2019 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 11 - Financial Institutions Conversion Act
§ 45-11-102. Chapter definitions.
- As used in this chapter, unless the context otherwise requires:
(1) “Capital stock financial institution” means a financial institution, the ownership of which rests in the holders of shares of capital stock, who may receive dividends on their shares, and who have the sole right to vote on matters affecting the financial institution;
(2) “Converting institution” means a financial institution converting to another type of financial institution;
(3) “Financial institution” means a savings and loan association, bank, savings bank, credit union, or trust company organized under the laws of any state or organized under the laws of the United States;
(4) “Mutual financial institution” means an association or savings bank or credit union, the ownership of which rests in members who receive interest on their deposit accounts, and who have the sole right to vote on all matters affecting the financial institution; and
(5) “Resulting financial institution” means the financial institution resulting from a conversion and having its principal place of business in this state.
