Tennessee Code 56-21-121 – Voting rights of policyholders and guarantors – Election of directors – Qualifications of officers and directors
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Terms Used In Tennessee Code 56-21-121
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
- 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
Every policyholder in good standing of any company doing business under this chapter shall have one (1) vote at the election of the board of directors, and may vote either in person or by proxy. Guarantors in a guaranty capital company shall have one (1) vote each for each of their respective paid-up shares, and may vote either in person or by proxy. Not less than two thirds (2/3) of the directors in any such company shall be residents of this state. No person not a policyholder or guarantor shall be eligible to hold any principal office or be a director in any such company.