Tennessee § 45-3-1202 - Requirements of reorganization plan.
Full text of Tennessee Tennessee Code Annotated § 45-3-1202 — Requirements of reorganization plan., with citation guidance and answers to common questions.
§ 45-3-1202. Requirements of reorganization plan.
Plan of Reorganization. A plan of reorganization shall not be approved by the commissioner unless: The plan is feasible and fair to all classes of depositors, other creditors and stockholders, or members; The plan assures the removal of any director, officer, or employee responsible for any unsound or unlawful action or the existence of an impaired condition; and Any merger or consolidation provided by the plan conforms to the requirements of this chapter. Modification of Plan. Whenever, in the course of reorganization, supervening conditions render the plan unfair or its execution impractical, the commissioner may modify the plan or liquidate the association. The action shall be taken by order upon appropriate notice of opportunity to request a hearing as provided in this chapter. Acts 1978, ch. 708, § 5.02; T.C.A., § 45-1702. Compiler's Notes. For repeal of the former section, see Compiler's Notes to § 45-3-1201 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-3-1202
What does Tennessee Code Annotated § 45-3-1202 cover?
Section 45-3-1202 ("Requirements of reorganization plan.") 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 § 45-3-1202?
A common citation format is "Tennessee Code Annotated § 45-3-1202" (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 § 45-3-1202 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.