Tennessee Code 56-18-114 – Powers of corporation upon conversion
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Terms Used In Tennessee Code 56-18-114
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
When a stock life insurance corporation has become converted into a mutual life insurance corporation as provided in this chapter, it shall have all the rights, privileges and powers conferred upon it by its charter and any amendments to its charter, and all the rights, privileges and powers conferred by general laws of this state either expressly applicable to a mutual life insurance corporation or containing general language within the scope and purview of which a mutual life insurance corporation falls.