45-5-605 - Issuance of thrift certificates. - Tennessee Statutes

45-5-605. Issuance of thrift certificates.

An industrial bank shall not issue thrift certificates until and unless:

     (1)  It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;

     (2)  It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and

     (3)  It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it.

[Acts 1983, ch. 274, § 20.]