Tenn. Code Ann. § 46-1-310
This is the official text of Tenn. Code Ann. § 46-1-310, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Action by state for recovery of illegally paid dividends
Official statutory text
(a) The state is authorized to recover from stockholders, for the use of the company, dividends illegally paid under § 46-1-205 . (b) The state is also authorized to recover from the officers and directors of the company and the cemetery operators, at any time, for the use of the company, an amount sufficient to bring the improvement care trust fund up to the amount required, together with reasonable attorney's fees for the attorney handling the suit, to be fixed and adjudged by the court trying the case. Acts 1927, ch. 75, § 10; Code 1932, § 3932; Acts 1968, ch. 557, §§ 2, 4; T.C.A. (orig. ed.), § 46-115; T.C.A., §§ 46-215, 46-2-115; T.C.A. § 46-2-309 ; Acts 2006, ch. 1012, § 4.
(a) The state is authorized to recover from stockholders, for the use of the company, dividends illegally paid under § 46-1-205 .
(b) The state is also authorized to recover from the officers and directors of the company and the cemetery operators, at any time, for the use of the company, an amount sufficient to bring the improvement care trust fund up to the amount required, together with reasonable attorney's fees for the attorney handling the suit, to be fixed and adjudged by the court trying the case.
Acts 1927, ch. 75, § 10; Code 1932, § 3932; Acts 1968, ch. 557, §§ 2, 4; T.C.A. (orig. ed.), § 46-115; T.C.A., §§ 46-215, 46-2-115; T.C.A. § 46-2-309 ; Acts 2006, ch. 1012, § 4.
(a) The state is authorized to recover from stockholders, for the use of the company, dividends illegally paid under § 46-1-205 .
(b) The state is also authorized to recover from the officers and directors of the company and the cemetery operators, at any time, for the use of the company, an amount sufficient to bring the improvement care trust fund up to the amount required, together with reasonable attorney's fees for the attorney handling the suit, to be fixed and adjudged by the court trying the case.
Acts 1927, ch. 75, § 10; Code 1932, § 3932; Acts 1968, ch. 557, §§ 2, 4; T.C.A. (orig. ed.), § 46-115; T.C.A., §§ 46-215, 46-2-115; T.C.A. § 46-2-309 ; Acts 2006, ch. 1012, § 4.
Status: in_force
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