commissioner shall, after hearing, or opportunity for hearing, order the credit union to correct the condition and shall grant it not less than thirty (30) days to comply. Upon failure to do so, the commissioner may suspend or revoke the charter, place the credit union in involuntary liquidation and appoint a liquidating agent for the credit union under part 9 of this chapter.
Acts 1976, ch. 428, § 1; T.C.A., § 45-1850; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-601 - Part definitions

(a)
As used in this part, unless the context otherwise requires:
(1)
"Installment loan" means a loan repayable in installments, whether the payments are regular or irregular, whether the payments are in substantially equal amounts or otherwise, whether the payments are made on closed-end loans or open-end loans, and whether or not interest on the loan has been precomputed; and
(2)
"Loans" are transactions involving the transfer, or the crediting, by a lender to, or for the benefit of, a borrower or another, of any amount of money, with a promise of repayment.
(b)
Other terms used in this part, not defined in this part, have the same meanings given to them by the general statute pertaining to interest and other charges by lenders or creditors.
Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-602 - Interest

(a)
A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of:
(1)
The applicable formula rate; or
(2)
The rate of interest permitted to be charged by credit unions chartered by the federal government.
(b)
For installment loans, the maximum effective rate of interest shall:
(1)
Be determined in accordance with the actuarial method;
(2)
Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and
(3)
Not be affected by the prepayment of the loan, in whole or in part.
Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820; Acts 1986, ch. 558, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-603 - Loan charges

In addition to the charging and collecting of interest as provided in §
45-4-602
, a credit union shall be entitled to charge and collect from its members loan charges that are fair and reasonable compensation for some expense incurred or to be suffered by the credit union, or some service rendered or to be rendered, in connection with a particular loan; and in any event, the loan or contract shall not include, except as part of interest, charges for costs indirectly related to that loan or contract, including, but not limited to, overhead of the credit union, loan losses, and charges for services performed by officers or employees of the credit union unless the services are rendered directly for the inspection of collateral, the servicing of the loan after it is made, or the collection thereof.
Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-604 - Priority of loans

(a)
The funds of credit unions shall be used first for loans to members.
(b)
Funds of credit unions not required for loans to members may be invested as otherwise provided by law.
(c)
If available funds do not permit all loans to be made that have been approved by the credit committee or loan officer, preference shall be given to the smaller loans that have been approved.
Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-605 - Conditions of lending

A credit union may loan to its members, as provided, for the purposes and upon the security that the bylaws may provide and the credit committee shall approve.
Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-606 - Agricultural loans

A member who needs funds with which to purchase necessary supplies for growing crops may receive a loan in fixed monthly installments instead of one (1) sum.
Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-607 - Repayment on any business day

A borrower may repay the whole or any part of the loan on any day on which the office of the corporation is open for the transaction of business.
Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-608 - Loans to directors and committee members

Subject to the limitations on loans contained in §
45-4-203
and as specified in written loan policies established by the board of directors, a director or member of the credit or supervisory committee shall be allowed to borrow from the corporation.
Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821; Acts 1982, ch. 722, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-609 - Lien on stock and dividends for debts - Cancellation and liquidation upon withdrawal

(a)
A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan made to the member and of any dues and fines payable by the member.
(b)
A credit union may, upon the resignation or expulsion of a member, cancel the shares of the member and apply the withdrawal value of the shares toward the liquidation of the member's indebtedness.
Acts 1923, ch. 68, § 15; Shan. Supp., § 2198a22; Code 1932, § 3849; C. Supp. 1950, § 3849; T.C.A. (orig. ed.), § 45-1822.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-610 - State chartered credit unions - Power to make loans - Interest rate

Subject to the limitations on maximum effective rates of interest and service charges contained in §§
45-4-601
- 45-4-604, a credit union chartered by the state of Tennessee has the power to make loans upon the same terms and conditions as permitted credit unions chartered by the federal government.
Acts 1976, ch. 278, § 1; 1979, ch. 207, § 2; T.C.A., § 45-1849.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 6 - LOANS (§§ 45-4-601 — 45-4-611) › Section 45-4-611

Notwithstanding another law to the contrary, a credit union with a state charter may purchase a participation interest in a loan from a bank, another credit union, or another eligible organization as provided in
12 CFR 701.22
, without requiring membership of the borrower of the loan.
Added by 2024 Tenn. Acts, ch. 803,s 1, eff. 7/1/2024.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 7 - CAPITAL AND RESERVES (§§ 45-4-701 — 45-4-704) › Section 45-4-701 - Capital

The capital of the credit union shall consist of the payments that have been made to it by the several members thereof on shares.
Acts 1923, ch. 68, § 15; Shan. Supp., § 2198a22; Code 1932, § 3849; C. Supp. 1950, § 3849; T.C.A. (orig. ed.), § 45-1824.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 7 - CAPITAL AND RESERVES (§§ 45-4-701 — 45-4-704) › Section 45-4-702 - Reserve income

