Section 45-5-612 - Out-of-state banks restricted - Compliance with Section 45-5-609 required for all banks(a)(1) The general assembly finds and declares that the ownership of industrial banks by non-Tennessee bank holding companies or other non-Tennessee corporations is not of benefit to the people and economy of this state and will result in the drain of capital from Tennessee.(2) By July 5, 1984, any industrial bank owned by a bank holding company, or other company whose principal place of business is not in Tennessee, shall be divested by the company or liquidated and dissolved under § 45-2-1501(b), or shall be recertified by the commissioner as an industrial investment company, as defined in § 45-5-102, with the rights and powers of an industrial investment company, and shall no longer qualify as an industrial bank nor exercise any of the rights and powers of an industrial bank.(b) No industrial bank shall be created nor any industrial loan and thrift company or industrial investment company shall be converted to an industrial bank pursuant to § 45-5-608, or pursuant to any other provision of law unless the industrial bank, industrial loan and thrift company or industrial investment company satisfies the conditions set forth in § 45-5-609(a)(1) and (2).(c) If an application for organization as or conversion to an industrial bank is pending or the application has been approved for certification as an industrial bank, then any applicant or industrial bank that does not meet the requirements of this section and § 45-5-609 shall be recertified by May 5, 1984, by the commissioner as an industrial investment company as defined in § 45-5-102, with the rights and powers of an industrial investment corporation, and shall no longer qualify as an industrial bank nor exercise any of the rights and powers of an industrial bank, or shall be liquidated and dissolved under § 45-2-1501(b).(d) Subsection (c) applies to any and all industrial banks and applications for organization as or conversion to an industrial bank including, but not limited to, applications filed and approved prior to February 23, 1984; applications filed prior to but approved after February 23, 1984, and prior to April 5, 1984; applications filed before February 23, 1984, and pending on April 5, 1984; and applications filed and pending or filed and approved after February 23, 1984, and before April 5, 1984.(e) This section shall not be construed to alter, deny, void or otherwise affect the rights and powers of either an industrial bank meeting the requirements of § 45-5-609, or a state bank resulting from a merger provided for in § 45-5-609.Acts 1984, ch. 513, §§ 1-5.