GroundRules
Tenn. Code Ann. § 45-2-215: Approval or denial of application - Action by commissioner - Limitation of bank or trust company to fiduciary purposes and powers
Where this section sits in the code
- TN Code
- Title 45
- Chapter 2
(a) If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application.
(b) A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers.
Collected 2026-09-17T21:51:56Z. Source file · JSON
Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License
Tennessee electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 76 only as a labeled supplement to the newer Open US Law rows. Source