The commissioner shall have the power to revoke the certificate of authority or bring proceedings for the dissolution or liquidation of a corporation pursuant to regulations promulgated by the commissioner relating to notice, hearing and opportunity for review, whenever the commissioner finds that:

(1) The corporation is being operated for profit;

Terms Used In Tennessee Code 49-4-110

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 49-4-101
  • 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.
  • Corporation: means a corporation or association not for profit authorized to administer a plan in the state. See Tennessee Code 49-4-101
  • Fraud: Intentional deception resulting in injury to another.
  • Member: means any person who is accepted as a member by the plan and who may later become eligible for a scholarship as provided in the charter and bylaws of the plan. See Tennessee Code 49-4-101
  • Plan: means any educational cooperative plan or scholarship plan subject to this part. See Tennessee Code 49-4-101
  • Trustee: A person or institution holding and administering property in trust.
(2) The affairs of the corporation are being fraudulently conducted;
(3) The corporation is guilty of a violation of any of this part;
(4) The certificate of authority was obtained by fraud;
(5) The corporation is guilty of false or misleading advertising;
(6) Trust funds have been or are being used for purposes other than scholarships;
(7) There has been a material variance between any plan or plans as filed with the commissioner and the actual administration of the plan or plans to the detriment of any member, trustee of member or class of member;
(8) The corporation has willfully failed to file reports required by the commissioner pursuant to this part; or
(9) The corporation has refused or prevented examination of its books and records by the commissioner.
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