In order to secure continuity of membership in its board of directors, the bylaws of the corporation may provide for division of the board into no more than seven (7) classes as nearly equal in number as possible, and may fix the term of office for each class. Unless such provision is made in the bylaws, all directors shall be elected annually.
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