Tenn. Comp. R. & Regs. 0180-16-.09 - ANNUAL REVIEW BY BOARD; FUND TO BE REPLENISHED
(1) The board of directors of the Bank shall
at least annually review the amount of special reserve and the performance of
the trustee financial institution giving due and careful consideration to all
known elements and factors constituting such risk or hazard and shall prescribe
at least annually the amount of such special reserve. The board's actions shall
be recorded in the minutes of the board of directors and be subject to the
approval of the commissioner.
(2)
When a legitimate claim is made against the special reserve, the board shall
direct that the claim be paid from the fund. Within a reasonable time after the
payment of any such claim, the board shall replenish the special reserve to the
amount required by these rules and approved by the commissioner.
Notes
Authority: T.C.A. ยงยง 45-1-107 and 45-2-403; Public Chapter 865, Acts of 1986.
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