Tennessee § 45-3-109 - Capital stock — Nature.
Full text of Tennessee Tennessee Code Annotated § 45-3-109 — Capital stock — Nature., with citation guidance and answers to common questions.
§ 45-3-109. Capital stock — Nature.
Capital stock shall constitute a reserve out of which losses shall be paid after all other available reserves have been exhausted, and shall have a par value, or if the capital stock has no par value, then a stated value, of one dollar ($1.00) per share or another amount that the charter may prescribe. Nonwithdrawability. Capital stock shall be nonwithdrawable, except as otherwise specifically provided by this chapter, or by the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. Dividends. Capital stock shall be entitled to dividends, unless limited by this chapter, or by the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. Acts 1978, ch. 708, § 1.09; T.C.A., § 45-1309; Acts 1994, ch. 551, § 19. Compiler's Notes. For repeal of the former section, see Compiler's Notes to § 45-3-101 . The Tennessee General Corporation Act, compiled in title 48, ch. 1, has been repealed effective January 1, 1988. New provisions concerning business corporations may be found in title 48, chs. 11-27. New provisions concerning nonprofit corporations may be found in title 48, chs. 51-68.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-3-109
What does Tennessee Code Annotated § 45-3-109 cover?
Section 45-3-109 ("Capital stock — Nature.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-3-109?
A common citation format is "Tennessee Code Annotated § 45-3-109" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-3-109 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.