56-16-203 - Board of directors Selection Powers. - Tennessee Statutes

56-16-203. Board of directors Selection Powers.

The board of directors exercising the subscribers' rights in a domestic reciprocal shall be selected under rules adopted by the subscribers. At least three fourths (¾) of the board shall be composed of subscribers other than the attorney or any person employed by, representing or having a financial interest in the attorney. The board shall supervise the finances of the reciprocal and the reciprocal's operations to the extent required to assure their conformity with the subscriber's agreement and power of attorney and shall exercise any other powers conferred on it by the subscriber's agreement.

[Acts 1990, ch. 728, § 2; T.C.A. § 56-16-303.]