§ 56-21-108 — Withdrawal of guaranty capital or securities by guarantor

(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). (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, § 4; Shan., § 3369a11; Acts 1921, ch. 160, § 4; Code 1932, § 6262; Acts 1969, ch. 218, §§ 4, 6; T.C.A. (orig. ed.), § 56-2010.