Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-27 - Operation of State Chartered Building and Loan Associations
Section 0780-01-27-.41 - CERTIFICATE -STATED RESTRICTIONS
Universal Citation: TN Comp Rules and Regs 0780-01-27-.41
Current through September 24, 2024
(1) Each certificate heretofore or hereafter issued as evidence of ownership of Guaranty Stock shall clearly show on its face in a typed size no less then 50 points that such stock is "Guaranty Stock." In addition, each stock certificate shall state the restrictions upon such stock, including the following:
(a) That Guaranty Stock constitutes a
secondary reserve for losses,
(b)
That Guaranty Stock is non-withdrawable.
(c) That Guaranty Stock is assessable in the
hands of the owner thereof to the par value thereof.
(d) That Guaranty Stock is entitled to the
payment of dividends only after dividends have been declared and paid on all
free share accounts.
(e) Such other
restrictions with respect to the stock as may be required to appear on the
certificate.
Authority: T.C.A. §45-1303.
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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