(a) A guarantor desiring to surrender the guarantor’s shares and withdraw the guaranty capital or securities may do so by giving the company ninety (90) days’ written notice to that effect; provided, that the withdrawal does not impair the company’s guaranty capital below nine hundred fifty thousand dollars ($950,000).

Terms Used In Tennessee Code 56-21-108

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969.
  Previous section
Next section  
 Chapter 21 Contents