Tennessee Code 56-18-113 – Officers of stock corporation become officers of new mutual corporation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 56-18-113
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mutual life insurance corporation: means a corporation organized and doing business under the laws of this state, upon the principle of a mutual participation in the profits, with its principal office or place of business located within the state, without capital stock or shares of capital stock, engaged in the writing of life insurance or life, health and accident insurance, either separately or in combined policies. See Tennessee Code 56-18-108
When a stock life insurance corporation has become converted into a mutual life insurance corporation as provided in this chapter, the officers and directors shall remain as the officers and directors of the newly converted corporation until the next annual meeting for the election of officers and directors when their successors shall be elected in the manner provided for in this chapter and in the bylaws of the corporation.