Tennessee § 45-3-1402 - Part definitions.

§ 45-3-1402. Part definitions.

Notwithstanding other provisions of this title, as used in this part, unless the context otherwise requires: “Acquire” means: The merger or consolidation of one (1) association with another association, or a savings and loan holding company with another savings and loan holding company; The acquisition of the direct or indirect ownership or control of voting shares of an association or savings and loan holding company if, after the acquisition, the acquiring association or savings and loan holding company will directly or indirectly own or control more than five percent (5%) of any class of voting shares of the acquired association or savings and loan holding company; The direct or indirect acquisition of all or substantially all of the assets of an association or savings and loan holding company; and The taking of any other action that would result in the direct or indirect control of an association or savings and loan holding company; “Association” means a mutual or capital stock savings and loan association, building and loan association or savings bank chartered under the laws of any one (1) of the states or by the federal home loan bank board, pursuant to the Home Owners' Loan Act of 1933 (12 U.S.C. § 1464); “Branch office” means any office at which an association accepts deposits. “Branch office” does not include: Unmanned automatic teller machines, point-of-sale terminals or similar unmanned electronic banking facilities at which deposits may be accepted; Offices located outside the United States; and Loan production offices, representative offices, service corporation offices, or other offices at which deposits are not accepted; “Commissioner” means the commissioner of financial institutions; “Company” means that which is set forth in the Federal Savings and Loan Holding Company Act (12 U.S.C. § 1730a(a)(1)(C) [repealed]); “Control” means that which is set forth in the Federal Savings and Loan Holding Company Act (12 U.S.C. § 1730a(a)(2) [repealed]); “Deposits” means all demand, time and savings deposits, without regard to the location of the depositor; provided, that “deposits” does not include any deposits by associations. For purposes of this part, determination of deposits shall be made with reference to regulatory reports of condition or similar reports made by or to state and federal regulatory authorities; “Federal association” means an association chartered by the federal home loan bank board pursuant to the Home Owners' Loan Act of 1933; “Out-of-state savings and loan holding company” means a savings and loan holding company that has its principal place of business in a state other than Tennessee and that is not controlled by any other savings and loan holding company; “Principal place of business” of an association means the state in which the aggregate deposits of the association are the largest. For the purposes of this part, the principal place of business of a savings and loan holding company is the state where the aggregate deposits of the association subsidiaries of the holding company are the largest; “Savings and loan holding company” means any company that directly or indirectly controls an association or controls any other company that is a savings and loan holding company; “Service corporation” means any corporation, the majority of the capital stock of which is owned by one (1) or more associations and that engages, directly or indirectly, in any activities that may be engaged in by a service corporation in which an association may invest under the laws of one (1) of the states or under the laws of the United States; “State” means any state of the United States and the District of Columbia; “State association” means an association organized under the laws of one (1) of the states; “Subsidiary” means that which is set forth in the Federal Savings and Loan Holding Company Act (12 U.S.C. § 1730a(a)(1)(H) [repealed]); “Tennessee association” means an association organized under the laws of the state of Tennessee or under the laws of the United States and that: Has its principal place of business in the state of Tennessee; Which if controlled by an organization, the organization is either a Tennessee association, southern region association, Tennessee savings and loan holding company, or a southern region savings and loan holding company; and More than eighty percent (80%) of its total deposits, other than deposits located in branch offices acquired pursuant to § 123 of the Garn-St. Germain Depository Institutions Act of 1982 (12 U.S.C. § 1730a(m) [repealed]), or comparable state law, are in its branch offices located in one (1) or more of the southern region states; and “Tennessee savings and loan holding company” means a savings and loan holding company that has its principal place of business in Tennessee and that is not controlled by any other savings and loan holding company. Acts 1985, ch. 268, § 1; 1989, ch. 413, § 1; 1990, ch. 650, § 2.