Section 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.Tenn. Comp. R. & Regs. 0180-16-.09
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.