45-2-304 - Voting trusts Approval of commissioner. - Tennessee Statutes

45-2-304. Voting trusts Approval of commissioner.

(a)  No shares deposited under a voting trust agreement shall be voted by the trustees unless the agreement has been approved by the commissioner.

(b)  Approval shall be withheld, or if previously granted, revoked whenever it appears that the existence of the trust would tend to reduce competition among lending institutions or to affect adversely the character or competence of the management or the bank's policies or operation procedures.

[Acts 1969, ch. 36, § 1 (3.314); 1973, ch. 294, § 6; T.C.A., § 45-222.]