Tennessee § 45-3-113 - Mutual associations — Expense fund requirements.
Full text of Tennessee Tennessee Code Annotated § 45-3-113 — Mutual associations — Expense fund requirements., with citation guidance and answers to common questions.
§ 45-3-113. Mutual associations — Expense fund requirements.
The incorporators of a mutual association, in addition to their subscriptions to deposit accounts, shall create an expense fund in an amount not less than fifty percent (50%) of the minimum capital required by this chapter for the association to commence business. Any organization and operating expenses may be paid from the fund until such time as the net income of the association is sufficient to pay the interest that is declared and paid or credited to deposit account holders from sources available for the payment of interest. Acts 1978, ch. 708, § 1.13; T.C.A., § 45-1313. Compiler's Notes. For repeal of the former section, see Compiler's Notes to § 45-3-101 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-3-113
What does Tennessee Code Annotated § 45-3-113 cover?
Section 45-3-113 ("Mutual associations — Expense fund 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 § 45-3-113?
A common citation format is "Tennessee Code Annotated § 45-3-113" (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 § 45-3-113 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.