Tennessee § 45-3-301 - Location — Effect of de novo branches.

§ 45-3-301. Location — Effect of de novo branches.

Any state association, as defined in § 45-3-1402, may establish and maintain branch or satellite offices or other facilities for the conduct of its business at any location in any county in this state. No branch of an out-of-state savings and loan association or savings bank, or savings institution, may be established through the establishment of a de novo branch, unless the laws of the home state of the out-of-state savings institution permit Tennessee savings institutions to establish and maintain branches in that state through the establishment of de novo branches under substantially the same terms and conditions as set forth in this title. For purposes of this section, “de novo branch” means a branch of a savings institution that: Is originally established by the savings institution as a branch; and Does not become a branch of the savings institution as a result of: The acquisition by the savings institution of an insured depository institution or a branch of an insured depository institution; or The conversion, merger, or consolidation of the institution or branch. Acts 1990, ch. 624, § 1; 2001, ch. 140, § 3. Compiler's Notes. Former part 3, §§ 45-3-301 — 45-3-308 (Acts 1978, ch. 708, §§ 4.01-4.08; T.C.A., §§ 45-1601 — 45-1608), concerning branch offices, was repealed by Acts 1990, ch. 624, § 1. Acts 2001, ch. 140, § 4 provided that should any provision of that act or the application thereof to any person or circumstance be held invalid for any reason by a final nonappealable order of any Tennessee or federal court of competent jurisdiction, then such court shall declare the entire act to be null and void in its entirety and shall give no further force or effect to it; provided, however, that any transaction that has been finally consummated in good faith pursuant to that act prior to a determination of invalidity, and which is not the subject of dispute or litigation, shall be unaffected by such determination. Cross-References. Negotiable instruments, title 47, ch. 3. Textbooks. Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, §§ 8, 66.