Any time before the mutualization of the corporation is complete, the corporation may abandon a plan of mutualization by the same procedure as was followed in adopting the plan. Upon abandonment, any right of any stockholder to be paid for stock in accordance with the plan shall cease and terminate, and the corporation shall continue to conduct its business as a domestic stock life insurance corporation as though no plan of mutualization had ever been adopted.
Tenn. Code Ann. § 56-18-116
Abandonment of conversion of stock life insurance company into mutual
Known as the Tennessee Insurance Law
The act spans §§ 56-10-101–56-8-206 (1,220 sections).
Acts 1949, ch. 91, § 5; C
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.