Tennessee § 45-1-102 - Purpose — Standards for exercise of authority by commissioner — Rules of construction.

§ 45-1-102. Purpose — Standards for exercise of authority by commissioner — Rules of construction.

It is the underlying purpose of this chapter and chapter 2 of this title to provide the citizens of Tennessee with a sound system of state chartered banks by providing for and encouraging the development of the banks while restricting their activities to the extent necessary to safeguard the interests of depositors. This underlying purpose includes, but is not limited to, providing for: The sound conduct of the business of banks subject to this chapter and chapter 2 of this title; The conservation of their assets; The maintenance of adequate reserves against deposits; The opportunity for banks subject to this chapter and chapter 2 of this title to compete with other businesses including, but not limited to, other financial organizations existing under the laws of this and other states, the United States and foreign countries; The opportunity for banks to serve the citizens of this state by improving and expanding their services and facilities and the opportunity for banks to participate in and promote the economic progress of Tennessee and the United States; The opportunity for the management of banks to exercise business judgment in conducting the affairs of their institutions; and Modernization and simplification of the law governing banking by providing that banks subject to this chapter and chapter 2 of this title shall have all the rights and powers granted corporations for profit by the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, except for the rights and powers withheld by those chapters or by rule or regulation of the commissioner of financial institutions. It is not a purpose of this chapter and chapter 2 of this title to restrict the activities of banks for the purpose of protecting any person, as hereinafter defined, from competition from banks, and this chapter and chapter 2 of this title do not confer any right or cause of action upon any competitor. The purposes of this chapter and chapter 2 of this title shall constitute standards to be observed by the commissioner of financial institutions in the commissioner's exercise of authority under this chapter and chapter 2 of this title, and shall constitute rules of construction in all matters of construction and application of those chapters. Acts 1969, ch. 36, § 1 (1.102); 1973, ch. 294, § 6; T.C.A., § 45-102; Acts 1994, ch. 551, § 19. Attorney General Opinions. The general power to conduct a banking business includes the power to prevent fraud by requiring customers or other individuals who wish to do business with a bank to provide a fingerprint for identification purposes, OAG 01-060, 2001 Tenn. AG LEXIS 52 (4/17/01).