All entrance fees, transfer fees and charges shall, after the payment of the organization expenses, be known as reserve income and shall be added to the reserve fund of the credit union.
Acts 1923, ch. 68, § 20; Shan. Supp., § 2198a27; Code 1932, § 3854; Acts 1947, ch. 125, § 1; C. Supp. 1950, § 3854; Acts 1967, ch. 227, § 5; 1974, ch. 557, § 16; T.C.A. (orig. ed.), § 45-1825.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 7 - CAPITAL AND RESERVES (§§ 45-4-701 — 45-4-704) › Section 45-4-704 - Transfer of dormant account to regular reserve

(a)
A credit union may transfer a dormant account to the regular reserve within thirty (30) days after written notice to the credit union member, at the credit union member's last known address as shown upon the records of the credit union, stating the credit union's intention to make the transfer, and giving the member the opportunity to request the deferral of the action or to withdraw the account prior to the transfer.
(b)
For the purposes of this section, "dormant account" means an account in an amount less than twenty-five dollars ($25.00) and to which the member has neither made a deposit nor withdrawal for a period of one (1) year preceding the date of the notice provided for herein.
Acts 1967, ch. 227, § 7; 1979, ch. 86, § 11; T.C.A., § 45-1833.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 8 - TAXES AND FEES (§§ 45-4-801 — 45-4-803) › Section 45-4-802 - Fee

At the time of incorporation, every credit union shall pay the secretary of state a fee of ten dollars ($10.00).
Acts 1923, ch. 68, § 25; Shan. Supp., § 2198a32; Code 1932, § 3859; Acts 1931, ch. 67, § 1; mod. C. Supp. 1950, § 3859; T.C.A. (orig. ed.), § 45-1830; Acts 1985, ch. 17, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 8 - TAXES AND FEES (§§ 45-4-801 — 45-4-803) › Section 45-4-803 - State and federal credit unions to be equally subject to taxation

Except for taxes on property and the credit union fees provided by law, no tax levied by this state, whether privilege, excise, franchise, sales or otherwise, shall be levied upon or be applicable to any credit union chartered under the laws of this state unless and until the same tax may be legally levied upon and be applicable to federally chartered credit unions in this state, in which case the tax shall be levied upon and be applicable to the state and federally chartered credit unions.
Acts 1980, ch. 559, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 9 - DISSOLUTION, LIQUIDATION AND MERGER (§§ 45-4-901 — 45-4-903) › Section 45-4-901 - Dissolution

(a)
A majority of the entire membership of any credit union may vote to dissolve the credit union at a regular or special meeting called for that expressly stated purpose.
(b)
Any member, within twenty (20) days of the date of the mailing of notice of the meeting, may vote on the question of dissolution by signing a statement in a form approved by the commissioner, and the vote shall have the same force and effect as any other vote.
(c)
The credit union shall, upon a vote for dissolution, immediately cease to do all business except for the purpose of liquidation, and the president and secretary shall, within fifteen (15) days following the meeting, notify the commissioner in writing of its intention to liquidate, and shall include in the notice a list of the names of directors and officers of the credit union together with their addresses.
Acts 1923, ch. 68, § 23; Shan. Supp., § 2198a30; Code 1932, § 3857; Acts 1973, ch. 294, § 6; 1974, ch. 557, § 3; T.C.A. (orig. ed.), § 45-1828; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 9 - DISSOLUTION, LIQUIDATION AND MERGER (§§ 45-4-901 — 45-4-903) › Section 45-4-903 - Merger

(a)
Any credit union may, with the approval of the commissioner of financial institutions, merge with any other credit union under the existing charter of the other credit union, pursuant to any plan approved by the board of directors of each credit union joining in the merger, and approved by two-thirds (2/3) of the members of each credit union represented at a meeting of members duly called for that purpose, at which a minimum of ten percent (10%) of the entire membership is present, unless the meeting of members of either credit union has been waived by the commissioner. After approval of the board and members of each credit union, the president or chair of the board and secretary of each credit union shall execute a certificate of merger, which shall set forth all of the following:
(1)
The time and place of the meeting of the board of directors at which the plan was agreed upon;
(2)
The vote in favor of adoption of the plan;
(3)
A copy of the resolution or other action by which the plan was agreed upon;
(4)
The time and place of the meeting of the members at which the plan agreed upon was approved; and
(5)
The vote by which the plan was approved by the members.
(b)
The certificates and a copy of the plan of merger agreed upon shall be forwarded to the commissioner and, upon approval, returned to the merging credit unions. The certificate of merger, with the certificate of approval of the commissioner annexed it, shall be recorded in the office of the secretary of state and in the register's office of the county in which each credit union has its principal place of business.
(c)
Upon a merger so effected, all property, property rights, and interests of the merged credit unions shall vest in the surviving credit union without deed, endorsement, or other instrument of transfer, and all debts, obligations, and liabilities of the merged credit unions shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected.
(d)
This section shall be construed, whenever possible, to permit a credit union chartered under any other act to merge with one chartered under this chapter.
(e)
All members of both credit unions effecting a merger shall be deemed to have a common bond of association, occupation or residence as required by §
45-4-101
, for formation of credit unions generally.
(f)
A merger fee of three hundred dollars ($300) shall be paid to the commissioner to cover the salary and expenses of department personnel assigned to supervise the merger. The fee shall be paid by the surviving credit union if it is chartered under the laws of Tennessee. Otherwise the fee shall be paid by the merging credit union.
Acts 1923, ch. 68, § 23; Shan. Supp., § 2198a30; Code 1932, § 3857; Acts 1973, ch. 294, § 6; 1974, ch. 557, § 3; 1979, ch. 86, § 9; T.C.A. (orig. ed.), § 45-1828; Acts 1984, ch. 714, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 10 - SUPERVISION BY STATE (§§ 45-4-1001 — 45-4-1003) › Section 45-4-1001 - Supervision of credit unions - Financial report - Failure to file - Promulgation of rules and regulations

