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Can you summarize 45 TNCO Chapter 4?
Banks And Financial Institutions > Credit Unions
Short Summary
The provided legal document content covers various aspects related to credit unions in Tennessee. It includes guidelines for the formation and operation of credit unions, qualifications for membership, entrance fee requirements, sale of credit union shares, payment of funds to deceased shareholders or depositors, powers and duties of credit unions, declaration and payment of dividends, insurance requirements, loans and lending practices, maintenance of reserve funds, fees and taxation, dissolution, liquidation, and merger of credit unions, supervision and examination of credit unions, Share Insurance Corporation, Volunteer Corporate Credit Union, regulations and requirements for credit unions in Tennessee, duties of the commissioner, conversion of state credit unions to federal credit unions, and operation of foreign credit unions in Tennessee. These documents apply to residents of Tennessee, credit unions, incorporators, individuals, societies, associations, copartnerships, corporations, members of credit unions, borrowers, directors, members of the credit or supervisory committee, shareholders, depositors, officers, employees, agents, and regulatory authorities. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Residents of Tennessee, credit unions, incorporators, individuals, societies, associations, copartnerships, corporations, members of credit unions, borrowers, directors, members of the credit or supervisory committee, shareholders, depositors, officers, employees, agents, and regulatory authorities
What does it govern?
Formation of a corporation for carrying on a credit union in Tennessee, qualifications for membership, entrance fee requirements, sale of credit union shares, payment of funds to deceased shareholders or depositors, powers and duties of credit unions, declaration and payment of dividends, insurance requirements, loans and lending practices, maintenance of reserve funds, fees and taxation, dissolution, liquidation, and merger of credit unions, supervision and examination of credit unions, Share Insurance Corporation, Volunteer Corporate Credit Union, regulations and requirements for credit unions in Tennessee, duties of the commissioner, conversion of state credit unions to federal credit unions, and operation of foreign credit unions in Tennessee
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Tennessee