Tennessee Code 56-20-110 – Exclusion from membership – Policies cancelled or withdrawn – Effect
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-20-110
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
Any member who neglects or refuses to pay an assessment may for this reason, or for any other reason satisfactory to the directors or executive committee, be excluded by a majority of the directors or executive committee, or as the bylaws may prescribe, from the corporation; and when thus excluded, the secretary shall cancel or withdraw the person‘s policy or policies and notify the person of the fact, which shall prevent the person’s recovering for any loss or damage sustained after the exclusion.