56-13-108 - Sale of stock Increase in capital Restriction on expenses. - Tennessee Statutes

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Statutes > Tennessee > Title-56 > Chapter-13 > 56-13-108

56-13-108. Sale of stock Increase in capital Restriction on expenses.

(a) Any captive insurance company may sell additional stock or increase its capital for the purpose, in the manner, and to the extent prescribed by law; but the expense incurred in connection with the sale shall not exceed fifteen percent (15%) of the amount realized from the sale of its capital stock, whether in cash or notes, and the expense shall be paid from surplus funds of the corporation.

(b) Any mutual captive insurance company organized under the laws of this state may issue paid-up guaranty capital certificates.

[Acts 1978, ch. 616, § 9; T.C.A., § 56-4508; Acts 1981, ch. 299, § 9.]

State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-13 > 56-13-108

56-13-108. Sale of stock Increase in capital Restriction on expenses.

(a) Any captive insurance company may sell additional stock or increase its capital for the purpose, in the manner, and to the extent prescribed by law; but the expense incurred in connection with the sale shall not exceed fifteen percent (15%) of the amount realized from the sale of its capital stock, whether in cash or notes, and the expense shall be paid from surplus funds of the corporation.

(b) Any mutual captive insurance company organized under the laws of this state may issue paid-up guaranty capital certificates.

[Acts 1978, ch. 616, § 9; T.C.A., § 56-4508; Acts 1981, ch. 299, § 9.]

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State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-13 > 56-13-108

56-13-108. Sale of stock Increase in capital Restriction on expenses.

(a) Any captive insurance company may sell additional stock or increase its capital for the purpose, in the manner, and to the extent prescribed by law; but the expense incurred in connection with the sale shall not exceed fifteen percent (15%) of the amount realized from the sale of its capital stock, whether in cash or notes, and the expense shall be paid from surplus funds of the corporation.

(b) Any mutual captive insurance company organized under the laws of this state may issue paid-up guaranty capital certificates.

[Acts 1978, ch. 616, § 9; T.C.A., § 56-4508; Acts 1981, ch. 299, § 9.]