Title 45, Banks And Financial Institutions

(a) At the time of applying for a charter of incorporation, the incorporators of the credit union shall submit, in duplicate, sets of bylaws with the acknowledgment of their adoption to the commissioner, which shall provide:(1) The date of the annual meeting, which shall be at an…

The commissioner shall approve the certificate of organization, and the bylaws, and if satisfied that the proposed field of operation is favorable to the success of the corporation and that the standing of the proposed incorporators is such as to give assurance that its affairs w…

The use by any person, corporation, association or copartnership, except corporations formed under this chapter, of any name or title that contains the words “credit union” is a Class C misdemeanor.

(a) There is created the volunteer corporate credit union, a nonprofit membership public corporation, sometimes referred to as “the corporation” in this part. (b) The corporation shall begin operations at any time within three (3) months after March 26, 1981, upon the adoption of…

(1) The general purposes of the corporation are to:(1) Aid and assist its member credit unions in providing needed service functions;(2) Provide a source for liquidity management;(3) Provide financial, custodial and related services for credit unions; associations of credit union…

(1) The corporation may:(1) Enter into contracts of any nature;(2) Sue and be sued;(3) Adopt, use and display a corporate seal;(4) Receive the payment from its members for members' shares, members' deposits, special accounts and certificates;(5) Make loans to credit unions, assoc…

This corporation shall have the sole right to use the names “volunteer state corporate central credit union,” “Volunteer Corporate Credit Union” and “VolCorp.”

Amendments to the articles, adopted by a vote of two-thirds (⅔) of the number of member credit unions who own shares, shall be filed with the commissioner, and if the commissioner approves the amendments, shall become effective upon being filed in the same manner as the original …

(a) The credit unions that adopt the articles of incorporation under § 45-4-1201 shall also subscribe and submit to the commissioner for approval the initial bylaws under which the corporation shall operate. (b) The bylaws may be amended at any regular meeting of the directors, o…

Any credit union legally chartered under federal law or chartered under the laws of any state may become a member of the corporation, in accordance with provisions of this part and the bylaws, rules and regulations adopted for carrying out the purposes of this part.

On July 1, 1995, primary shares of the corporation shall automatically be converted to membership shares of the corporation.

The corporation's business shall be conducted by the directors, who shall be elected pursuant to the terms, conditions and provisions of the corporation's bylaws.

(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and examination in accordance with § 45-4-1002(a) by the commissioner of financial institutions. (b) The corporation shall pay an annual supervision fee …

(a) The corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom shall be exempt from all taxation in this state. (b) Also, for the purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapte…

The corporation shall be exempt from the requirements of § 45-4-505 relating to insurance of its shares and deposits.

The corporation shall be exempt from the requirements applicable to noncorporate credit unions relating to the date of its annual meetings and reserves.

(1) It is the duty of the commissioner to:(1) Organize and conduct a bureau of information in regard to credit unions and maintain an educational campaign in the state, looking to the promotion and organization of credit unions; and(2) Upon application of three (3) persons, resid…

(1) A state credit union may be converted into a federal credit union by complying with the following requirements:(1) A majority of the directors of the state credit union shall first approve the proposition for conversion and the date set for a vote by the members of the state …

(1) A federal credit union, organized under the federal Credit Union Act, may be converted into a state credit union by:(1) Complying with all federal requirements requisite to enabling it to convert to a state credit union or cease being a federal credit union;(2) Filing with th…

(a) Before a foreign credit union, defined as a credit union chartered and operating under the laws of another state, may open an office in Tennessee for the purpose of serving its members residing or working in Tennessee, the credit union shall procure from the commissioner a ce…

(a) At an annual meeting, the members shall elect a board of directors. The directors shall be members of the credit union. All members of the board of directors and all officers shall hold their several offices for the terms that may be provided in the bylaws. (b) Upon their ele…

(1) The board of directors has the duty of general management of the affairs, funds and records of the corporation, and shall meet as often as may be necessary, but in no event less than monthly. Unless the bylaws shall specifically reserve any or all of the duties to members, it…

