Tennessee § 45-2-601 - General powers.

§ 45-2-601. General powers.

Subject to regulation by the commissioner and any restrictions expressly imposed by this chapter and chapter 1 of this title, any bank may enjoy any and all rights and may exercise any and all powers, as defined herein, conferred upon banking corporations for profit by the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, as same may be amended from time to time. In addition, any state bank may exercise any power or engage in any activity that it could exercise or engage in if it were a national bank located in Tennessee, subject to regulation by the commissioner for the purpose of maintaining the state bank's safety and soundness. Acts 1969, ch. 36, § 1 (3.101); 1973, ch. 294 § 6; 1977, ch. 274, § 1; T.C.A., § 45-401; Acts 1986, ch. 666, § 1; 1994, ch. 551, § 19. Cross-References. Common trust funds, establishing for purpose of furnishing investments to itself as fiduciary, § 35-4-102 . Cooperative scholarship corporations, banks participating in plan, § 49-4-106 . Development credit corporations, § 48-101-101 et seq. Loans and investments utilizing federal housing administration, Federal National Mortgage Association and veterans' administration authorized, § 35-3-120 . Negotiable instruments, title 47, ch. 3. Tennessee Valley Authority, investment in bonds and obligations of, § 35-3-119 . Textbooks. Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, §§ 29, 51. Law Reviews. The Competitive Equality Doctrine and the Demise of Intrastate Bank Branching Restrictions (Henry N. Butler), 55 Tenn. L. Rev. 703 (1989). Attorney General Opinions. Both former T.C.A. § 56-6-201 (repealed) , prohibiting a bank holding company from owning or controlling an insurance agent, and T.C.A. § 56-35-131(a)(1) , limiting the amount of business income a title insurance agent may receive through owners and affiliates, are preempted by federal law, including the Gramm-Leach-Bliley Financial Modernization Act (GLB), P.L. 106-102, to the extent these statutes prohibit or significantly interfere with a national bank's exercise of its authority to control or own an interest in a title insurance agency; under the state “wild-card” statute, T.C.A. § 45-2-601 , then, state banks may also control or own a financial subsidiary that acts as a title insurance agent under the same conditions national banks would be permitted to engage in the same activity, OAG 02-013, 2002 Tenn. AG LEXIS 12 (2/1/02). Effect of regulations issued by the comptroller of the currency, OAG 04-057, 2004 Tenn. AG LEXIS 55 (4/06/04). Effect of regulations issued by the comptroller of the currency, OAG 04-059, 2004 Tenn. AG LEXIS 57 (4/07/04).