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

56-21-101. Paid-up guaranty capital Division into shares.

(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.

[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.]