Tennessee § 56-21-101 Paid-up guaranty capital - Division into shares

Tennessee Statutes

§ 56-21-101 — Paid-up guaranty capital - Division into shares

Tennessee § 56-21-101

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This text of Tennessee § 56-21-101 (Paid-up guaranty capital - Division into shares) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 56-21-101 (2026).

Text

(a)Any mutual fire insurance company organized under the laws of this state shall have a paid-up guaranty capital of not less than nine hundred fifty thousand dollars ($950,000) divided into shares of not exceeding one hundred dollars ($100) each.

(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.

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(a) Any mutual fire insurance company organized under the laws of this state shall have a paid-up guaranty capital of not less than nine hundred fifty thousand dollars ($950,000) divided into shares of not exceeding one hundred dollars ($100) each. (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.

Legislative History

Acts 1907, ch. 461, § 2; Shan., § 3369a4; Acts 1921, ch. 160, § 2; Code 1932, § 6255; Acts 1969, ch. 218, §§ 2, 6; 1973, ch. 292, § 4; T.C.A. (orig. ed.), § 56-2003.