(a) Each out-of-state state bank that has established and maintains a branch in this state pursuant to this part shall give at least thirty (30) days' prior written notice to the commissioner of any merger, consolidation, or other transaction that would cause a change of control with respect to the bank or any bank holding company that controls the bank, with the result that an application would be required to be filed pursuant to the federal Change In Bank Control Act of 1978 ( 12 U.S.C. § 1817(j) ), or the federal Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841 et seq.), or any successor statutes. In the case of an emergency transaction, the out-of-state state bank shall provide a shorter notice that is consistent with applicable state or federal law. The home state supervisory agency of the bank may provide the prior written notice required.(b) The notice requirement of subsection (a) shall apply to out-of-state trust institutions that maintain an office in this state pursuant to this chapter. The notice shall also be required of:(1) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or(2) to this chapter. The notice shall also be required of:(1) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or(2) The closing or disposition of any office in this state.Acts 1996, ch. 562, § 1; 1999, ch. 112, § 12.
Tennessee Legal Code