Tennessee § 45-2-1703 - Unlawful service as officer or director — Exceptions at commissioner's discretion.

§ 45-2-1703. Unlawful service as officer or director — Exceptions at commissioner's discretion.

It is unlawful for any person to serve as an officer or director of a bank who: Has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a felony involving a violation of banking laws, fraud, embezzlement, or breach of trust; Would be disqualified by federal law from serving as a director or officer of a federally chartered bank; or Is indebted to the bank for more than thirty (30) days upon judgment that has become final. Notwithstanding subsection (a), the commissioner shall have the discretion to approve the application of any person to become a director or officer of a bank chartered under Tennessee law, if the commissioner finds the person has demonstrated fitness to participate in the conduct of the affairs of the bank through evidence of the person's rehabilitation, including, but not limited to, the person's reputation since the person's conviction, the person's age at the time of conviction, and the time that has elapsed since the conviction and other factors as the commissioner determines. Acts 1969, ch. 36, § 1 (3.603); T.C.A., § 45-1103; Acts 2006, ch. 660, § 5. Compiler's Notes. Acts 2006, ch. 660, § 6 provided that the act shall not apply to any notice of intention filed on or after May 12, 2006. Cross-References. Penalty for Class C misdemeanor, § 40-35-111 .