Tennessee § 45-2-1505 - Formation of new bank.
Full text of Tennessee Tennessee Code Annotated § 45-2-1505 — Formation of new bank., with citation guidance and answers to common questions.
§ 45-2-1505. Formation of new bank.
Upon application of either five (5) individual incorporators or a bank holding company domiciled in this state, the commissioner may grant a charter and may issue a certificate of authority to the incorporators if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a state bank closed in accordance with § 45-2-1502. The requirements contained in this chapter pertaining to the formation and operation of a state bank shall not be applicable for a period of one (1) year after formation of a new state bank hereunder, unless the commissioner determines that the requirements are necessary to the operation of the new state bank. None of the restrictions contained in the Bank Structure Act of 1974, compiled in part 14 of this chapter, or as the same may be hereafter amended, shall apply to the formation of the new state bank. The new state bank may acquire all or any part of the assets or deposits of a closed bank in accordance with this chapter. Acts 1980, ch. 510, § 5. Textbooks. Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, §§ 56, 61.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-2-1505
What does Tennessee Code Annotated § 45-2-1505 cover?
Section 45-2-1505 ("Formation of new bank.") 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 § 45-2-1505?
A common citation format is "Tennessee Code Annotated § 45-2-1505" (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 § 45-2-1505 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.