(a) A guarantor desiring to surrender the guarantor’s shares and withdraw the guaranty capital or securities may do so by giving the company ninety (90) days’ written notice to that effect; provided, that the withdrawal does not impair the company’s guaranty capital below nine hundred fifty thousand dollars ($950,000).
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Terms Used In Tennessee Code 56-21-108

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969.
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