Tennessee § 45-3-111 - Capital stock and mutual associations — Minimum capital requirements.
Full text of Tennessee Tennessee Code Annotated § 45-3-111 — Capital stock and mutual associations — Minimum capital requirements., with citation guidance and answers to common questions.
§ 45-3-111. Capital stock and mutual associations — Minimum capital requirements.
The minimum capital with which an association shall commence business shall be determined by reference to, in the case of a capital stock association, the sum of the par or stated value of all issued and outstanding shares of voting common capital stock, and, in the case of a mutual association, the total of all subscribed and paid-in deposit accounts. The minimum capital of an association shall be prescribed by the commissioner; provided, that the minimum capital shall not be less than: One hundred thousand dollars ($100,000) if the home office of the association is to be located in a county having less than ten thousand (10,000) inhabitants; Two hundred fifty thousand dollars ($250,000) if the home office is to be located in a county having between ten thousand (10,000) and one hundred thousand (100,000) inhabitants; and Five hundred thousand dollars ($500,000) if the home office is to be located in a county having one hundred thousand (100,000) inhabitants or more.(2) The population of each county shall be based upon the latest federal census. Notwithstanding the above requirements, if the home office of an association is to be located in a county that is contiguous to a county the population of which would require higher minimum capital requirements, and if the commissioner determines that the association will draw a substantial amount of its depositors from the contiguous county, the commissioner shall require that the association meet the higher capital requirements of the contiguous county. Acts 1978, ch. 708, § 1.11; T.C.A., § 45-1311. Compiler's Notes. For repeal of the former section, see Compiler's Notes to § 45-3-101 . For table of U.S. decennial populations of Tennessee counties, see Volume 13 and its supplement.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-3-111
What does Tennessee Code Annotated § 45-3-111 cover?
Section 45-3-111 ("Capital stock and mutual associations — Minimum capital requirements.") 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 § 45-3-111?
A common citation format is "Tennessee Code Annotated § 45-3-111" (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 § 45-3-111 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.