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Can you summarize TNCO 45-2-1103?
Loans > Loans to officers and directors.
Short Summary
Compliance with the requirements of 12 U.S.C. 375a, 375b, and 1828(j) and applicable federal regulations shall be deemed compliance with the laws of Tennessee concerning loans to directors and officers of state banks. Acts 1969, ch. 36, 1 (3.241); 1973, ch. 294, 6; T.C.A., 45-430; Acts 1989, ch. 591, 1; 2001, ch. 54, 19. Cross-References. Penalty for Class A misdemeanor, 40-35-111. Textbooks . Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, 48. Decisions Under Prior Law 1. Approval After Loan. 1. Approval After Loan. Loans to bank officials during the year and approved at next annual meeting by the directory were not violative, though irregular. State ex rel. Robertson v. Farmers’ State Bank, 162 Tenn. 499, 39 S.W.2d 281, 1930 Tenn. LEXIS 114 (Tenn. Dec. 1930).
Jurisdiction
Tennessee