(a)
Credit unions shall be subject to the supervision of the commissioner and shall make a report of conditions to the commissioner at least semiannually, on blank forms to be supplied by the commissioner, on the dates of the second and fifth calls made to national banks, notice of which calls shall be sent out by the commissioner; returns shall be verified under oath of the president and treasurer, and additional reports may be required by the commissioner. Any credit union that neglects to make the reports shall forfeit to the state treasury fifty dollars ($50.00) for each day of neglect unless excused.
(b)
The commissioner may promulgate rules for the implementation of the credit union laws of this state and the sound operation of state chartered credit unions pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 1923, ch. 68, § 8; Shan. Supp., § 2198a11; Code 1932, § 3839; Acts 1973, ch. 294, § 6; 1977, ch. 117, § 1; T.C.A. (orig. ed.), § 45-1808; Acts 1985, ch. 17, § 9; 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 10 - SUPERVISION BY STATE (§§ 45-4-1001 — 45-4-1003) › Section 45-4-1003 - Fiscal year - Special meetings - Voting power - Members may overrule directors - Amendment of bylaws

(a)
The credit union fiscal year shall end at the close of business on December 31.
(b)
Special meetings of the members may be held by order of the board of directors and shall be held on request of ten percent (10%) of the members.
(c)
At all meetings, a member shall have but one (1) vote, regardless of the number of shares held.
(d)
No shareholder may vote by proxy, but a society, association, copartnership, or corporation, having membership in the credit union, may be represented by one (1) person, duly authorized by the society, association, copartnership, or corporation to represent it.
(e)
(1)
Amendments of the credit union bylaws may be adopted by the affirmative vote of two-thirds (2/3) of the authorized number of members of the board at any duly held meeting of the board, if the members of the board have been given prior written notice of the meeting and the notice has contained a copy of the proposed amendment or amendments.
(2)
No amendment of the bylaws of the credit union shall become effective until approved in writing by the commissioner.
(f)
At any meeting of the membership, the members may decide on any matter of interest to the credit union and may overrule the directors; provided, that the notice of the meeting shall have stated the question to be considered in connection with any prior board action.
Acts 1923, ch. 68, § 10; Shan. Supp., § 2198a15; Code 1932, § 3843; T.C.A. (orig. ed.), § 45-1811; Acts 1980, ch. 559, § 1; 1989, ch. 223, § 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1101 - Creation

(a)
There is created the state credit union share insurance corporation, a nonprofit membership public corporation, sometimes referred to as "the corporation" in this part.
(b)
The corporation may begin operations at any time within one (1) year after March 13, 1974, upon the adoption of articles of incorporation by the duly authorized representatives of not less than nine (9) credit unions chartered and existing under the laws of Tennessee. The articles of incorporation shall be subject to the approval of the commissioner of financial institutions, and shall be filed with the secretary of state and with the commissioner; and shall be recorded in the register's office of Hamilton County in which shall be located the principal office of the corporation.
Acts 1974, ch. 577, § 1; T.C.A., § 45-1835; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1102 - Purposes of corporation

The general purposes of the corporation are to:
(1)
Aid and assist any member credit union that is in liquidation or incurs financial difficulty, such as insolvency or lack of liquidity, in order that the shareholdings and deposits of any individual member of a member credit union shall be protected or guaranteed against loss. The primary amount of loss to be protected or guaranteed shall be established from time to time by the corporation with the approval of the commissioner of financial institutions. With the approval of the commissioner, the corporation may, in addition to the primary amount of loss to be protected or guaranteed, establish additional loss protection or guarantees for the benefit of those member credit unions that voluntarily elect to obtain the additional protection, upon the terms and conditions and the payment of fees that the board of directors of the corporation establishes; and
(2)
Cooperate with its member credit unions and the commissioner and the appropriate supervisory agency of credit unions that become members under §
45-4-1107(c) or (d)
, for the purpose of advancing the general welfare of credit unions in this state and in other states where credit unions become members of the corporation.
Acts 1974, ch. 577, § 2; T.C.A., § 45-1836; Acts 1983, ch. 93, § 4; 1984, ch. 715, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1104 - Exclusive use of name - Right to change name

(a)
The corporation shall have the sole right to use the name state credit union share insurance corporation.
(b)
The board of directors of the corporation has the right to change the name of the corporation.
Acts 1974, ch. 577, § 4; T.C.A., § 45-1838; Acts 1986, ch. 558, § 4.