Tennessee § 45-8-209 - Surrender of license.
Full text of Tennessee Tennessee Code Annotated § 45-8-209 — Surrender of license., with citation guidance and answers to common questions.
§ 45-8-209. Surrender of license.
Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (b), a licensee may apply to the commissioner to have the commissioner accept the surrender of the license of the licensee. If the commissioner determines that the requirements of this section have been satisfied, the commissioner shall approve the application, unless in the opinion of the commissioner the purpose of the application is to evade a current or prospective action by the commissioner under this part. Not less than sixty (60) days before filing an application with the commissioner under subsection (a), a licensee shall notify each of its shareholders of its intention to file an application. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty-day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the commissioner. If shareholders holding twenty percent (20%) or more of the outstanding voting securities of the licensee file objections, the licensee shall not proceed with the application under subsection (a) unless the application is approved by a vote of shareholders holding two-thirds (2/3) of the outstanding voting securities of the licensee. Acts 1989, ch. 124, § 9.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-8-209
What does Tennessee Code Annotated § 45-8-209 cover?
Section 45-8-209 ("Surrender of license.") 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 § 45-8-209?
A common citation format is "Tennessee Code Annotated § 45-8-209" (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 § 45-8-209 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.