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Tennessee Code Title 45. Banks and Financial Institutions § 45-3-109

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) Capital stock shall constitute a reserve out of which losses shall be paid after all other available reserves have been exhausted, and shall have a par value, or if the capital stock has no par value, then a stated value, of one dollar ($1.00) per share or another amount that the charter may prescribe.

(b)(1) NONWITHDRAWABILITY. Capital stock shall be nonwithdrawable, except as otherwise specifically provided by this chapter, or by the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27.

(2) DIVIDENDS. Capital stock shall be entitled to dividends, unless limited by this chapter, or by the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27.

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Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-3-109 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-3-109/

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