The amount provided as working capital shall only be provided by individuals or groups who have no financial interest in the activities of the hospital service corporations, or by any member hospitals. Interest charged for the capital, if any, shall not exceed six percent (6%), and payment of interest, if any, and repayment of the working capital shall be permitted only after provision has been adequately made for operating expenses, payments to member hospitals and the establishment of legal reserves and other reserves that may be required by the commissioner. The amount of money actually available for working capital shall be sufficient to carry all acquisition costs and operating expenses for a period of at least three (3) months from the date of the issuance of the certificate.
Structure 2021 Tennessee Code
Chapter 29 - Hospital and Medical Service Corporations
§ 56-29-101. Purpose of Chapter
§ 56-29-102. Corporations Covered by This Chapter
§ 56-29-103. Existing Corporations That May Operate Under This Chapter — Prerequisites
§ 56-29-104. Articles of Incorporation and Amendments — Approval by Commissioner
§ 56-29-107. Application for License — Accompanying Documents — Filing Fee
§ 56-29-108. Issuance of License by Commissioner — Prerequisites
§ 56-29-109. Working Capital Provided by Disinterested Groups or Individuals — Repayment — Interest
§ 56-29-110. Acquisition and Administrative Expenses — Limitation — Approval
§ 56-29-111. Reserve Requirements
§ 56-29-112. Investment of Corporation Funds
§ 56-29-113. Annual Statement — Contents — Filing Fee
§ 56-29-114. Keeping of Adequate Financial and Statistical Records
§ 56-29-115. Examination — Rehabilitation or Liquidation
§ 56-29-117. Submission of Contracts and Schedule of Rates to Commissioner — Disapproval