Tenn. Comp. R. & Regs. 0180-16-.06 - LEGISLATIVE INTENT

Current through March 20, 2022

(1) The special reserve shall not be subject to set-off or judicial process for the payment of any obligation of the Bank, it being the intent of the Tennessee General Assembly by passing Public Chapter 865, Acts of 1986 that the special reserve fund may be established in lieu of providing a good and sufficient fidelity bond on all active officers and employees as required by T.C.A. § 45-2-403.
(2) In the event that the Bank shall be declared insolvent by the commissioner and closed pursuant to T.C.A. § 45-2-1502, the special reserve shall be included in the general assets of the Bank.

Notes

Tenn. Comp. R. & Regs. 0180-16-.06
Original rule filed August 13, 1986; effective November 29, 1986.

Authority: T.C.A. §§ 45-1-107 and 45-2-403; Public Chapter 865, Acts of 1986.

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