TCA § 45-3-1506 — Ownership limitations — Statutory compliance

No mutual savings and loan holding company other than a Tennessee mutual savings and loan holding company may control or own more than five percent (5%) of the voting shares or rights of any Tennessee association or Tennessee savings and loan holding company unless the mutual savings and loan holding company meets the requirements of a southern region savings and loan holding company as defined in § 45-3-1402 . Any acquisition of a Tennessee association (mutual or stock) or Tennessee savings and loan mutual holding company shall be governed by and meet the requirements of part 14 of this chapter. Acts 1989, ch. 354, § 6. Compiler's Notes. Section 45-3-1402(9), referred to in this section, no longer defines a “southern region savings and loan holding company.” Section 45-3-1402(9) was rewritten by Acts 1990, ch. 650, § 2; it now refers to an “out-of-state savings and loan holding company”.