The corporate powers of a mutual life insurance corporation shall be exercised by, and its business and affairs shall be under the control and government of, a board of directors composed of not less than fifteen (15) nor more than twenty-one (21) natural persons who are policyholders and who are at least eighteen (18) years of age, and at least seven (7) of whom are residents and citizens of this state.
Structure 2021 Tennessee Code
Chapter 18 - Mutual Life Insurance Companies
§ 56-18-101. Mutual Associations — Insuring Members
§ 56-18-103. Board of Directors — Powers — Qualifications
§ 56-18-104. Division of Board of Directors — Classification — Terms
§ 56-18-107. Voting False Proxy — Penalty
§ 56-18-109. Plan of Mutualization
§ 56-18-113. Officers of Stock Corporation Become Officers of New Mutual Corporation
§ 56-18-114. Powers of Corporation Upon Conversion
§ 56-18-116. Abandonment of Conversion of Stock Life Insurance Company Into Mutual