(a) The general corporation laws of this state, and the powers and rights under those laws, shall apply to the associations organized under this chapter, except where those provisions are in conflict with or inconsistent with the express provisions of this chapter.

Terms Used In Tennessee Code 44-14-117

  • Association: means any association or corporation organized under this chapter. See Tennessee Code 44-14-102
  • 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.
  • 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
(b) None of the provisions of the general insurance laws of the state shall apply to any association or corporation organized under this chapter, except that the department of commerce and insurance shall act in a supervisory capacity and shall be authorized to make an inspection and investigation of the associations’ or corporations’ books and activities, and may require any reports from the associations or corporations that, in the judgment of the commissioner, are deemed to the best interest of the public.
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