56-18-113 - Officials of stock corporation become officers of new mutual corporation. - Tennessee Statutes

56-18-113. Officials of stock corporation become officers of new mutual corporation.

When a stock life insurance corporation has become converted into a mutual life insurance corporation as provided in this chapter, the officers and directors shall remain as the officers and directors of the newly converted corporation until the next annual meeting for the election of officers and directors when their successors shall be elected in the manner provided for in this chapter and in the bylaws of the corporation.

[Acts 1949, ch. 91, § 7; C. Supp. 1950, § 6433.19 (Williams, § 6433.23); T.C.A. (orig. ed.), § 56-1614.]