45-2-307 - Stockholders relieved of double liability.
45-2-307. Stockholders relieved of double liability.
Stockholders in banking institutions doing a general banking business in this state pursuant to charters granted under authority of Acts 1909, ch. 54, §§ 1-4 (compiled as §§ 3892-3895, inclusive, of the Code of 1932, and repealed by Acts 1939, ch. 106), are relieved of the double or additional individual liability to the depositors of the institutions; notwithstanding that such double liability feature may be written in the body of the charters of the banking institutions, and shown on the face of the stock certificates.
[Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-225.]