300 North Jackson Street
Tullahoma, Tennessee 37388
1-931-455-9301
1-888-461-4LAW
JOHN R. LaBAR – On September 20, 2012, John R. LaBar will serve as a Faculty Member for an all-day CLE program in Chattanooga, Tennessee for Sterling Legal Services, Inc. entitled the Employment Law: Beyond the Basics. John will present an hour long program on the “NLRB’s Expanding Agenda”.
JOHN R. LaBAR – U.S. District Judge David Norton, District of South Carolina, Charleston Division, has ruled (in Case Number No. 2:11-cv-02516-DCN, Chamber of Commerce of the United States of America and South Carolina Chamber of Commerce v. National Labor Relations Board, et al.) that the NLRB cannot require private employers to put up posters informing workers of their right to form a union. Judge Norton said that the Board exceeded its authority from Congress when it approved the poster requirement last year. Judge Norton’s decision Friday conflicts with a ruling last month by Judge Amy Berman Jackson, District of Columbia, who found the posters were a reasonable means to make workers aware of labor laws. The rule was supposed to take effect on April 30.
JOHN R. LaBAR – Client Alert on NLRB Employee Rights Poster: Federal Court Upholds Rule. April 30 Deadline Still Applies.
On March 2, Judge Amy Berman Jackson, United States District Court Judge for the District of Columbia, upheld the National Labor Relations Board’s rule requiring most employers, including employers without any union employees, to post a notice of employees’ rights under the National Labor Relations Act. The Court however, did strike down portions of the Rule that deemed an employer’s failure to comply with the notice’s posting requirement to be an unfair labor practice and that tolled the statute of limitations for filing an unfair labor practice charge during the period when the notice was not posted. Unless the Court’s ruling is overturned or stayed in the next few weeks, the Rule will take effect on April 30, 2012.
CLIENT ALERT NLRB Poster Requirement April 30, 2012
Henry & McCord Represents Southern Community Bank in Branch Acquisition.
Clifton N. Miller with Henry & McCord represents Southern Community Bank in connection with its acquisition of Community First Bank & Trust Murfreesboro branch. Southern Community Bank is currently a $115M institution with branches in Tullahoma and Sewanee, Tennessee and loan production offices in Murfreesboro, Tennessee and Huntsville, Alabama.
To read more, please click here
Community Banks – Senate Passes Legislation To Raise
the 500 Shareholder Threshold for SEC Registration
The United States Senate has approved the Jumpstart our Business Startups (JOBS) Act. H.R. 3606 that would raise the SEC registration threshold for financial institutions. Senators voted 73-26 in favor of the JOBS Act, which includes the provision to raise the registration threshold from 500 shareholders to 2,000.
This provision would allow C-corp community banks to add shareholders and raise more capital without triggering expensive and burdensome SEC oversight. Further, the legislation also raises the de-registration threshold from 300 to 1,200, which would allow registered community banks to de-register following a stock buyback or consolidation of
shareholders, thus avoiding unproductive expenses.
Because the Senate made minor changes to H.R. 3606 since its passage in the House, the bill will be sent back to the House of Representatives for concurrence before heading to President Obama’s desk for signature. President Obama supports the measure, which stands to be one of few bipartisan bills to pass Congress during this politically contentious election year. The SEC will have up to one year to promulgate the rule to implement the changes.
CLIFTON N. MILLER – Clifton has been named by the Tennessee School Board Association as an approved Dismissal Hearing Officer. As such, Clifton serves as an impartial hearing officer for dismissal or suspension hearings of tenured teachers, regulates the conduct of the proceedings and is empowered by Tennessee Code to issue appropriate orders.
CLIFTON N. MILLER – Clifton N. Miller attended the 18th Annual Acquire or be Acquired Conference by Bank Director Magazine on January 29-31, 2012 in Phoenix, AZ.
The Annual Acquire or be Acquired Conference sponsored by Bank Director Magazine is a three day seminar held each January for bank directors, bank officers and other professionals within the banking industry. Recognized as the financial industry’s premier M&A and growth event, this conference addresses the most important trends in the merger and acquisition landscape and other growth options for financial institutions.
Highlights of the Acquire or be Acquired Conference include:
1. Workshops:
2. General Sessions:
3. Breakout Sessions:
Clifton N. Miller is a member of the Banking Law Section of the Tennessee Bar Association the American Bar Association. Clifton N. Miller serves as General Counsel for Southern Community Bank.
For more information on these organizations, please click on the following:
Bank Director Magazine: http://www.bankdirector.com/
Tennessee Bar Association: http://www.tba.org/index.html
American Bar Association: http://www.americanbar.org/aba.html/
CLIFTON N. MILLER – BANKS MAY BE LIABILE FOR ACCEPTING CHECKS MADE PAYABLE TO A PRINCIPAL THAT ARE DEPOSITED BY A FIDUCIARY INTO THE FIDUCIARY’S PERSONAL ACCOUNT.
In West v. Regions Bank, 2011 WL 3059693 (July 26, 2011), the Tennessee Court of Appeals addresses the statutory immunity granted to banks for recognizing a power of attorney pursuant to T.C.A. §45-2-707(d) and whether the bank loses such immunity for a claim arising out of the UCC, more specifically T.C.A. § 47-3-307 and 420.
Client Alert; Bank Statutory Immunity
JAMES H. HENRY II – James H. Henry II has been asked to give an Estate Planning seminar to the employees of the University of Tennessee Space Institute, at the Institute on February 23, 2012. Mr. Henry has been asked by the University of Tennessee to give this seminar several times over the past 10 years. It is intended to assist the employees of the University of Tennessee with understanding their estate planning needs, and potential tools to achieve those needs.
JOHN R. LaBAR – John has been named a Mid-South Rising Star by Super Lawyers. John has been recognized by Super Lawyers in the areas of Business/Corporate, Real Estate and Employment Law. This designation recognizes attorneys who are 40 years old or younger, or have been in practice for 10 years or less. Only 2.5 percent of lawyers in each region are named to the Rising Stars list.