Tennessee § 56-28-107 - Working capital.
Full text of Tennessee Tennessee Code Annotated § 56-28-107 — Working capital., with citation guidance and answers to common questions.
§ 56-28-107. Working capital.
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 the 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 the operating expenses, payments to member hospitals, and the establishment of legal reserves and the other reserves as 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 expense for a period of at least three (3) months from the date of the issuance of the certificate. Acts 1945, ch. 98, § 7; C. Supp. 1950, § 4186.7; T.C.A. (orig. ed.), § 56-3007.
Frequently Asked Questions About Tennessee § 56-28-107
What does Tennessee Code Annotated § 56-28-107 cover?
Section 56-28-107 ("Working capital.") 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 § 56-28-107?
A common citation format is "Tennessee Code Annotated § 56-28-107" (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 § 56-28-107 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.