If no application for a certificate of authority is filed within six (6) months following the grant of a charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, or if the bank fails to commence business within six (6) months after the issuance of a certificate of authority or any additional period allowed by the commissioner, the charter shall be forfeited, and the bank shall be liquidated in accordance with the orders of the commissioner. If an improper expenditure has been made, the commissioner may order the persons who were incorporators or directors at the time to restore the sum by equal contributions.
Structure 2021 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 2 - Banking Institutions
Part 2 - Organization of Banks
§ 45-2-206. Subscription Calls
§ 45-2-212. Application for Certificate of Authority — Contents
§ 45-2-214. Time for Approval or Denial of Application — Conditions for Approval
§ 45-2-217. Operation Before Receiving Certificate of Authority Prohibited
§ 45-2-219. Charter Null and Void on Ceasing Business — Definition