| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | HOUSE BILL 109 | |
| 3 | 3 | By Lamberth | |
| 4 | 4 | ||
| 5 | 5 | SENATE BILL 1280 | |
| 6 | 6 | By Johnson | |
| 7 | 7 | ||
| 8 | 8 | ||
| 9 | 9 | SB1280 | |
| 10 | 10 | 000179 | |
| 11 | 11 | - 1 - | |
| 12 | 12 | ||
| 13 | 13 | AN ACT to amend Tennessee Code Annotated, Title 45, | |
| 14 | 14 | relative to financial institutions. | |
| 15 | 15 | ||
| 16 | 16 | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: | |
| 17 | 17 | SECTION 1. Tennessee Code Annotated, Section 45-2-402, is amended by deleting | |
| 18 | 18 | subsection (c) and substituting instead the following: | |
| 19 | 19 | (c) All Tennessee state-chartered banks shall obtain an annual audit of their | |
| 20 | 20 | financial statements by an independent certified public accountant at least once in each | |
| 21 | 21 | calendar year at intervals of no more than fifteen (15) months, unless the bank's financial | |
| 22 | 22 | statements are included in the audit of its holding company's consolidated financial | |
| 23 | 23 | statements. The board shall review and discuss the audit and record such in the | |
| 24 | 24 | minutes. Each bank shall provide to the commissioner a copy of the independent | |
| 25 | 25 | external audit, including any management letters, within forty-five (45) days of receiving | |
| 26 | 26 | the external audit, and shall promptly notify the commissioner when any independent | |
| 27 | 27 | public accountant is initially engaged to perform external auditing work, or when a | |
| 28 | 28 | change in, or termination of, the bank's independent accountant occurs. | |
| 29 | 29 | SECTION 2. This act takes effect upon becoming law, the public welfare requiring it. |