Section 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.