(a) The board of directors shall determine whether the credit union shall have a credit committee. If the board determines that the credit union shall not have a credit committee, the board of directors shall appoint one (1) or more loan officers, and the loan officer or officers…

(a) No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee. (b) As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensa…

(a) In addition to other powers conferred by this chapter, the commissioner may:(1) Restrict the withdrawal of shares or accounts from any state credit union when the commissioner finds circumstances make the restriction necessary for the proper protection of the members' interes…

(a) It is unlawful for an officer, director, employee or agent of a credit union to:(1) Maintain or authorize the maintenance of any account of the credit union in a manner that, to the person's knowledge, does not conform to the requirements prescribed by chapter 4 of this title…

(a) Any person responsible for an act or omission expressly declared to be a criminal offense by chapter 4 of this title commits:(1) A Class A misdemeanor; and(2) If the act or omission was intended to defraud, a Class E felony. (1) A Class A misdemeanor; and (2) If the act or om…

(a) The membership shall consist of incorporators and persons, societies, associations, copartnerships and corporations that have been duly elected to membership and have subscribed to one (1) or more shares and have paid for the same in whole or in part, with the entrance fee as…

(a) At any regularly called meeting, the members, by a two-thirds (⅔) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a writte…

Credit union shares shall in no event be sold at a premium by any credit union to its members.

Shares may be issued in the name of a minor and in trust in a way and manner that the bylaws may provide.

Fully paid-up shares of a credit union may be transferred to any person upon election to membership, upon terms that the bylaws may provide.

Investment or other deposit accounts maintained in any credit union in the names of two (2) or more persons shall be governed by § 45-2-703.

(a) Notwithstanding § 30-2-317, where no executor or administrator of a deceased shareholder or depositor has qualified and given notice of the qualifications of the executor or administrator to the credit union, it may, in its discretion and at any time after thirty (30) days fr…

(1) The following provisions of chapter 2 of this title are applicable to credit unions:(1) Section 45-2-704 relating to contracts for “payable-on-death” share accounts and share deposits in trust;(2) Section 45-2-707 relating to powers of attorney; and(3) Sections 45-2-711 and 4…

(1) A credit union has the following powers:(1) It may receive the savings of its members through the purchase of various classes of share accounts, including general or regular shares, share certificates, special accounts, share draft accounts or members' special accounts, savin…

(a) A credit union has the power to borrow from any source, but the total of borrowing shall at no time exceed fifty percent (50%) of the member accounts and surplus of the borrowing credit union. (b) A central credit union, as defined in § 45-4-101, has the power to borrow from …

(a) (1) Subject to the limitations contained in subsection (e), a credit union may declare dividends at rates it deems appropriate for periods and classes of accounts that the board of directors may establish.(2) A credit union may establish higher dividend rates for shares held …

A credit union may change its chief place of business on written notice to the commissioner of financial institutions.

(a) Any credit union organized under this chapter shall, prior to commencing its operations, obtain and thereafter maintain insurance of its share and deposit balances by membership in the National Credit Union Association, unless otherwise determined by the commissioner pursuant…

(a) As used in this part, unless the context otherwise requires:(1) “Installment loan” means a loan repayable in installments, whether the payments are regular or irregular, whether the payments are in substantially equal amounts or otherwise, whether the payments are made on clo…

(a) A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of:(1) The applicable formula rate; or(2) The rate of interest permitted to be charged by credit unions chartered by the federal government. (1) The app…

In addition to the charging and collecting of interest as provided in § 45-4-602, a credit union shall be entitled to charge and collect from its members loan charges that are fair and reasonable compensation for some expense incurred or to be suffered by the credit union, or som…

(a) The funds of credit unions shall be used first for loans to members. (b) Funds of credit unions not required for loans to members may be invested as otherwise provided by law. (c) If available funds do not permit all loans to be made that have been approved by the credit comm…

A credit union may loan to its members, as provided, for the purposes and upon the security that the bylaws may provide and the credit committee shall approve.

A member who needs funds with which to purchase necessary supplies for growing crops may receive a loan in fixed monthly installments instead of one (1) sum.