Tennessee § 45-2-206 - Subscription calls.
Full text of Tennessee Tennessee Code Annotated § 45-2-206 — Subscription calls., with citation guidance and answers to common questions.
§ 45-2-206. Subscription calls.
After the charter for a corporation seeking to conduct banking business in Tennessee has been filed with the secretary of state, the incorporators or, if directors have been initially appointed, the directors of the proposed state bank, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner. Acts 1969, ch. 36, § 1 (3.309); T.C.A., § 45-206; Acts 1996, ch. 768, § 10; 2001, ch. 54, § 7; 2006, ch. 660, § 2. Compiler's Notes. Acts 1996, ch. 768, which amended this section, is known and may be cited as the Bank Reform Act of 1996. Acts 2006, ch. 660, § 6 provided that the act shall not apply to any notice of intention filed on or after May 12, 2006. Textbooks. Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, § 5.
Frequently Asked Questions About Tennessee § 45-2-206
What does Tennessee Code Annotated § 45-2-206 cover?
Section 45-2-206 ("Subscription calls.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-2-206?
A common citation format is "Tennessee Code Annotated § 45-2-206" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-2-206 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.