56-21-108 - Withdrawal of guaranty capital or securities by guarantor.
56-21-108. Withdrawal of guaranty capital or securities by guarantor.
(a) A guarantor desiring to surrender the guarantor's shares and withdraw the guaranty capital or securities may do so by giving the company ninety (90) days' written notice to that effect; provided, that the withdrawal does not impair the company's guaranty capital below nine hundred fifty thousand dollars ($950,000).
(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, § 4; Shan., § 3369a11; Acts 1921, ch. 160, § 4; Code 1932, § 6262; Acts 1969, ch. 218, §§ 4, 6; T.C.A. (orig. ed.), § 56-2010.]