Statutes > Tennessee Statutes > Title 45 - Banks And Financial Institutions > Chapter 3 - Savings and Loan Associations > Part 1 - General Provisions > 45-3-107 - Corporate form required Capital stock and mutual associations authorized.

45-3-107 - Corporate form required Capital stock and mutual associations authorized.

45-3-107. Corporate form required Capital stock and mutual associations authorized.

(a)  No person, except a corporation chartered by the state of Tennessee or a federally chartered association, shall engage in the business of a savings and loan association in this state.

(b)  The charter of an association may provide for the issuance of capital stock or for the organization of the association as a mutual association.

[Acts 1978, ch. 708, § 1.07; T.C.A., § 45-1307.]