56-20-114 - Examination by commissioner Payment of expenses Prosecution of offending officers. - Tennessee Statutes

56-20-114. Examination by commissioner Payment of expenses Prosecution of offending officers.

It is the duty of the commissioner, upon the application of five (5) members of any company doing business under this chapter, or two (2) directors, or the president or secretary, to examine into the management of such company, and the company shall pay the necessary expenses of the examination. Should the commissioner find that any officer or any number of officers have been, or are, at the time, violating this chapter or the bylaws of the company, the commissioner shall cause the officer or officers to be prosecuted, as with other corporations that are guilty of like violations.

[Acts 1895, ch. 220, § 10; Shan., § 3368; Code 1932, § 6250; T.C.A. (orig. ed.), § 56-1914.]