TCA § 45-2-216 — Forfeiture of charter for failure to obtain certificate of authority or to commence business — Restitution of improper expenditures
If a bank does not timely apply for or receive a certificate of authority, or does not begin business on time, its charter is forfeited and it must be liquidated under the commissioner’s orders. The commissioner may also require former incorporators or directors to repay improper expenditures by equal contributions.
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- Jurisdiction
- United States — Tennessee
- Instrument
- Act or statute
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- Undated source snapshot
- Language
- en
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TCA § 45-2-216 — Forfeiture of charter for failure to obtain certificate of authority or to commence business — Restitution of improper expenditures
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