56-21-103 - Interest and dividends from guaranty capital securities to subscribers Dividends on paid-up shares. - Tennessee Statutes

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56-21-103. Interest and dividends from guaranty capital securities to subscribers Dividends on paid-up shares.

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.

[Acts 1907, ch. 461, § 3; Shan., § 3369a7; Acts 1921, ch. 160, § 3; Code 1932, § 6258; T.C.A. (orig. ed.), § 56-2005.]

State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-21 > 56-21-103

56-21-103. Interest and dividends from guaranty capital securities to subscribers Dividends on paid-up shares.

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.

[Acts 1907, ch. 461, § 3; Shan., § 3369a7; Acts 1921, ch. 160, § 3; Code 1932, § 6258; T.C.A. (orig. ed.), § 56-2005.]

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State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-21 > 56-21-103

56-21-103. Interest and dividends from guaranty capital securities to subscribers Dividends on paid-up shares.

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.

[Acts 1907, ch. 461, § 3; Shan., § 3369a7; Acts 1921, ch. 160, § 3; Code 1932, § 6258; T.C.A. (orig. ed.), § 56-2005.]