Every mutual fire insurance company organized with a guaranty capital may allow its subscribers all the interest and dividends accruing from the guaranty capital securities, according to the amount paid in or deposited by the respective guarantors, and, in addition, may pay the guarantors dividends of not exceeding six percent (6%) per annum on their respective paid-up shares; provided, that the surplus at the end of each year, over and above all liabilities, including reinsurance reserve and guaranty capital, is sufficient to pay the dividends.
Tenn. Code Ann. § 56-21-103
Interest and dividends from guaranty capital securities to subscribers — Dividends on paid-up shares
Known as the Tennessee Insurance Law
The act spans §§ 56–56 (1,220 sections).
Acts 1907, ch. 461, § 3; Shan., § 3369a7; Acts 1921, ch. 160, § 3; Code 1932, § 6258; T.C.A
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.