Charter Null and Void on Ceasing Business — Definition

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  2. Tennessee Code
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  6. Charter Null and Void on Ceasing Business — Definition

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Any charter issued under  this chapter shall be null and void if an institution that is chartered and commences business ceases to conduct business and no business is conducted for a period of two (2) years. For the purposes of this section, “business” means:

  1. Receiving deposits, paying out money on checks and making loans; or
  2. Acting as a fiduciary for the purposes of a trust company.


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