(a) Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (b), a licensee may apply to the commissioner to have the commissioner accept the surrender of the license of the licensee. If the commissioner determines that the requirements of this section have been satisfied, the commissioner shall approve the application, unless in the opinion of the commissioner the purpose of the application is to evade a current or prospective action by the commissioner under this part.(b) Not less than sixty (60) days before filing an application with the commissioner under subsection (a), a licensee shall notify each of its shareholders of its intention to file an application. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty-day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the commissioner. If shareholders holding twenty percent (20%) or more of the outstanding voting securities of the licensee file objections, the licensee shall not proceed with the application under the commissioner. If shareholders holding twenty percent (20%) or more of the outstanding voting securities of the licensee file objections, the licensee shall not proceed with the application under subsection (a) unless the application is approved by a vote of shareholders holding two-thirds (2/3) of the outstanding voting securities of the licensee.Acts 1989, ch. 124, § 9.
Tennessee Legal Code