Section 56-18-116 - Abandonment of conversion of stock life insurance company into mutual

Any time before the mutualization of the corporation is complete, the corporation may abandon a plan of mutualization by the same procedure as was followed in adopting the plan. Upon abandonment, any right of any stockholder to be paid for stock in accordance with the plan shall cease and terminate, and the corporation shall continue to conduct its business as a domestic stock life insurance corporation as though no plan of mutualization had ever been adopted.Acts 1949, ch. 91, § 5; C. Supp. 1950, § 6433.17 (Williams, § 6433.21); T.C.A. (orig. ed.), § 56-1617.