Tenn. Comp. R. & Regs. 0180-16-.07

Current through October 22, 2024

Section 0180-16-.07 - SPECIAL RESERVE SUBJECT TO DISCRETION OF COMMISSIONER

If, in the discretion of the commissioner, such a special reserve in lieu of fidelity bond is not the best interest of the bank, its depositors, or stockholders, permission to establish such fund may be withheld. If permission is denied, the commissioner shall within a reasonable time, state his objections in writing and give an opportunity to the bank to obviate such objections.

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.