Void and Null Charters and Certificates of Authority

  1. Law
  2. Tennessee Code
  3. Banks and Financial Institutions
  4. Chartering of Savings Banks
  5. Void and Null Charters and Certificates of Authority

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  1. Any charter issued under this chapter shall be null and void if:
    1. The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or
    2. An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.
  2. Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.


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