Section 56-21-106 - Retirement or liquidation of guaranty capital

A mutual fire insurance company may at any time use any surplus over and above all liabilities, including reinsurance reserve, for the purpose of retiring or liquidating any part of its guaranty capital. All of the guaranty capital shall be retired when an amount of net surplus of one million five hundred thousand dollars ($1,500,000) shall have been accumulated.Acts 1907, ch. 461, § 4; Shan., § 3369a10; Acts 1921, ch. 160, § 4; Code 1932, § 6261; Acts 1972, ch. 703, § 1; T.C.A. (orig. ed.), § 56-2008.